A new iron ore project on South Australia's Eyre Peninsula is set to proceed following final state government approvals.

IronClad Mining Ltd said the government’s approval of a common-user export facility at Lucky Bay would allow its Wilcherry Hill mine to proceed.

The company will use the facility to store and ship ore to an offshore vessel using a new loading system.

“This is a significant milestone in the history of this company,” IronClad Mining managing director Robert Mencel said in a statement on Tuesday.

“With the last link of the infrastructure chain now completed, we can accelerate and finalise our current financial negotiations to ensure the project commences as soon as practical.”

SA Mineral Resources Minister Tom Koutsantonis said with $22 million to be invested in the Wilcherry mine and $7 million on the new port, the developments would create jobs in the region.

“We are talking about jobs in the construction phase and then significant jobs at both the mine and the port in years to come,” he said.

“This investment will provide a significant boost to the regional economy.”

The minister said the approval also ensured third-party access to the port facility to help other miners find a pathway to market.