Australian mining magnate Clive Palmer on Monday retreated from his earlier claim that he had scrapped mining projects because of the federal government's proposed resource super profits tax.

Palmer owns one of the largest deposits of iron ore in the world, carved out in five separate projects.

The investment for the first development was secured before the super profits tax was announced.

Palmer told Australian Broadcasting Corporation's (ABC) Lateline TV program last month he had canned two projects in Western Australia's Pilbara region because of the tax.

He said one of those projects would employ about 3,000 people and generate about 2 billion Australian dollars (1.6 billion U.S. dollars) a year in exports.

However, now Palmer has told ABC's Four Corners TV program that he was probably exaggerating.

"Probably, it should have been, '[I am] slowing them down, waiting to see what happens'," he said.

Palmer said he still strongly opposed the tax.

The federal government has proposed a 40 percent super tax on mining company profits.

The proposal has been slammed by mining companies and the Opposition with claims it will send investment offshore and cost jobs.