As Allthatnbagofchips said they could although it's very unlikely and compensation would have to be paid. Obviously the level of compensation would depend on the investment to date, but Toro would have a very good shot at every dollar ever spent at Wiluna and probably a bit more from 'loss of opportunity.'
However the fact is, an incoming Government can score their 'political win' by banning mining again while stating that they won't affect any existing approvals. They get their win without paying the price.
Hopefully the main thing that comes from this now is increased scale and lower production costs, India still seams like the most likely candidate.
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