Without foreign capital in these companies these mines and associated infrastructure would never be built!!!
Australians were once good savers and we could use our own capital to build domestic industries, but that all went by the wayside with Goth Whitlam massively growing the welfare state and deminishing the value of a hard days work.Sure you can raise royalties and cash in short term, but who will stump up the capital to maintain the infrastructure and take huge risks exploring and developing new mines as deposits are depleted. Nobody will because they will have no confidence that you won't just "cranj up royalties" again and destroy their investment.Go read Plundered Nations, this has happened many times around the world.
https://www.amazon.com/Plundered-Nations-Successes-Failures-Extraction/dp/0230290221
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