Nope, doesn't work. Nationalising mines just ensures mining investors leave your country in droves while your government owned mine dies a slow death because the government doesn't know how much to reinvest in the mine to keep it competitive.
So, the government can take over the mines in the Pilbara, but don't expect any new mines of significance to open for a very long time, if ever, while existing ones will go kerput within a few decades.
