I don't think that you know much about the mining industry. The rate of return is actually fairly poor unless you either luck into starting the mine at the beginning of a high price cycle or the mine has such a long life that if it starts at poor prices it survives to make the capital back during a good cycle. It is a myth that the mines make such a huge profits. Problem is that promoters and executives claim the mine will make lots which is rarely true. But the over promotion results with everyone coming along with their hands out. Been in the business for approximately 40 years so I probably know more about mine economics than anyone on this board.
I was thinking more towards what the Norwegians did when they were drilling for oil. They took 80% of the oil profits (or taxed it at 80%) after expenses by the oil company (state owned??) and put it away for a rainy day. The government was only allowed to use 4% of the interest made the other 96% interest was reinvested ( of the big pot of money they kept adding to since the early 70s). The result was principle coming in every year, along with interest made on the principle. The fund is now worth more than a Trillion dollars They did that at a national level.
I was thinking maybe Canada could do the same with all non-renewable resources. Mining for gold, iron ore, diamonds, rare earth metals, oil and natural gas. That way the mined mineral value goes to the future of Canadians. Not into the pockets of some large multinational company.
The mining company employees get paid and any profits get taxed at a rate between 50-80%.
Unlike now where money is made from the sale of the resource (direct tax), or on the stock market through trading (indirect tax- lesser income than direct because of dividend and capital gains.
