In recent years, the value to Australia of the introduction of a system of resource rent taxation on the mining industry has been frequently debated. The forms that this rate of return based tax could take, and the impli- cations on government revenue and mining com- pany profitability have been discussed at some length. Further, the selective application of this taxation scheme to certain mining industry sectors has received considerable attention. This study takes the form of a survey of the taxation history of one significant Australian mining venture, the Mount Lyell Mining and Railway Company. The conditions faced by this company during its history are used as a base for the imposition of rent taxation schemes. Comparisons are drawn between the historical taxation liability of the company and that which would have been incurred if a resource rent form of taxation had been in existence. From the results of the study, it can be concluded that while the company can be con- sidered to have been a successful enterprise during most of its history, it has not achieved a level of profitability which would warrant the collection of any form of excess profits Tax.