If it's in the same system as other colonies on more hospitable worlds; definitely yes.
If it will be the only colonised planet in that system; consider it only if you already have an established 'base' with a good income and can afford to throw money at your new colony for a while, but otherwise hold off for now.
Defence is the primary concern. A dedicated mining planet which can output well above the 'standard' quantity of minerals is very valuable, but the upkeep cost of defensive structures is something that is non-trivial.
You'll definitely need a station.
Ground defences are optional but recommended in order to act as a safety net, and the extra stability also helps.
The hardest thing though is the military base which you'll need to support the station, which is not only quite expensive to support on a high hazard world, but also requires a precious industry slot.
But, by having your mining world in the same system as other less hazardous colonies, you get to bypass the need for all that.
It might also be worth pointing out that you could get away with colonising this planet and getting the mining going ASAP, while you 'babysit' it.
The income from the mine should be fairly decent with essentially almost the max output a mine can produce. And this will definitely be enough to cover the station and ground installations at least. Not sure if it would also cover the military base, but you'd have to grow the colony at least +1 size before you could do that anyway.
And it might get a bit dull hanging around and chasing off the occaisional pirate waiting for that though.