Properties sitting on potential mineral deposits could be worth a fortune.
The term "mineral" refers to all fossil fuels, such as oil and natural gas, and nonmetallic minerals such as limestone and gypsum. Transactions involving property mineral rights are complex. Get professional assistance for negotiating mining lease contracts.
History
Under the Mineral Leasing Act of 1920, the Bureau of Land Management (BLM) grants leases for development of mineral deposits on public lands. The act requires the payment of annual royalties to the United States.
Facts
There are land patents and mineral patents. Mineral patents, which grant both surface and mining rights to a property, or "fee simple" rights, have been more difficult to get since 1994 due to legislative changes. A patent is a legal document that transfers title for land or minerals ownership. BLM has procedures for the transfer of U.S.-owned mineral interests where the surface is or will be in non-federal ownership. File an application with the district BLM office to obtain the mineral rights under your property.
Considerations
States follow differing procedures for granting mining leases covering state school lands and other state-owned lands. Mining leases tend to be long-term --- 20 years or more.
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