What are Mineral Rights?
Related Areas of Law: Oil - Gas - Minerals -
Mining Rights - Selling Land - Agreements
In the United States, Mineral rights, mining rights, oil
rights or drilling rights, are the rights to remove minerals, oil, or
sometimes water, that may be contained in and under some land. In
jurisdictions that support such rights they may be separate from other
rights to the land.
In this type of transaction the owner desires to sell the underground
minerals but retain possession and control of the surface. The mining
company wants to extract the minerals but does not want to pay an additional
price to acquire the property. In many instances, the surface owner does not
want to part with the land. So, an agreement is made between the land owner
and mining company. The original owner will retain the buildings and rights
to the surface, and the mining company will acquire rights to the
subsurface. The transaction can involve all mineral commodities (known or
unknown) that exist beneath the property or the transaction can be limited
to a specific mineral commodity.
Excerpted
from www.wikipedia.com
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