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The Mineral Leasing Act of 1920 30 U.S.C. § 181 et seq. is a United States federal law that authorizes and governs leasing of public lands for developing deposits of coal, petroleum, natural gas and other hydrocarbons, in addition to phosphates, sodium, sulfur, and potassium in the United States.
Lease terms typically include a price to be paid to the mineral rights owner for the minerals to be extracted, and a set of circumstances under which those minerals are to be extracted. For instance, a mineral rights owner might request that the company minimize any noise and light pollution when extracting the minerals.
Major points in a lease include the description of the property, the term (duration), and the payments to the lessor. [6] Lessees of mineral rights have a right of reasonable access to leased land to explore, develop, and transport minerals, [7] unless the lease specifies otherwise (a "no-surface access" lease).
Minimum lease payments are rental payments over the lease term including the amount of any bargain purchase option, premium, and any guaranteed residual value and excluding any rental relating to costs to be met by the lessor and any contingent rentals. Leased asset is depreciated in books of lessee over its useful life if lessee intends to ...
A Landman or "Petroleum Landman"—in the United States and Canada—is an individual who performs various services for oil and gas exploration companies. [1] According to the website of the American Association of Professional Landmen (AAPL), these services include but are not limited to: negotiating for the acquisition or divestiture of mineral rights; negotiating business agreements that ...
The central legal standard is the Federal Mining Act (Bundesberggesetz). In Austria the legal basis is quite similar to German law. The primary legislation since 1 January 1999 has been the Mineral Raw Material Act (Mineralrohstoffgesetz) or MinroG. In Switzerland mining law is a cantonal business and governed by cantonal law.
The Mines and Minerals (Regulation and Development) Act (1957) is an Act of the Parliament of India enacted to regulate the mining sector in India. It was amended in 2015 and 2016. This act forms the basic framework of mining regulation in India. [1] This act is applicable to all minerals except minor minerals and atomic minerals.
The Mines and Minerals (Regulation and Development) Act, 1957 was enacted so as to provide for the regulation of mines and development of minerals under the control of the Union. The Act has been amended in 1972, 1986, 1994, 1999 and 2004 in keeping with changes in the policy on mineral development.