The Basics of Mineral Rights
Posted on Thursday, September 1st, 2016 at 2:33 pm
In most countries, the government owns all rights to all mineral resources such as oil, gas, minerals, and rocks. Entities are prohibited from unearthing and selling mineral commodities without proper authorization.
However, in the United States, ownership of mineral resources, found below the surface, belong to the individuals or organizations that own the surface. This means that they own both “surface rights” and the “mineral rights.” The owner is free to lease, sell, or bequest his or her mineral rights to other people.
Most states have laws governing the transfer ownership of mineral rights, mining, and drilling activity. When you sell your mineral rights, the buyer and all future mineral rights owners will have the right to mine on the property. It is also possible that the new mineral owner’s goal is to sell the mineral rights to a mining company who will later extract the minerals for profit. Mineral rights owners can come to the land above their minerals at any time. So it may be a few years before sellers see anyone come calling for the mineral rights they’ve sold.
If your property has mineral deposits, it may be a good idea to sell your mineral rights. Contact The Mineral Auction at (512) 698-2802 to learn more about how beneficial it can be to sell your mineral rights.