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leasable minerals

A legal term that for Federally owned lands, or Federally retained mineral interest in lands in the United States, defines a mineral or mineral commodity that is acquired through the Mineral Lands Leasing Act of 1920, as amended; the Geothermal Steam Act of 1970, as amended; or the Acquired Lands Act of 1947, as amended. These Acts are found in Title 30 of the United States Code - Mineral Lands and Mining. The leasable minerals include oil, gas, sodium, potash, phosphate, coal, and all minerals within Acquired Lands. Acquisition is by application for a Government lease and permits to mine or explore after lease issuance.

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  • ed.young
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