mineral lease
nounUK /ˈmɪnərəl liːs/
US /ˈmɪnərəl liːs/
A mineral lease is a deal that lets someone dig up rocks and metals from someone else's land.
The company signed a mineral lease so it could mine copper on the farmer's land.
OTHER MEANINGS
2. A legal contract granting the right to explore for and extract minerals from a property for a set period.
The mineral lease runs for ten years and can be renewed.
3. The document itself that records the terms of such an agreement.
She kept the mineral lease in a safe with the other property papers.
4. A rental arrangement in which the landowner receives payment or a share of what is taken from the ground.
Under the mineral lease, the family gets a royalty on every ton of coal removed.