Leasing
The Mineral Leasing Act "establishes qualifications for leases, sets out maximum limits on the number of acres of a particular mineral that can be held by a lessee, and prohibits alien ownership of leases except though stock ownership in a corporation." Conditions of a lease under the Mineral Leasing Act vary based on the type of mineral being extracted. Phosphate and potassium leases have terms and conditions subject to readjustment at the end of each 20 year period. Sodium and sulphur lessee's have the right to renew the lease terms at the end of the first 20 year period and every 10 year period after that. Coal and oil shale leases are generally for 20 year periods, while oil and natural gas leases are generally for 10 year periods.
Read more about this topic: Mineral Leasing Act Of 1920