mineral lease - Business Definition
The American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
An agreement between a property owner and another party who is allowed to explore for and extract minerals that are found on the property for a stated time. The property owner receives payments based on the value of the minerals that are extracted.
mineral lease - Legal Definition
The right given to use land for purpose of exploration, specifically for minerals, with concommitent right to remove minerals, if found, for a finite period of time, or indefinitely, upon payment of royalties to the landowner.