A mineral lease refers to a legal agreement between the owner of mineral rights (the lessor) and a third party (the lessee). In the lease, the lessor grants the lessee the right to explore, extract, and develop the minerals on a specific property. The mineral lease outlines the terms and conditions under which the lessee can access and extract the minerals. Common terms include the duration of the lease, payment of royalties to the lessor, and any obligations or restrictions on the lessee's activities. This agreement lets the lessee use the mineral resources while compensating the lessor for access to the minerals on their property.
