Dictionary of Business Terms: mineral rights
mineral rights
privilege of gaining income from the sale of oil, gas, and other valuable resources found on or below land. Mineral rights can be sold or leased separately from the land ownership.
Dictionary of Real Estate Terms: mineral rights
mineral rights
the privilege of gaining income from the sale of oil, gas, and other valuable resources found on land.
Example: Abel purchases a property that contains underground oil deposits. Abel may:
- develop these mineral rights by drilling a well
- sell the rights for a price to an oil company
- lease the rights to an oil company in exchange for a royalty
