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Simple English definitions for legal terms
mining rent
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A quick definition of mining rent:
Mining rent refers to the payment made for a mining lease, which can take different forms such as a tenancy, a fee, or a license. It is the compensation given to the owner of the land or mineral rights for allowing someone to extract minerals or resources from their property.
A more thorough explanation:
Definition: Mining rent is the payment made for a mining lease, regardless of whether the lease creates a tenancy, conveys a fee, or grants a mere license or incorporeal right.
Example: A mining company pays a landowner $10,000 per year for the right to mine on their property. This $10,000 is considered mining rent.
Explanation: The example illustrates mining rent as the payment made by the mining company to the landowner for the right to mine on their property. The payment is made regardless of the type of lease agreement, whether it is a tenancy, fee, license, or incorporeal right.