View source for Mineral interest

== Major elements ==
The five elements of a mineral right are:
# the right to use as much of the surface as is reasonably necessary to access the minerals,
# the right to further convey rights,
# the right to receive bonus consideration,
# the right to receive [[delay rentals]]<ref>{{cite web|url=http://www.glossary.oilfield.slb.com/Display.cfm?Term=delay%20rental|title=Delay rental|accessdate=March 18, 2014}}</ref> and
# the right to receive [[royalties]].<ref>{{cite web|url=http://www.glossary.oilfield.slb.com/en/Terms/m/mineral_interest.aspx|title=Mineral interest|accessdate=March 18, 2014}}</ref>

The owner of a mineral interest may separately convey any or all of the above-listed interests.  In addition, the right to extract different minerals can be conveyed to different purchasers.  For example, the oil and gas interests could be sold to one owner while the right to mine coal or gold could be sold to a different owner.  The nature of the mineral rights being created are described in the document that first conveys the mineral interest separate from the general property estate.

Some states have laws to reunite the mineral interest with the surface interest if the mineral interest owner fails to use his rights for a state period of years.  For example, in Michigan if the mineral interest is not active for 20 years, it merges with the current surface interest.<ref>[http://www.legislature.mi.gov/%28S%28qdyko055lhktk5rtw3pivsn2%29%29/mileg.aspx?page=getobject&objectname=mcl-554-291 MCL Section 554.291]</ref>