Mineral Leases and Profit Prendre

Question

Explain what do you mean by Mineral Leases and Profit Prendre?

Answer 1

A mineral lease permits a person to extract and retain something of value (e.g., gold or oil) from another’s property. Since the 1880s, the government has reserved mineral rights when making grants of land. Therefore, most mineral leases are made by the government, even though someone owns the fee simple to the property. Profit prendre is similar but gives the right to take something of value from a piece of land, such as timber or berries.