[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR2720.3]

[Page 223]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
 
PART 2720_CONVEYANCE OF FEDERALLY-OWNED MINERAL INTERESTS--Table of Contents
 
      Subpart 2720_Conveyance of Federally-Owned Mineral Interests
 
Sec. 2720.3  Action upon determination of the fair market value of the 
mineral interests.

    (a) Upon the authorized officer's determination that all of the 
requirements of the Act for conveyance of mineral interests have been 
met by the applicant and all actions necessary to determine the fair 
market value of the Federal mineral interests in land covered by the 
application have been completed, the authorized officer shall notify the 
applicant in writing of the fair market value of the Federal mineral 
interests, including the administrative costs involved in development of 
and issuance of conveyance documents, and give a full and complete 
statement of the costs incurred in reaching such determination including 
any sum due the United States or that may be unexpended from the deposit 
made by the applicant. If the administrative costs of determining the 
fair market value of the Federal mineral interests exceed the amount of 
the deposit required of the applicant under this subpart, he will be 
informed that he is required to pay the difference between the actual 
costs and the deposit. If the deposit exceeds the administrative costs 
of determining the fair market value of the Federal mineral interests, 
the applicant will be informed that he is entitled to a credit for or a 
refund of the excess. The notice must require the applicant to pay both 
the fair market value of the Federal mineral interests and the remaining 
administrative costs owed within 90 days after the date the authorized 
officer mails the notice. Failure to pay the required amount within the 
allotted time shall constitute a withdrawal of the application and the 
application will be dismissed and the case closed.
    (b) The Bureau of Land Management will convey mineral rights on 
lands for which this part does not require an exploratory program upon 
payment by the applicant of fair market value for those mineral 
interests and all administrative costs of processing the application to 
acquire the mineral rights.

[44 FR 1342, Jan. 4, 1979, as amended at 60 FR 12711, Mar. 8, 1995]

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