[Code of Federal Regulations]

[Title 43, Volume 2]

[Revised as of October 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 43CFR2720.3]



[Page 219]

 

                    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]



[[Page 220]]