77-3-116. Royalty provisions. In every mining lease the board shall reserve to the state a royalty which shall, together with other considerations to be paid by the mining lessee, constitute the full market value as ascertained by the board of the leasehold interest conveyed by the lease. This royalty may not be less than 5% of the returns from or of the full market value of the metalliferous minerals or gems recovered by the lessee from the state lands or reserved mineral rights covered by the lease.
History: En. Sec. 4, Ch. 148, L. 1937; amd. Sec. 2, Ch. 205, L. 1947; amd. Sec. 38, Ch. 428, L. 1973; R.C.M. 1947, 81-604(1).
Structure Montana Code Annotated
Chapter 3. Rock, Mineral, Coal, Oil, and Gas Resources
Part 1. Prospecting Permits and Mining Leases
77-3-102. Mining leases authorized
77-3-103. Prospecting permits authorized
77-3-104. Notice of permit or lease approval
77-3-105. Assignment of leases or permits
77-3-106. Disposition of royalties, fees, and penalties
77-3-107. through 77-3-110 reserved
77-3-111. Applications for mining lease
77-3-112. Examination of lands prior to leasing
77-3-113. Quantity of lands covered by lease
77-3-114. Restrictions on mining leases on lands already subject to coal, oil, or gas lease
77-3-117. Modification of lease provisions
77-3-118. Restrictions on removal of minerals and gems during preliminary prospecting period
77-3-120. Bonds to protect prior purchasers, lessees, or contractees
77-3-121. Pooling agreements and unit plans of operation
77-3-122. Sales, contracts for sale, and other leases subject to mining leases
77-3-124. through 77-3-129 reserved
77-3-130. Limitation on public inspection rights