New Mexico Administrative Code
Title 19 - NATURAL RESOURCES AND WILDLIFE
Chapter 2 - STATE TRUST LANDS PART 24 CULTURAL PROPERTIES PROTECTION
Part 2 - LEASING FOR GENERAL MINING
Section 19.2.2.15 - APPLICATION AND BIDDING PROCESS

Universal Citation: 19 NM Admin Code 19.2.2.15
Current through Register Vol. 35, No. 18, September 24, 2024

When the commissioner decides to offer a mineral lease for sale, the commissioner will auction the lease by requesting sealed or oral bids in accordance with the notice of sale. Persons shall bid by offering to pay a bonus for the mineral lease. Unless the commissioner declares the sale void or withholds the subject area from general mining, the commissioner and the highest bidder will enter into a mineral lease after payment in full of the bonus and first-year's rent. (The "highest bidder" is the person who offers the highest bonus.)

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