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What does the state receive for leasing mineral rights of state-owned land to private companies? What royalties would the state receive from metallic mineral mines?

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What does the state receive for leasing mineral rights of state-owned land to private companies? What royalties would the state receive from metallic mineral mines?

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Terms of the existing Metallic Minerals Leases for the area of interest in Menominee County include a 10-year lease term, with options for extensions or continuation with production. Rental rates commence at $3.00 per acre per year for the first five years, and $6.00 per acre per year for years six through ten. In the absence of mining operations, a minimum royalty is due for years 11 through 20. The rate begins at $10.00 per acre in the 11th year and escalates $5.00 per acre per year until the 20th year when the rate is $55.00 per acre. If production occurs, a production royalty shall be not less than two percent and not more than seven percent and shall vary with the adjusted sales value per ton. The maximum acres per lease is 640 acres.

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