Interestingly the property is effectively sold in hard rock mining.

Reader comment on: Richard Epstein on the Oil Spill

Submitted by Lyle (United States), Jun 16, 2010 12:53

For non fuel minerals if you find a prospect and do a certain amount of work you can patent the claim and you now own the land. This is the 1872 mineral act. Of course this also leads to superfund sites, see the Butte pit for details. So we have both systems in place partly depending upon when the mineral in question became in demand. (Recall that the first mineral rush was lead in Il, Wi, then Copper in upper MI, with a different law as well as western NC, then the west opened up.

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