N.M. Admin. Code § 19.2.2.11
The general process for obtaining a mineral lease is as follows: First, the area where the minerals are located is shown as open to general mining on the tract books of the NMSLO (see 19.2.2.12 NMAC). Second, the commissioner, after determining that development of minerals in the area appears to be in the best interest of the trust, publishes notice of a mineral lease sale (see 19.2.2.14 NMAC). Third, the commissioner conducts a public auction at which bidders compete for a mineral lease by seeking to offer the highest bonus (see 19.2.2.15 NMAC, 19.2.2.16 NMAC and 19.2.2.17 NMAC). The bonus is the amount the bidder offers to pay the trust in return for obtaining a mineral lease and is in addition to other payments that may be required under the mineral lease or this rule, such as royalties, rents and fees. Fourth, the highest bidder (the one offering the highest bonus) submits a disclosure statement to the commissioner (see 19.2.2.19 NMAC, 19.2.2.20 NMAC and 19.2.2.21 NMAC). Fifth, unless the commissioner declares the sale void or withdraws the subject area from general mining, the commissioner and the highest bidder will enter into a mineral lease (see 19.2.2.22 NMAC and 19.2.2.23 NMAC).
N.M. Admin. Code § 19.2.2.11