N.M. Admin. Code § 19.2.2.15
Current through Register Vol. 35, No. 23, December 10, 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.)
N.M. Admin. Code § 19.2.2.15