Ariz. Rev. Stat. § 37-722
The state land department and the selection board may effect exchanges of state owned land for federally owned land, and the department and the selection board may do all things necessary or required to be done by the state in order to comply with the provisions of the Taylor grazing act as amended, section 28 of the enabling act as amended, or any other act of Congress relating to the exchange of lands and any rules or regulations promulgated pursuant thereto. Such exchanges shall be made in the same manner and under the same rules and regulations as required for the selection of lands under the provisions of the enabling act, as amended, provided that if the federal government retains the mineral rights on the land it exchanges the state shall retain the mineral rights on the land it exchanges.
A.R.S. § 37-722