Leasable minerals are those minerals on public lands where the land is leased to individuals for their exploration and development. Leasable minerals have been subdivided into two classes, fluid and solid.
Fluid minerals include oil and gas; geothermal resources and associated by-products; and oil shale, native asphalt, oil impregnated sands, and any other material in which oil is recoverable only by special treatment after the deposit is mined or quarried.
Solid leasable minerals are those leased under the mineral leasing acts and those hardrock minerals leased under Reorganization Plan No. 3 of 1946 (acquired lands). Solid leasable minerals are specific minerals such as coal and phosphates.
All minerals on acquired lands are considered to be leasable minerals. Leasable minerals are associated with the following laws: Mineral Leasing Act of 1920, as amended and supplemented, Mineral Leasing Act for Acquired Lands of 1947, as amended, and the Geothermal Steam Act of 1970, as amended.