(1) (a) (i) Except as otherwise expressly provided by law, coal and mineral deposits in trust lands are reserved to the respective trust. (ii) The reservation of mineral deposits described in Subsection (1)(a)(i) includes reservation of a geothermal resource as defined in Section 73-22-3. (b) A certificate of sale and patent issued shall contain a reservation described in Subsection (1) (a). (c) The purchaser of any lands belonging to the trust: (i) acquires no right, title, or interest in coal or mineral deposits, including geothermal resources; and (ii) is subject to the conditions and limitations prescribed by law providing for the state and any person authorized by the state to: (A) prospect or mine; (B) remove deposits; (C) develop geothermal resources; and (D) occupy and use as much of the surface of the lands as may be required for any purpose reasonably incident to mining, removal of deposits, or development of a geothermal resource. (d) (i) Coal, mineral deposits, or geothermal resources in trust lands may be leased on a rental and royalty basis. (ii) The administration may also, with board approval, enter into joint ventures, farmout agreements, exploration agreements, operating agreements, and other business arrangements for the disposition of coal, mineral deposits, or geothermal resources in trust lands. (iii) The mineral estate in trust lands may not be sold except as authorized in Subsection (2). (iv) An agreement made under Subsection (1)(d)(ii) is not subject to Subsections 53C-2-405(3) and (4). (2) Except as otherwise prohibited by the Jones Act of January 25, 1927, 43 U.S.C. Sections 870-871, mineral interests in trust lands may be exchanged for mineral interests of comparable value or otherwise disposed of, if the retention would create a liability exceeding their value. (3) (a) Common varieties of sand, gravel, and cinders are not considered to be minerals under this section but may be reserved by specific action of the director. (b) Common varieties do not include deposits that are valuable because the deposit contains characteristics which give the deposit distinct and special value.
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