Saturday, November 19, 2022

5 Things You Need To Know Before Buying Your Own Land To Mine

If you are like many people, the idea of striking it rich as a miner has a certain kind of allure. While you may have thoughts of hitting the mother lode and becoming rich overnight, it's usually not that easy.

Obviously, before you can even begin mining for gold or other valuable stuff that may be underground, you'll need to buy some land. Before you sign on the dotted line, here are five things you need to know.

Buying Land or Buying a Claim?

First, always be sure you are actually buying a piece of land rather than just purchasing an interest in a mining claim. If you own the land, anything you find is yours exclusively. Should you only buy a mining claim, you don't own the land, only the exclusive rights to mine for minerals on the land.

You May Need Permits

If you plan to mine on your land, keep in mind that you'll probably need permits from local, state, and federal agencies. Not only does this take time, but it can also prove expensive. Before you start digging, know exactly what permits will be required.

Buy the Right Equipment

Along with spending money on those permits, you will also need sophisticated equipment to make your mining operation efficient. A compact screening plant will be needed, especially if you are mining for gold. 

Depending on how big you decide to make your mining operation, heavy equipment, and even explosives may be needed, all of which will cost you more.

Maintenance Fees

When you buy land to use for mining, you may be required to pay annual maintenance fees if you establish a mining claim. Should you do so, you will need to keep your paperwork up-to-date annually. 

If you don't, even though you own the land, someone else may try to claim they have the right to file a mining claim on your land, which may lead to numerous legal headaches.

Beware of "Virgin" Land

Finally, if a piece of land you want to buy is being lauded as "virgin" land, don't fall for this ploy. Many times, sellers will try to convince potential buyers that "virgin" land has tons of gold, silver, and other stuff just below the surface. 

In reality, the land was not mined in the past because old-timers discovered there wasn't anything worth mining in the first place.

If you keep these five things in mind when buying your own land to mine, you can save time and money, get the equipment and permits needed, and spend most of your time searching for that one big strike.

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