Mineral Rights on Property in Colombia

lpdiver says on Feb 19, 2008, 17:10:

?

Remember what the monkey says, "Fuck money it's free"

0 funny, 0 helpful.

adrimm (Moderator) says on Feb 19, 2008, 18:39:

They may be two totally different types of ownership. In some countries, just becuase one owns surface land, may not give one ownership on mineral rights. That is how it is in Canada.... dunno about Colombia.

http://www.nrcan.gc.ca/miningtax/inv_6.htm

0 funny, 0 helpful.

miamimike says on Feb 19, 2008, 21:32:

If its like is here in the US, if you own only the surface rights(above ground) and NOT whats below it, the Holder of the Mineral Rights is entitled to access your land for the express purpose of exploring for Oil, Gas, Mining ect and as long as the owner of the Mineral rights conducts his business within the framework of the law, there isn't much you as the surface owner can do, except sit back and watch as the Dollars take flight from below your land. In my Case, the Original family who received the land from the commonwealth of Pennsylvania in 1870 received the Original Mineral Rights and retained them even after they sold off the Surface rights. The Family to this day are Millionaires 100s of times over from the Sale of Prime Pennsylvania Crude Oil. Nothing Illegal or Unethical about it either, only understand it well before a Purchase is consumated so no regrets later. Potential owners should understand this indepthly before acquiring land on which they do not retain the mineral rights to,,,Here in the US, it is (at least in was the title to any land I owned)spelled out clearly in the deed. Just because one owns acreage doesn't mean you retain the below Mineral rights at all and in some cases, the Attornies in a hurry to close a deal, neglect to fully inform property owners of this tenet,,,

"You can take the Banana Out of the Republic but you Cannot take the Republic Out Of The Banana"

0 funny, 0 helpful.

lpdiver says on Feb 19, 2008, 21:52:

Anyone have any ideas of the law and/or common pracitices in Colombia? I am considering purchasing a large tract of land and I am very curious as to what is the "norm" in Colombia.

t

Remember what the monkey says, "Fuck money it's free"

0 funny, 0 helpful.

Robert Jorge says on Feb 19, 2008, 23:36:

I would get a very good attorney and obtain mineral rights at the closing of the purchase. Sorry, I do not know what is involved.

I have a friend here in NW Florida who had mineral rights to his property north and east of Pensacola. He ended up finding out (long story) that he was sitting on 7000 acres of white, quartz sand that had an average depth of 7 feet. After the hurricanes of '04 and '05, he sold the sand for $17 a ton. (1 ton is about a cubic yard) It isn't a fairy tale story, because he already was a multimillionaire. He just happened to have property originally intended for development, that he ended finding out contained 200 million dollars worth of pulverised quartz.

No point - just that your post topic reminded me of him.

0 funny, 0 helpful.

JGD says on Feb 20, 2008, 04:26:

As far as I remember, mineral rights are owned by the state (the people). A goverment designated agency (Ecopetrol, Ingeominas, etc) is designated to administer the field explotation.
... KEYWORDS: "As far as I remember"
diver, please keep us posted of your findings

Panties not best thing on earth, but next to best thing on earth.

0 funny, 0 helpful.

tejasmarcos says on Feb 20, 2008, 13:57:

good question. good post. the big dig will become more and more popular here.

trying to walk a straight line on sour mash and cheap wine...

0 funny, 0 helpful.