Subject to subsection (3), the property in all minerals existing in natural condition in land in Northern Ireland, and in all mines for the working of such minerals, is hereby vested in the Ministry of Commerce (in this Act referred to as “the Ministry” ).

Without prejudice to the succeeding provisions of this Act relating to the payment of compensation in respect of the mines and minerals vested in the Ministry by virtue of subsection (1), those mines and minerals shall so vest free from all claims or estates whatsoever and notwithstanding any transferred provision in any local or private Act.

Subsection (1) shall have effect subject to the exceptions contained in sections 2 to 7.