17Mining leases.N.I.
(1)Subject to the succeeding provisions of this section, the Ministry may make a lease (in this Act referred to as a “mining lease” ) of any rights to or in relation to mines and minerals of any description which are vested in the Ministry.
(2)A mining lease may contain a clause providing for the renewal or successive renewals thereof, either unconditionally or subject to such conditions as may be stated in the lease.
(3)In exercising the powers conferred on it by this section and in particular in fixing the payments to be made by the lessee under a mining lease and determining what covenants or conditions should be contained in the lease the Ministry may take into consideration the general advantages that are likely to accrue to Northern Ireland from the development of the mines and minerals demised by the mining lease.
(4)Where the payments to be made by the lessee under a mining lease are proposed to be fixed at a reduced amount in consideration of any advantages such as are mentioned in subsection (3), the Ministry shall not grant the lease otherwise than with the approval of the Ministry of Finance, and if the payments are so fixed that fact shall be stated in the lease.