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Mineral Taxes Net Proceeds Tax

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​Companies mining or exploring for nonferrous minerals or energy resources are also subject to Minnesota taxes. This includes mining or exploring for any of the following:

  • Base metals, such as copper, nickel, lead, zinc, titanium, etc.
  • Precious metals, such as gold, silver, and platinum
  • Energy resources, such as coal, oil, gas, and uranium

Companies that are in the exploration stage, and not actually mining, are NOT subject to Occupation Tax or Net Proceeds Tax,  but they are subject to income taxes (such as Corporate Franchise Tax, S corporation Tax, etc.).

Companies that are mining nonferrous minerals are subject to the same taxes as companies that mine ferrous minerals:

  •  Occupation Tax
  •  Sales and Use Tax 
  •  Ad Valorem Tax on severed mineral interests

In addition, they are subject to Ad Valorem Tax (Property Tax) in certain situations and a Net Proceeds Tax.

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