5.02.080 Mining property.
Where the transaction involved constitutes a conditional sale of mining property in which the buyer has the right to terminate the contract at any time, and/or a lease and option to buy mining property in which the lessee-buyer has the right to terminate the lease and option at any time, said transaction shall be taxable at the time of execution only on the consideration received by the seller or lessor for execution of such contract; provided, that the tax due on any additional consideration paid by the buyer and received by the seller shall be paid to the County Treasurer:
(1) At the time of termination; or
(2) At the time all of the transaction is completed except for the delivery of the deed to the buyer; or
(3) At the time when the buyer unequivocally exercises an option to purchase the property, whichever of the three (3) events occurs first.
For the purpose of this chapter, the term “mining property” shall mean property containing or believed to contain metallic minerals and sold or leased under terms which require the purchaser or lessor to conduct exploration or mining work thereon and for no other use; and the term “metallic minerals” shall not include clays, coal, sand and gravel, peat, sypsite, or stone, including limestone.