Authorizes the Secretary of the Interior to retire any coal preference right lease application for which an affirmative commercial quantities determination has been made, by issuing bidding rights in exchange for relinquishment of the application, including payment to the relevant state of 50% of the dollar amount of any bidding right subsequently used in lieu of any monetary payment of a bonus in a coal lease sale or of rental or royalty under a federal coal lease.
Requires the Secretary to make such payments from revenues received under federal mineral leases.
Declares such bidding rights to be fully transferable to any other person.
Terminates a bidding right five years from its date of issue, not counting any period in which exercise of the bidding right is precluded by temporary injunctive relief granted under, or administrative, legislative, or judicial suspension of, the federal coal leasing program.