Act No. 57 on the exploration and utilization of ground resources.

The present Act covers the survey and utilization of resources in the ground, at the bottom of rivers and lakes and at the bottom of the sea within netting limits. It also covers surveys of hydropower for the generation of electricity. The Act has 36 articles distributed in the following Chapters: I. Scope and Definitions; II. Ownership rights to resources; III. Surveys and prospecting; IV. Utilization of resources; V. Minerals; VI. Geothermal energy; VII. Groundwater; VIII. Conditions for the issue of licences, their substance and revocation; IX. Protection and monitoring of extraction areas, disclosure requirements, handling of information etc.; X. Provisions on Expropriation and Compensation; XI. Miscellaneous Provisions;
The Act grants ownership of resources in the ground to private land owners, whereas in public lands resources are the property of the State. The Act further permits the Minister of Industry to take the initiative in and/or give instructions on surveying and prospecting for resources in the ground anywhere in the country, and regulates the rights conferred by prospecting licences. As regards the utilization of resources, the Act requires a licence from the Ministry of Industry, and regulates the rights conferred by such licence.
A landowner may, without permission, utilize geothermal energy on his or her private land for household and agricultural use, including for greenhouse cultivation, industry and cottage industry, according to the provisions of this Act. A a landowner may also, without a licence, utilize groundwater on his or her private land for household and agricultural use, including for fish farming, industry and cottage industry.
Orkustofnun is responsible for monitoring mineral prospecting or extraction areas and geothermal areas, as well as utilization areas of groundwater where a licence has been issued pursuant to this Act.