Just as it applies to land it applies other resources.
If you dig a mineshaft, and you are the first person to make use of that soil, and are the first person to make use minerals, then you have homesteaded them.
Even if the mineshaft you dug was below my house, so long as I did not homestead the space you are using first, I have no claim to it or the minerals, because you would be the homesteader.
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"The State is a gang of thieves writ large." - Murray Rothbard
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