Soledad Canyon Mine Act - Instructs the Secretary of the Interior to cancel Bureau of Land Management mineral contracts CA-20139 and CA-22901 and withdraw from further mineral entry the areas subject to them, which are located in Soledad Canyon adjacent to Santa Clarita, California.
Requires Transit Mixed Concrete Corporation to receive, as compensation for cancellation of the contracts, their fair market value and its expenditures and covered liabilities in trying to bring the contracts into commercial production.
Increases the adjusted basis of the contracts upon cancellation for federal tax purposes.
Directs the Secretary, before any disposition of land, mineral or surface estate for any area located in the city of Victorville, California, to: (1) consult with the city and surface owners; and (2) prohibit mining in such area.