i'm not a chemist and make no claims to understanding the physical properties of these products and how they affect leather. I rely on web wisdom. So I found this pretty informative :
"Mink Oil- is an emulsion of lard and petroleum-based silicone oils. Like saddle soap and Lanolin it tends to be greasy. The silicone oils Ã¢â‚¬ËœsealÃ¢â‚¬â„¢ the leather pores causing the product to Ã¢â‚¬ËœsitÃ¢â‚¬â„¢ on the surface, making it unsuitable for upholstery seating surfaces.
If Mink oil has been used to clean/condition a leather surface, it should be removed with a citrus-based product (P21SÃ‚Â® Total Auto Wash) to remove the silicone oils and grease, otherwise future conditioners will be unable to permeate the leather causing it to dry out, become brittle and crack." (sorry about symbols; don't know what those words were)
"Here is what Lexol has to say about Mink oil:
Q. I've seen "Mink Oil" used in leather conditioners. Is Mink Oil a valid conditioning oil?
A. Yes it is. We do not use it in Lexol products but it is a valid conditioning oil. "Mink Oil" is a euphemistic name for liquefied pig fat and silicone. Like Lanolin, it's very greasy and typically unsuitable for leather upholstery. Mink oil is most often used on heavy boots or other hard-working leathers."