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While asteroid mining might seem like something out of a sci-fi tale, it has become a reality in the past decade. This concept has appeared in numerous films, ranging from intense thrillers like Alien to comedies like Red Dwarf.
On April 6, 2020, President Donald Trump issued an executive order affirming that the US does not consider space a 'shared territory' for all of humanity. The US government’s stance is that both public and private entities are free to claim ownership of any space resources they discover.
This marks a significant departure from the Obama-era Commercial Space Launch Competitiveness Act of 2015, which stopped short of recognizing national ownership of extraterrestrial assets.
This shift creates a number of issues in terms of international law and diplomatic relations. However, before delving into these complexities, it’s crucial to understand why we might pursue asteroid mining and the methods we plan to use to do so.
10. Abundant Resources in Space
In today’s world of cutting-edge technology, mass transportation, and an ever-growing population, we rely on resources like gold, platinum, nickel, and iron—many of which you may already use daily. These precious materials are finite on Earth, and as our technological progress accelerates, we consume them at an increasing rate.
Yet, space offers virtually unlimited access to the same materials. Take platinum, for instance. This valuable metal is used in crucial devices such as cardiac pacemakers and as a catalyst in the refining process of crude oil into usable fuel and products.
While platinum is considered rare on Earth, the asteroid belt alone holds a staggering billion times more platinum than what we can find here on our planet, not to mention the other abundant resources that space has to offer.
9. Water: The Most Precious Resource in Space
It may seem strange, right? Amidst an abundance of rare metals, the resource that prospectors are most eager to discover is water. However, while water is essential for life, it's not life they're after—it's energy.
Water consists of hydrogen and oxygen. By using an electrical catalyst, either onboard or with external equipment, these two components can be separated. Once broken down, hydrogen and oxygen can be converted into electrical energy to power systems like life-support equipment and fuel cells. Alternatively, it can simply serve as a refreshing drink.
NASA intends to create water depots in space, extracting water from nearby celestial bodies, breaking it down with a catalyst, and then transferring it to docked spacecraft. Essentially, these would function as gas stations in space.
8. Innovative Mining Methods and Tools
The mining techniques and tools we've developed on Earth are not suitable for extracting resources from asteroids in a low-gravity environment. Depending on the asteroid's composition, they can either be fragile or incredibly tough to mine.
Fragile asteroids, called C-type (carbonaceous chondrites), are rich in water. These could be mined using a swarm of bots equipped with barbed feet. Once latched onto the asteroid, the bots would extract water and other minerals, then return to their base. These asteroids are so delicate that drilling isn't necessary; scraping the surface would suffice.
On the other hand, the more challenging M-type (metallic) asteroids are dense, solid masses of metal. Mining them is trickier, but it may be easier to use magnetic forces to pull them closer to Earth for processing.
7. Asteroid Mining Could Pave the Way for Human Colonization of the Solar System
Asteroids brought closer to Earth would be processed in space, on the Moon, or even on other planets. This would enable the refining of resources before they are sent back to Earth. More significantly, these resources could be used to establish new colonies and support existing ones. The industries built around asteroid mining could lead to the creation of the first permanent human settlements beyond Earth.
Rick Tumlinson, chairman of Deep Space Industries, puts it simply: 'We will only be visitors in space until we learn how to live off the land there.' MicroGravity Foundry has developed powerful 3D printers that operate in zero gravity. These can be used to create communication equipment, solar power stations, and, as more resources are gathered, entire colonies.
6. The Market Value of Space Resources Is Astronomical
Distances in space are so vast that they are beyond the grasp of the human brain. To make these incomprehensible numbers manageable, astronomers measure distances to objects outside our solar system in light-years. A light-year represents the distance light travels in one year, roughly 9.46 trillion kilometers (5.88 trillion miles).
Within our own solar system, distances are measured in astronomical units (AU). One AU is the average distance from Earth to the Sun, about 150 million kilometers (93 million miles). While this is a smaller unit, it’s still mind-boggling.
Now, try to wrap your head around one quintillion dollars (abbreviated as “qt”). That’s one million trillions—enough to buy the entire global economy and still have plenty left over to burn.
Messalina, the 'cheapest' large asteroid that can be mined, has an estimated value of a mere $1.07qt. The priciest asteroid, Davida, is valued at $26.99qt. And that’s just for the top 50 asteroids—there are countless smaller ones, whose combined value would likely exceed the word limit of this section!
5. How Asteroid Mining Could Revolutionize the Economy
The De Beers corporation once held a monopoly over diamonds, giving them total control over the market. This allowed them to inflate prices and rake in profits.
Now, imagine bringing a quintillion dollars' worth of diamonds to Earth. The supply would far exceed demand, causing the value of diamonds to crash. McDonald's could start giving them away in Happy Meals without any financial repercussions. This would be great for consumers.
However, this would be problematic for businesses and nations that rely heavily on these precious materials for their economic prosperity. Africa, for instance, possesses 30 percent of the world's mineral resources and has large industries in cobalt, gold, and platinum.
The long-term impact of space mining on these industries is difficult to predict. It will depend on the cost of asteroid mining and the logistics of transporting minerals back to Earth. It's possible that asteroid miners will find more lucrative markets in space itself.
If space mining leads to an influx of competitors, it could force countries that depend on mineral production to rapidly adapt their economies. Many may struggle to afford a space program to discover new resources, which could escalate tensions between nations. However, if prices fall too drastically, asteroid miners might find it unprofitable to sell their materials on Earth.
It’s still too early to predict the effects on Earth, but asteroid miners are likely to have a competitive edge in space unless Earth-based companies come up with a viable way to compete. While the situation seems complex, it’s likely that someone will eventually figure out how to make it profitable.
4. Space Mining is Already Impacting Global Relations
Ah, the classic rivalry: US versus Russia, echoing the space race of landing a man on the Moon. The race continues, but now it's all about the Moon. However, there’s no communism involved—just plenty of Putin.
The Russian space agency, Roscosmos, released a statement that partially read, 'Efforts to monopolize outer space and aggressive plans to take control of other planets hardly foster productive international cooperation.' Kremlin spokesperson Dmitry Peskov labeled such actions as 'utterly unacceptable.'
Space remains one of the few areas where the US and Russia collaborate, even as tensions rise over issues like the invasion of Ukraine and accusations of Russian interference in US elections. Russia often references UN law to argue that space should be a common ground for all humanity. However, these laws are not as straightforward as Russia suggests.
3. Space Mining May Hold the Key to Combating Climate Change
At this moment, it may feel like the world is heading towards disaster. Nations are greedily pursuing their own interests, potentially leading to global warfare.
But take heart—there’s always a silver lining to be found.
In the long run, the challenges posed by asteroid mining may offer solutions to Earth’s climate change crisis, impacting every nation. By adapting advanced space technologies to our planet, we could make substantial progress. This has already happened with innovations like GPS.
Do you remember the earlier mention of splitting water into hydrogen and oxygen to create fuel? If this process is applied more extensively in space, further investments in research will make it more efficient and cost-effective. As a result, hydrogen-fuel-cell cars could be produced at a price point that would make them a common sight on the roads.
2. Countries Are Creating Their Own Space Laws
Given that only a few nations signed the 1979 Moon Agreement, countries have begun drafting their own laws to regulate how their citizens can explore and utilize space resources. This is exactly what Donald Trump did with his executive order on April 6, 2020. However, Luxembourg had already gone a step further.
On July 20, 2017, Luxembourg passed the Law on the Exploration and Use of Space Resources, which allows Luxembourg-based companies (or European companies registered in Luxembourg) to claim ownership of resources they extract from space, once authorized by the Luxembourg government.
Although the situation remains uncertain, this might provide an opportunity for businesses in other European nations to bypass stricter laws in their home countries. In this way, Luxembourg could become to asteroid mining what Switzerland is to global banking.
1. Issues with International Law
The 1967 Outer Space Treaty, signed by the US, the UK, and the Soviet Union, outlines the principle that “outer space is not subject to national appropriation by claim of sovereignty.” The 1979 Moon Agreement, which pertains specifically to activities on the Moon and other celestial bodies, has only been ratified by five nations—none of which include the US or Russia.
The Outer Space Treaty mentions that nations are responsible for the actions of nongovernmental entities. However, history shows that governments don't always take responsibility in this regard. For instance, when private security firms are hired in conflict zones, governments often avoid accountability.
This could lead to a situation where countries hire private contractors for space missions, only to disavow any responsibility if something goes wrong. It certainly sounds like the plot of a movie.
