When the Earth cooled down and formed heavy metals with precious ones such as gold that is found deep within the core, they are now becoming more and more inaccessible. Now, mineral extraction has been extended to outer space in search for new minerals and even renewable sources of energy.
The tiny European nation of Luxembourg plans to join the future of space mining with asteroids in search for gold, platinum and tungsten. The country plans to create this legal framework which allows the nation to exploit resources outside Earth where it will also welcome private investors and other interested nations as well.
Luxembourg is known for its thriving satellite industry where it is also the first European nation to declare asteroid mining rights for near Earth objects, says local officials.
Last November, United States president Barack Obama signed a new Commercial Space Launch Competitiveness Act that enables U.S. companies to gain property rights over space resources that they can acquire.
According to adviser and former European Space Agency head, Jean-Jacques Dordain, Luxembourg is ready to sep up a regulatory and legal framework to prepare for the exploitation of space resources. According to Etienne Schneider, who is the economy minister of Luxembourg, the goal is to provide open access to previously unexplored space mineral resources such as asteroids or comets in space, without damaging their natural habitat.
The announcement reached two potential partners, U.S. based private space companies, Deep Space Industries and Planetary Resources, that are pushing for a future market of metals obtained from space.
More and more private space companies are looking towards space for precious elements located on asteroids that are millions of kilometers away from Earth since precious minerals deep within the Earth's crust and mantle are now being heavily mined, as various rare metals are in demand for electronics and even defense industries.
Now, scientists believe that a massive number of asteroids that are measured from a few meters to a hundred kilometers in diameter that are found in the major asteroid belt between Mars and Jupiter, are viable sources of these new metals.
Asteroids are believed to be planetary remnants due to violent, cosmic collisions, and on the other hand, Earth's formation from these collisions attracted the same minerals forming inside the core of the planet but, these precious metals are also found on the same asteroids, which are also more accessible on their surface.
To date, NASA has identified 1,500 asteroids which are potential candidates for its accessibility.