The first of two articles covers the topic of space mining.
Psyche’s mission
On October 13, 2023, NASA successfully launched. psyche mission to a metal-rich asteroid orbiting the sun between Mars and Jupiter. The spacecraft was sent to investigate her M-type asteroid named 16 Psyche (Psyche). This asteroid is thought to consist of the exposed nickel-iron core of an early protoplanet.
The mission’s scientific goal is to understand the iron core, so we can better understand our Earth and other Earths that have iron cores as their fundamental building blocks. Because Earth’s metallic core cannot be seen or measured by us, Psyche could provide a unique window into the violent history of collisions and accretion that gave rise to terrestrial planets.
Spectroscopy (one of the methods scientists use to determine the composition of astronomical objects) shows that Psyche is a metal (and therefore type M), but it is unclear which specific metals make up its composition. I don’t know if there are any. Nickel and iron are common in asteroids; Simulation based on the Psyche impact crater This suggests that there may also be large amounts of monel, a metal primarily composed of nickel and copper. Psyche’s exact composition will not be known until the spaceship arrives in her year 2029.
financial value
Whatever metal value Psyche constitutes on Earth, it would be truly astronomical. Multiplying the amount of metals by the current market value of those metals yields an astonishing number, with an estimated value of as much as $100,000 trillion.
NASA has no plans to mine Psyche, and the spacecraft sent has no commercial mining capabilities. Given the distance between Earth and Psyche, the cost of bringing the metal back to Earth could also negate its value. However, Asteroid Mining is not purely his science fiction novel.
Asteroids and space mining
In 2015, astrophysicists Neil degrasse tyson opinion “The first millionaire in history was the person who exploited the natural resources of an asteroid.” No company has yet succeeded in mining material commercially in space, but plans are in place for the attempt.
Astroforge was founded in January 2022 with the aim of becoming the first viable asteroid mining company. The company has raised $13 million in seed funding and is focused on discovering and extracting platinum group metals (PGMs), which are in high demand on the planet.
In the national realm, NASA’s Artemis program, along with commercial and international partners, aims to return humans to the Moon, then Mars, and beyond. It involves mining and exploiting the natural resources of celestial bodies and the moon. (NASA calls this “in-situ resource utilization” or “ISRU” rather than mining.) For example, asteroids made primarily of clay contain water, which is used to make rocket fuel. may be used.
The concept of asteroid mining has been explored before. For example, in 2012, a company called Planetary Resources Inc. was formed with plans to mine PGMs and water from asteroids near Earth. Luxembourg direct investment 12 million euros and a further 13 million euros will be provided by public investment bank SBCI. Stardom’s plans for a new “gold rush” ultimately failed, and the company was acquired by blockchain technology company ConsenSys in 2018.
Expanding plans to build manufacturing capabilities in orbit are increasing the possibility that space resources could be collected and brought into orbit for processing without bringing raw materials to Earth. Whether space resources are used in situ, in orbit, or brought back to Earth, interesting legal questions regarding ownership arise.
Unique legal and regulatory framework
Until recently, space law consisted primarily of United Nations treaties developed in the context of the Cold War.
1967 Outer Space Treaty Article 2 enshrines the principle of non-appropriation.
“Outer space, including the Moon and other celestial bodies, shall not be subject to expropriation by any State, whether by claim of sovereignty, use or occupation, or by any other means.”
Therefore, as asteroids are celestial bodies, they should not have been diverted to any use, including mining. Notably, while the Outer Space Treaty prohibits national expropriation, it is silent on private expropriation.
1979 moon agreement Additionally, Article 11 states that the moon and its natural resources are the common heritage of humanity. In paragraph 3, both surface and surface; Subsurface of the moon or its natural resources shall become the property of any nation, organization, or individual. In other words, a ban on commercial mining and private property, in addition to the existing state property ban.
Section 7 also provides that all benefits derived from lunar resources be “equitably distributed” not only among the countries that developed the resources, but also among all countries that contributed directly or indirectly to the exploration of the moon. It is mandatory to do so. and developing countries.
Therefore, the basic legal framework established by these treaties did not allow for private appropriation or use of space resources. This treaty has not been signed by all countries, and even less by all spacefaring nations. For example, the United States is a signatory to the Outer Space Treaty, but not the Moon Treaty.
our advice
With the abundance of resources in space, governments cannot sit back and rest on prohibitions on property rights. Instead, countries have begun passing their own laws to encourage private appropriation and commercial use of space. It’s important to make the right decisions about where to locate your space resources company. In the following article, the legal framework available to future space miners will be detailed and the opportunities considered.