The global mining industry has tumbled in recent years from a market value of more than $1.6 trillion in 2010, to $714 billion in 2016, but this may change quickly once the “global” definition of mining is transformed by the emerging space resource industry.
Space resources can be extracted from celestial bodies, most notably asteroids and the Moon. Goldman Sachs released a report earlier this year that declared asteroid mining is more realistic than perceived, with costs “comparable to traditional mines”. The Goldman report also noted that “while the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower.”
The Government of Luxembourg believes so strongly in this emerging industry it recently created the $227 million Space Resoruces initiative to establish Luxembourg as a European hub for space resources. Its aim is to contribute to the peaceful exploration and sustainable utilization of space resources for the benefit of humankind. Space mining activities will initially focus on water and water-derived propellants to enable in-space infrastructure. Once this propellant is readily available, companies will begin sourcing structural metals for construction projects and eventually precious metals needed for in-space manufacturing or possibly for return to Earth.
