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Private company to mine for gold on asteroids

An illustration of the asteroid 16 Psyche. .Arizona State University (ASU)

In the Asteroid Belt amongst Mars and Jupiter lies a metal space rock that has $700 quintillion worth of gold, iron and nickel, Daily Star Online reported. This means $100 billion for each person from Earth’s 7 billion populace.

Presently there is an arrangement to mine space rocks, and the undertaking is said to commence inside the following decade, the production reported. Space rock mining privately owned business Deep Space Industries (DSI), which is situated in NASA’s business stop in California, will lead the undertaking with the point of separating assets and providing it to Earth.

Prior, NASA’s Dawn, Japan Aerospace Exploration Agency’s (JAXA) and even European Space Agency’s (ESA) Rosetta did effective missions and brought back assets from rich space rocks and comets, but the governments financed these missions.

With tech advancements, the private mining organization is intending to change the way how these kinds of missions occur. Without precedent for the history, space rock mining might be financially conceivable with the assistance of DSI’s spearheading rocket.

This mission will start with the launch of “Miner” scouts to find space assets. After the best locations have been discovered, particular mechanical rocket will be sent to separate the assets.

John Zarnecki of Space Sciences at the Open University and Royal Astronomical Society President, said that space mining has moved toward becoming reality now.

“The timeline for space mining is the $64,000 question. My opinion is probably 25 years for a ‘proof of concept’ set-up, and 50 years for a commercial start. But there are so many uncertainties – mostly based around economics and the progress of space technology,” he told Daily Star Online.

“At the moment, the economics are totally against it. But what happens as certain materials start to run out and the price goes up by a factor of 10? From a scientific perspective – where I come from – we shall be bringing back material from an asteroid in the next decade – perhaps kilograms.

“In fact, the Japanese have already brought back a few grams so you could say asteroid mining has already started! Rare Earth elements are the most likely to be exploited first. These are materials which are critical to various areas of microelectronics and mobile phones.”

DSI’s attorney Sagi Kfir said that private mining organizations can lawfully use these space assets.

“In November 2015, a historic step was taken toward opening up the reaches of the solar system and beyond for humanity when President Obama signed the Commercial Space Launch Competitiveness Act,” he said, according to the publication.

“Under Title IV of the law, and for the first time in history, US citizens including commercial entities are now entitled the explicit right to own resources extracted from space, such as water ice from asteroids.

“These rights, in accordance with international law and treaties, were set to encourage the development of a space resource industry that will take the necessary risks to find, extract, and use space resources in the larger effort of developing a space economy and infrastructure as humanity expands its reach into the solar system.”