The space mining industry could be the whole new version of digging for precious metals. Mining companies need to look up to see a whole new mining site. Asteroids might be the perfect place for the next gold rush and mining companies want to cash in on this lucrative venture.

Since the metal deposits on earth are dwindling, mining industries are looking in a different direction. After passing a law allowing all companies to keep any kind of resources from space. Luxembourg could be a powerful nation should asteroid mining prove to be a profitable venture.

Space Mining Industry

Astronomers provided enough insight on the component of asteroids and this made mining companies interested in drilling holes in these heavenly bodies. Holding firm to the belief that asteroids contain gold, nickel, silver, and platinum, various companies have been formed to exploit these resources.

One asteroid which is just outside the earth's atmosphere is estimated to contain platinum with a value amounting to approximately $50 billion. The 90-foot asteroid could be the first target of these mining companies. With Luxembourg, the second richest nation, signing the law on exploiting resources in space in November, many American companies are moving to the small European nation.

Luxembourg Mining Ventures

In an effort to position the country for potential growth in the future, the small nation passed a law which offers huge profits for mining companies. Pres. Barack Obama signed the U.S. Commercial Space Launch Competitiveness Act, giving companies until 2023 before their operations are regulated. Despite this law, Breitbart reported that American companies Deep Space and Planetary Resources are still moving to Luxembourg with the promise of government funding amounting to $223 million.

While asteroid mining appears to be a lucrative investment, testing the viability of this industry will take trillions of dollars. Since mining will be done in space, companies will face huge issues. As cited in the Industry Leaders Magazine, the space mining industry has so many challenges and companies need to consider the total expenses for refining minerals in space where the gravity is lower.