Space mining

One solitary asteroid might be worth trillions of dollars in platinum and other metals. Exploiting these resources could lead to a global boom in wealth, which could raise living standards worldwide and potentially benefit all of humanity.

The Space Act will codify property rights for minerals extracted from asteroids in outer space.

Precious earth minerals that are rare on earth are abundant in asteroids, but before they can be mined, they first have to be found. Last week, researchers at the Fisk and Vanderbilt University unveiled a new type of gamma-ray spectroscope that can better prospect asteroids for valuable minerals than existing prototypes.

The bill, expected to be signed into law by the president, will give companies the right to minerals harvested in outer space.

$20 Trillion: That’s how much mineral wealth is buried in 3554 Amun, a tiny asteroid that crosses Earth’s orbit