Exploration, Production and Trading of Commodities in Space
More than 900 new near-Earth asteroids are discovered each year. In the past they would have just been new features on the horizon for astronomers.
However, an event of cosmic proportions occurred on 18 November 2015 when the United States congress passed the Space Act of 2015 into law. The legislation was then signed off by President Obama a week later, giving US space firms and Citizens the rights to own and sell natural resources they mine from bodies in space, including asteroids. No longer just a new feature on the horizon for astronomers but now a resource for Humankind.
Navitas Resources is here to offer support and advisory services in the pricing and evaluation of Space based commodities for its Clients. Space is open for business!
Quote from Space Act of 2015 – “Any asteroid resources obtained in outer space are the property of the entity that obtained such resources, which shall be entitled to all property rights thereto, consistent with applicable provisions of Federal law and existing international obligations.” -H.R. 1508
Asteroids are lumps of metal and rock left over from the formation of the solar system around 4.5 billion years ago. They can contain base metals like iron, nickel and cobalt and trace amounts of precious metals including gold, platinum and rhodium.
The Space Act of 2015 is great news for companies like Planetary Resources and Deep Space Industries (DSI) who have already invested millions of dollars into this exact concept. Companies are particularly focused on asteroids that consist of metals that are rare to us on Earth or asteroids that contain large amounts of water which, with the right technology, can be converted to rocket fuel and oxygen.
Satellites to prospect and identify the best targets for mining in Space will leave our atmosphere within 5 years and mining in space is anticipated to happen within the next 8 years.
Following on from the Space Act of 2015 in the USA, a few months later The Luxembourg Ministry of the Economy announced the first government initiative in Europe to develop a legal and regulatory framework on the future ownership of minerals extracted from objects in space. It also said it would invest in related research and development projects and may directly invest in companies active in the field.
It is the beginning of the commercial space race for interplanetary and asteroid exploration and production of commodities such as rare earth metals, rare gases, fuel for spacecraft and many other minerals. Satellites to scan and identify the best targets for mining will soon leave the Earth financed by Planetary Resources. Within a decade from now the first mining missions are expected to be possible.
Navitas Resources is here to offer support and advisory services in the pricing and evaluation of Space based commodities or investments in Space Tech Companies for its Clients.
For Further reading you can download the book on Deep Space Commodities written and edited by Tom James of Navitas Resources and available from Palgrave Macmillan:
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