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Is it really cheaper to mine platinum from an asteroid? (+video)

A new company backed by Silicon Valley billionaires and Hollywood moguls seeks to extract precious metals from asteroids. Is doing so really cheaper than mining metals on Earth?

Larry Page, James Cameron, and others attempt to mine asteroids in deep space.
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Science fiction dreams of mining riches from asteroids only make sense if humans can make it worth their time and effort. The new Planetary Resources group backed by Silicon Valley billionaires and Hollywood moguls is now betting on the fact that there is big money in mining space rocks.

Nobody knows exactly how much asteroid wealth exists, but early estimates point to riches beyond Earth's wildest dreams. Just the mineral wealth of the asteroid belt between the orbits of Mars and Jupiter could be equivalent to about $100 billion for every person on Earth, according to "Mining the Sky: Untold Riches from the Asteroid, Comets, and Planets" (Addison-Wesley, 1996) — perhaps slightly less now after accounting for the Earth's population growth over the past 15 years. [Does Asteroid Mining Violate Space Law?]

"The near-Earth asteroid population could easily support 10 to 40 times the population of Earth, with all the necessary resources to do that," said John Lewis, a professor emeritus at the Lunar and Planetary Laboratory of the University of Arizona and author of "Mining the Sky."

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