Asteroid mining is big news these days. Just today, a new company by the name of Planetary Resources (bit of a misnomer, right?) was announced with the goal of extracting precious minerals from asteroids. But what does that even mean? Is it technologically or financially viable to mine asteroids? Even if it is, how is Planetary Resources going to actually do it? What does this mean for everyday life? I hope to answer all of these and more in this post.
In case you’re unaware, I’ve got a sort of obsession with space travel. Humanity is, without a doubt, destined to travel amongst the stars. And the founding of this company is a stepping stone to realizing that dream. Planetary Resources could perhaps one of the most important companies of the 21st century. That’s a huge claim, I know, but let me explain myself.
First and foremost, I find it would be helpful to explain what exactly Planetary Resources is, and what it isn’t. The company itself is a bit ambitious, but they’ve got the names behind them to do so. They’re being headed by Peter Diamandis, the creator of the X-Prize Foundation which provides financial prizes to those who advance space travel, and Eric Anderson, the chairman of the Space Spaceflight Federation, a consortium of private space companies that work with NASA and the FAA. Along for the ride is a former astronaut, one of the heads of the wildly sucessful Mars Opportunity and Spirit Rover program, and a myriad of engineers and physicists from NASA’s Jet Propulsion Lab. Funding the company is a group of billionaires, including the famous movie director and financier of science, James Cameron, as well as the former and current CEOs of Google. These guys aren’t kidding around; they’ve got great talent as well as vast financial assets to essentially do as they like.
But what is it that they’re going to do exactly? Planetary Resources’ ultimate goal is to mine asteroids, but that’s rather ambitious.
They’ve laid out a number of steps on how they plan to get to that point, and it all starts with the Leo Space Telescope, pictured to the left. It is being worked on by the company as you read, and will most likely be launched sometime in 2013. The purpose of Leo is to scan the space around Earth for potential near-Earth asteroids that could be mined by the company in the future. What makes Leo unique is that after its initial goal of identifying potential NE asteroids, it will be retooled to be the first private space telescope, available for rent by anybody on the globe for a prize. Essentially, it will serve as a private counterpoint to the Hubble Space Telescope.
After Leo has identified a few potential candidate asteroids, Planetary Resources will then send out a few probes to collect hard data on the asteroid. It will scan the asteroid
to determine its composition and its path. These probes could be sent out relatively cheaply, and would be around as difficult as getting a probe to the Moon (the distance is around the same for most near-Earth asteroids). Planetary Resources estimates they’ll have their first probes out around 2015/16 if all goes according to plan.
What happens next is the truly difficult part. Once an asteroids has been thoroughly cataloged, mining operations will begin. On this Planetary Resources have been rather vague on, but they plan that mining could begin as early as 2022. The substance they’ll be mining for (at least initially) will not be platinum group metals (as I originally expected) but water.
Water? But we’ve got plenty of water down here on Earth! Why would they decide to spent billions of dollars to extract from asteroids that we can get right here on Earth? All valid questions indeed. What makes Planetary Resources so exciting is that they’re not mining water to bring it back to Earth. The reason they’re focusing on water first, and then moving on to platinum-group metals is that water is much easier to mine. Second, water is incredibly expensive to bring to space. Every single ounce of any material, including water, is tremendously expensive to haul from Earth to space because of our planet’s strong gravity well. However, if the water could be mined out in space rather than be brought from Earth, it would free up room for other materials to be brought on the trip into space, as well as cut down costs. Essentially, Planetary Resources wants to create a sort of fuel depot in space for NASA and other agencies to use for deep space travel. They could deliver water directly to the International Space Station.
The uses for water in space don’t stop at water, either. By separating out hydrogen and oxygen from water, one can make a myriad of materials. Obviously oxygen is important for astronauts to breathe in space, and could be supplied to travels to Mars or other worlds. Likewise, hydrogen and oxygen can both be refined to create fuels vital for space travel. Being able to refuel spacecraft in space rather than haul the fuel up from Earth would cut down costs to a huge extent. In essence, Planetary Resources’ mining of water from asteroids could finally make deep space exploration a possibility.
Not to mention, the mining of water would net huge profits for the company. According to estimates, if Planetary Resources extracted only 0.5% of the potential water of a 500-meter asteroid, they would net over $50 billion worth of profit. Scale that up to 50%, and that’s $5 trillion worth of water. It has been said that the first trillionaire will be made in space; from those numbers, I tend to agree.
But that’s not all. Once the mining of water is mastered, Planetary Resources plans to move on to mining metal from asteroids. If you thought mining water from asteroids was lucrative, metals are even more so. Asteroids are rich in metals like iron and nickel, and because the gravity of asteroids is far less than the Earth’s, the metals are evenly spread out and easy to extract compared to our own planet. (In fact, all the gold, iron, nickel, and platinum mined from Earth actually originally came from asteroid impacts) In an estimate from 1997, one 1.6 km near-Earth asteroid was estimated to have around $20 trillion worth of precious and rare-Earth metals available for mining. And that’s just one asteroid. A single 500-meter platinum-group rich asteroid would have almost double the amount of platinum and other rare-Earth metals ever mined on Earth alone. The potential profit for Planetary Resources is truly astounding.
A huge abundance of rare-Earth metals would have massive impacts here on Earth for everybody, as well. Just like the huge explosion of aluminum mining and subsequent price drop in the 19th century allowed for a gigantic array of new products and uses to be created, an overabundance of platinum-group metals and gold would cause the price of both to fall drastically. Both platinum-group metals and gold are essential in the electronic products of the modern world, but are still expensive. Who knows what new products will be created and new uses found when those metals are hundreds of times cheaper than they are now?
More importantly than new uses for metals here on Earth would be the idea of using resources in space to power space exploration. Planetary Resources would allow deep space travel on an unprecedented scale, and help bring humanity closer to traveling in the cosmos. It represents a new chapter in space exploration and exploitation, will greatly expand Earth’s global GDP, and pave the way for future scientific advances in the realm of space travel. With a bunch of billionaire financial backers, former NASA employees, and enormous potential profit margins, Planetary Resources looks like a promising and fascinating new company that I will surely be following closely. If you want to know more, check out their website at http://www.planetaryresources.com/.

