Subscribe free to our newsletters via your
. 24/7 Space News .




Subscribe free to our newsletters via your




















IRON AND ICE
Luxembourg takes first steps to asteroid mining law
by Staff Writers
Luxembourg (AFP) June 3, 2016


One of Europe's smallest states, the Grand Duchy of Luxembourg, cast its eyes to the cosmos on Friday, announcing it would draw up a law to facilitate mining on asteroids.

Extracting precious metals, rare minerals and other valuable commodities on passing asteroids is a staple of science fiction, but Luxembourg says incentives are urgently needed to turn this dream into fact.

"Comprehensive legislation" will be drawn up with the help of space law experts, the economy ministry said in a statement.

Expected to take effect in 2017, it is billed as providing a legal framework that will spur investment in exploiting resources in Near Earth Objects (NEOs) -- the scientific term for asteroids as well as comets.

"(It) will guarantee operators the right to resources harvested in outer space in accordance with international law," the ministry said.

"Space resources-dedicated licences will be issued under the new law, and government supervision of the activities of operators and regulating their rights and obligations will be ensured by Luxembourg in accordance with the Outer Space Treaty."

Luxembourg already has a successful industry for satellite services as well as its highly lucrative banking sector.

The proposed law aims at offering a more pro-business environment compared to legislation passed in the United States in 2015.

Unlike the US, Luxembourg law on asteroid mining will extend not only to local companies but also to foreign corporations which are established in the duchy.

The law will only be at national level, but Luxembourg intends at the same time to promote a legal regulatory framework internationally, Prime Minister Xavier Bettel was quoted as saying.

The government announced a funding incentive of 200 million euros ($226 million) to encourage research and development in asteroid mining.

Two US companies have already established "legal entities" in Luxembourg, the ministry said.

They are Deep Space Industries, which is working on a concept of a future spacecraft for asteroid mining, and Planetary Resources, a startup co-financed by Google pioneer Larry Page, which is keen on developing exploration satellites.

- Profit in NEOs? -

Asteroids are primeval rubble left from the building of the Solar System some four billion years ago.

The main asteroid belt lies very far from Earth, between Mars and Jupiter.

However, many asteroids are bumped out of the belt, and some of these veer close to Earth in their orbit around the Sun.

These so-called NEOs would thus the target for mining ships that -- theoretically -- would land on the asteroid, extract raw material and maybe even process it.

So-called Type C asteroids have drawn the most interest, as they are believed to have a high content of water, carbon, sulphur, nitrogen, phosphorus and ferrous metals.

The mining is likely to be carried out by robots rather than humans, given the high risks and costs of manned space missions.

However, asteroids could also be a stepping stone for planetary exploration, some hope. Manned spaceships would land there to refuel and stock up on water, according to this vision.

pso/mla/ri/pvh

GOOGLE

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

.


Related Links
Asteroid and Comet Mission News, Science and Technology






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
IRON AND ICE
NASA's OSIRIS-REx mission will have a map for that
Greenbelt MD (SPX) May 26, 2016
On Sept. 8, NASA's OSIRIS-REx spacecraft is scheduled to launch for terra incognita: the unknown surface of the near-Earth asteroid Bennu. Like expeditions of old, OSIRIS-REx's mission includes mapping the exotic terrain it explores. Bennu is part of the debris left over from the formation of the solar system and is pristine enough to hold clues to that very early history. OSIRIS-REx - whi ... read more


IRON AND ICE
Airbus Defence and Space to guide lunar lander to the Moon

Fifty Years of Moon Dust

A new, water-logged history of the Moon

Russian Firm Develops Project of Reusable Spacecraft for Lunar Missions

IRON AND ICE
SpaceX could send people to Mars by 2024, Elon Musk says

Red and Golden Planets at Opposition

Opportunity investigating soil exposed by rover wheel

Mars makes closest approach to Earth in 11 years

IRON AND ICE
India Presses Ahead With Space Ambitions

Fun LoL to Teach Machines How to Learn More Efficiently

International Partners Provide Science Satellites for first SLS mission

'Metabolomics: You Are What You Eat' video

IRON AND ICE
Bolivia to pay back loan to China for Tupac Katari satellite

China plans 5 new space science satellites

China launches new satellite for civilian hi-res mapping

NASA Chief: Congress Should Revise US-China Space Cooperation Law

IRON AND ICE
BEAM Leak Checks Before Crew Enters Next Week

HERA Mission 10 Crew to "Splashdown" on Wednesday

One Carbon Metabolism on the Space Station

Zuckerberg streams live chat with men in space

IRON AND ICE
EchoStar XVIII and BRIsat are installed on Arianespace's Ariane 5

United Launch Alliance gets $138 million Atlas V contract

SpaceX makes fourth successful rocket landing

Arianespace to supply payload dispenser systems for OneWeb constellation

IRON AND ICE
Astronomers find giant planet around very young star

Planet 1,200 Light-Years Away Is Good Prospect for a Habitable World

Kepler-223 System Offers Clues to Planetary Migration

Star Has Four Mini-Neptunes Orbiting in Lock Step

IRON AND ICE
3-D printing of patterned membranes opens door to rapid advances in membrane technology

Airbus presents 3D-printed mini aircraft

Scientists test world's most intense gamma radiation source

Calculating the mechanics of a rough sphere




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement