Platinum is one of the Earth’s rarest metals. Despite its rarity, platinum has many industrial uses that make the metal both valuable and versatile for manufacturers and investors alike. Because of platinum’s limited resources on Earth, miners in search of the metal have begun to look toward space for new mining opportunities.
In fact, one opportunity recently passed us by…
On July 19, 2015, an asteroid dubbed 2011 UW158 passed by Earth within 1.5 million miles. (This may not seem very close to you, but measured on a galactic scale it’s a near hit.) This asteroid garnered much attention, not only for its proximity to Earth, but also because of its potential for mining. 2011 UW158 is said have a diameter of about 300-600 meters. Within that mass, reports of precious metals, including platinum, may be worth anywhere between $300 billion to $5.4 trillion.
Perhaps even stranger than platinum asteroids careening through space is the fact that the reality of space mining is in sight.
Companies like Planetary Resources and Deep Space Industries are pioneering ways of reaching asteroids and extracting precious metals. At the moment, the fruition of space mining is in preliminary stages with tests revolving around industrial space launches and space mining technology. But the world seems to be in favor of this new science. Both the U.S. Congress and the European Space Agency have played their part in expanding the science of extraterrestrial prospecting.
In an effort to maintain U.S. competitiveness in the commercial space race, Congress is hoping to extend private regulations that allow companies to develop independent space explorations for mining and tourism. A bill on the subject could be passed as soon as this fall.
The most impressive space mining development came from the European Space Agency. Last year, the ESA successfully landed a spacecraft on a comet peaking the attention of Planetary Resources and Deep Space Industries who hope to do the same on asteroids.
The potential of mining large amounts of platinum from asteroids would have an incredible effect on the metal’s industrial viability on earth. If you’re interested in platinum bullion investing or news, Provident Metals provides current information through our blog and knowledge center.
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Do you think space mining will be successful?
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