Luxembourg Invests 200 Million Euros In Asteroid Mining

Posted: Jun 6 2016, 3:43am CDT | by , in News | Latest Science News

Luxembourg Invests 200 Million Euros in Asteroid Mining
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  • Luxembourg to fund Space Mining for the Future

The tiny country that is Luxembourg is to fund space mining ventures for the future. In fact, it has set aside 200 million euros for the task.

Luxembourg has joined the race for space. It became a participant by setting aside 200 million euros for the sake of mining rare minerals from outer space. The venture has been given legal status, according to Reuters.

This paves the way for the exploitation of asteroids for mining purposes in outer space. The United States also enacted a law bearing striking similarity to this one in November 2015. While the budget for this venture is set, in case it is needed, more money will be put into the fund coffer.

These progressive aims of Luxembourg have led to other space agencies such as Planetary Resources and Deep Space industries to take a special interest in the country.

Three years into the future, the first attempt at such a reconnaissance mission could take place. Luxembourg has been previously famous for its banking and fund security. Now it stands shoulder to shoulder with the space pioneers and trailblazers of today.

The goals that Luxembourg has set for itself are sky high. It wants to be among the world’s top ten space leader nations. Luxembourg is also home to SES, the world’s largest communication satellite operator.

It was in 1985, at the height of the cold war, when the government of this country decided to launch its first satellite. There was talk way back then that launching such a satellite was a frivolity at best.

Also some surmised that it would fall down. There are several loopholes surrounding space mining. Some say that the mining ought to be for the sake of all the nations of the world instead of for the sake of specific nations.

Besides space mining being for the sake of bringing back minerals, it would also lead to the exploration of planets that are in the far-off pavilions of deep space.

Whatever the case, Luxembourg has taken the first serious and sincere step towards space mining. It ought to be lauded for its effort. Luxembourg happens to be the smallest state in Europe.

Now, it has opened an eager eye for space mining and the future looks rosy for Luxembourg. It is ultimately a matter of turning a dream into a reality. The legislation will alone take months to reach completion. After that of course will ensue the practical steps necessary for space mining.

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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