Posted with permission of Visual Capitalist | November 3, 2016
If humans were ever able to get their hands on just one asteroid, it would be a game-changer. That’s because the value of many asteroids is measured in the quintillions of dollars, which makes the market for Earth’s annual production of raw metals—about $660 billion per year—look paltry in comparison.
The reality is that the Earth’s crust is saddled with uneconomic materials, while certain types of asteroids are almost pure metal. X-type asteroids, for example, are thought to be the remnants of large asteroids that were pulverized in collisions in which their dense, metallic cores got separated from the mantle.
There is one such X-type asteroid near Earth that is believed to hold more platinum than ever mined in human history.
Near-Earth mining targets
Asteroid mining companies such as Planetary Resources and Deep Space Industries are the first-movers in the sector and they’ve already started to identify prospective targets to boldly mine where no man has mined before.
Both companies are looking specifically at near-Earth asteroids in the near-term, which are the easiest ones to get to. So far, roughly 15,000 such objects have been discovered.
While these will be important for verifying the feasibility of asteroid mining, the reality is that near-Earth asteroids are just tiny minnows in an ocean of big fish. Their main advantage is they are relatively easy to access, but most targets identified so far are less than 300 metres in diameter—meaning the potential economic payoff of a mission is still unclear.
Where the money might be made
The exciting part of asteroid mining is the asteroid belt itself, which lies between Mars and Jupiter. It is there that over one million asteroids exist, including about 200 that are over 100 kilometres in diameter.
NASA estimates this belt to hold $700 quintillion of bounty. That’s about $100 billion for each person on Earth.
There are obviously many technical challenges that must be overcome to make such mining possible. As it stands, NASA aims to bring back a grab sample from the surface of asteroid Bennu that is about 60 to 2,000 grams in weight. The cost of the mission? Approximately $1 billion.
To do anything like that on a large scale will require robots, spacecraft and other technologies that simply do not exist yet. Furthermore, missions like this could cost trillions of dollars—a huge risk and burden in case a mission is unsuccessful.
Until then, the near-Earth asteroids are the fertile testing ground for aspirational asteroid miners—and we look forward to seeing what is possible in the future.
Posted with permission of Visual Capitalist.
Index page image: NASA