Mali frees Resolute executives after $160 million deal, AFP reports
The three executives, including CEO Terry Holohan, were freed from detention on Wednesday.
Artist rendition of a mining operation in space. (Screenshot via YouTube)
The U.S. Congress has taken a step forward towards defining out-of-Earth’s property rights by passing this week a commercial space bill that would help asteroid miners delimit the scope of their businesses.
Until now, there was no legislation clarifying issues such as whether resources mined from celestial bodies could be sold on Earth, or what would happen if someone other than a base-owner needs or wants to land there.
The “Space Resource Exploration and Utilization Act” guarantees to U.S. space corporations the rights to keep whatever they dig up in outer space:
Any asteroid resources obtained in outer space are the property of the entity that obtained such resources, which shall be entitled to all property rights thereto, consistent with applicable provisions of Federal law.
Some asteroids are packed with minerals valued in the trillions of dollars.
Among other things, the proposed law would delay any airline-style regulation of space tourism until at least 2025, provide liability protection for some launches, and streamline permitting processes.
If enacted, it also would create new commercial property rights in space that have some space lawyers (they do exist!) worried about possible major repercussions.
Berin Szoka, head of the libertarian technology policy think tank TechFreedom, is one of the many experts that have warned about the lack of legislation on ownership of resources extracted from the Moon, planets, comets and other bodies.
In a letter addressed to Congress, he said that without effective property rights, the vast resources available beyond Earth will benefit “no one.”
“The technologies needed to open the space frontier to sustainable settlement will never be developed, let alone deployed, unless investors know that they have enforceable rights to the fruits of their investments and the ability to operate peacefully without interference,” he wrote.
Szoka warned that, if the issue is perceived as being approached in an imperialistic way, the bill could either revive interest in the Moon Treaty (which bans private property in space), or trigger a very narrow reading of the outer space treaty.
Geologists believe asteroids are packed with iron ore, nickel and precious metals at much higher concentrations than those found on Earth, making up a market valued in the trillions of dollars.
15 Comments
Keith Laskowski
The fact that this legislation has been considered, and passed, is a clear indication of just how little the public and our elected officials understand the process and economics of mining. Mining is the single source of all the materials for manufacturing everything we use, with the exclusion of agricultural products (which use a great deal of equipment and nutrients manufactured with mine products). Clearly the elected officials involved with this do not understand how absurd this concept is.
Alexander Tshakalisa
What would be the effect on the balance of gravitational forces in the solar system, and on planet Earth’s trajectory, due to sustained importation of materials onto planet Earth over thousands of years?
Keith Laskowski
Austin, We have everything that we need right here on this planet, and it will cost exponentially less to extract it here, than it will from some passing meteor. Rare Earth Elements are not rare. Just romantic. See my first statement.
kef long
… and what happens if 2 organizations land close to each other to dig out stuff … and one doesn’t like where the other is digging …. this is about US organizations ….
.. with no consultation with the rest of the world .. typical US behaviour.
PaoloUSA
Well let’s see if the new bill will protect everyone or just American investors. When it fit the US claims the right of extraterritorial enforcement of their legislation, when it doesn’t fit…………………..Anyway like mining in space is the most pressing problem we have; the world of politics is all the same no matter in which country you are and of course if there is a previous treaty but it doesn’t fit, who gives a dam. Space lawyer………..sounds like a degree in fotografy.
rayban
Neat , thanks gal .
Dirvs
Keep an open mind….man flying? Never..swim to the darkest depths of the seas? Not possible. Phones we carry in our pockets? Yeah right. Mining in space? Metals not yet discovered? Close your mind and you’ll never know. I think it’s exciting.
Kevin J Ashley
The key statement in this article is “…open the space frontier to sustainable development…”. Although some promoters are selling stock on the basis of mining asteroids for return of products to Earth, the real issue is acquisition of materials for building structures and ships off-Earth for use in exploration beyond Earth. This bill will not be sufficient to secure rights to off-Earth resources because it involves only US law, but it is an important first step in getting the discussion going on an international agreement regarding how ownership of such resources will be treated. During the 1850’s the miners in the California gold rush adopted a German model for private ownership of resources (instead of the Spanish model in which all gold belongs to the Crown) but this was not enshrined in US law until 1872. This bill is a good start but think it will probably take just as long to get a viable legal model in place for resources in space.
Angella
What if asteroid material contains microbes or other contagion that once transported to a earth are able to flourish and cause problems that effect earth’s existing biosphere?
Angella
But NASA has not retrieved materials from all sources and brought them back to earth….
Mark
Finally time to give The United Nations something to legislate for?
A tax opportunity that may make them finally INDEPENDANT?
Rick D
The real money will be when we build cities in space, on moon and Mars with the minerals we mine there and use there to make the finished materials for infrastructure of huge city’s and complex industrial footprint of new and better tech for space exsploration . Miner sales to mill mill sale to warehouse warehouse distributes finished building materials more manpower moves to space more and bigger city’s are built !!!!!!!!!! SPACE BOOM !
Chris M
The Moon treaty does not ban private property rights in outer space it imposes restrictions from the common heritage of mankind doctrine. While there is no one definition for this doctrine, what this article would be referring to is either the element of non-appropriation for states this does not exclude mining by commercial bodies just that for example the US can’t claim that it holds sovereignty over the moon. Or the element of benefit sharing which does not mean that you have to redistribute what you dig up, more in the lines of a commercial party would have to show that their mining is in the common interest of mankind. this could be shown by the fact that they are bringing in resources and further developments in technology.
this common heritage of mankind is in no way a new thing. it is the main regulatory framework for most global commons, i.e. fishing in international waters.
Just me
It is possible that this bill may be a preparatory effort to assure that the next Secretary General of the United Nations will be in control of all Space Based Discoveries including Mining.
A significant effort has been quietly underway for a long time to secure direct control and several funding streams from the citizens and governments of the world.
A treaty signed in 1967 ( http://disarmament.un.org/treaties/t/outer_space/text ) ( http://www.unoosa.org/pdf/publications/STSPACE11E.pdf ) secured this first step and this latest bill will sanctify it by the US
Congress. Obama has indicated that he is very interested in becoming the next UN Secretary General after he leaves office. ( http://www.breakingisraelnews.com/58449/kuwaiti-news-claims-obama-wants-to-be-next-un-secretary-general-middle-east/ ).
Nic_Tomlin
Admiralty Law applies – the US Congress has no power outside the USA. Wh the f.. do they think they are??