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Artist rendition of a mining operation in space. (Screenshot via YouTube)
U.S. citizens can now legally own resources mined in space after President Barack Obama signed into law a debated bill that allows people to mine, sell and own any space material.
The ground-breaking rule is considered a major boost to asteroid mining as it encourages the commercial exploration and utilization of resources from asteroids obtained by U.S. firms.
“This is the single greatest recognition of property rights in history,” said Eric Anderson, co-founder and co-chairman of Planetary Resources, a company pioneering the space mining industry. “This legislation establishes the same supportive framework that created the great economies of history, and will encourage the sustained development of space,” he added.
“A hundred years from now, humanity will look at this period in time as the point in which we were able to establish a permanent foothold in space,” said Peter Diamandis, co-founder of the company. “In history, there has never been a more rapid rate progress than right now.”
Among the members of the U.S. Congress who lobbied the introduction of the revolutionary law, Florida senator Marco Rubio said the new regulation makes it easier for innovators to “return” the U.S. to suborbital space and further develop the domestic space industry. “Throughout our entire economy, we need to eliminate unnecessary regulations that cost too much and make it harder for American innovators to create jobs. This Bill is an important win for Florida’s space coast and the entire space exploration community,” he commented.
Fellow Congress lobbyist, Florida senator Bill Posey, described the bipartisan, bicameral legislation as a landmark for U.S. leadership in space exploration. “Recognizing basic legal protections in space will help pave the way for exciting future commercial space endeavours,” he said.
Some asteroids are packed with minerals valued in the trillions of dollars. (Image by MarcelClemens|Shutterstock.com)
Hannah Kerner, executive director of the Space Frontier Foundation, said the newly signed law extends the American free-market values into space, “which is absolutely essential if we are going to succeed at creating an environment where commercial space businesses thrive.”
Valid?
It remains unknown whether the unilateral move by the U.S. to claim space ownership is valid. According to the Outer Space Treaty, signed by the U.S., Russia, and a number of other countries, nations can’t own territory in space.
“Outer space shall be free for exploration and use by all States,” the treaty says, adding that “outer space is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means.”
The new law, however, does include a very important clause, as it clarifies that it does not grant “sovereignty or sovereign or exclusive rights or jurisdiction over, or the ownership of, any celestial body.”
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.
21 Comments
Lewis McGraw
Let the space wars begin…
The Architect
Considering the US has no land claims to anything outside of Earth’s atmosphere – isn’t that generous of Obama.
Marc
lol….was it his to begin with?
Art Easian
Talk about a shallow understanding of economics! This is frightening…
Bill Nicholson
Talk about mining in space;we havent even begun to mine the Oceans
Wayne G
It is a tad arrogant I would of thought accessing global resources would be a world ownership thing rather that one nation state. Such things like banning military installations etc. etc. similar to the Antarctic treaty, but unlike that, with mining. Still arrogance is a strong point with Americans so should not be to surprised – “Planet America” they seem to forget there is a whole world outside that they also need to consider. I would also have though the ocean might be a better place to develop the technology you would need in space rather than heading off into the unknown with un-proven technology…
Philip S. Baker
Despite the adoption and maintenance of a very accommodative monetary policy stance in several countries including the US, the UK, the Euro Area, Canada, Japan, Australia and India, the global economy has so far not been able to deliver sustained stellar economic growth in the aftermath of the great financial recession (GFR) that began in 2007. On the contrary, the pace of GDP growth has decelerated markedly in China, Brazil and other emerging markets that hitherto anchored the commodities super cycle that characterised the global base and precious metals market.
Already, important segments of the base metals complex (e.g., zinc, copper, aluminium, lead, etc.) are struggling under the weight of oversupply, reflected in ballooning inventory levels and depressed prices. Within this context, the signing into law of the US Space Act of 2015 (HR 2262) and the investment by asteroid mining company, Planetary Resources, betoken a new era of extra-terrestrial mining. It will no doubt set in train a consultative process at the level of the United Nations (UN) aimed at establishing a legislative framework similar to that of the UN Law of the Sea Convention for the joint exploration and development of outer space. Indeed, one could quite reasonably argue that the International Space Station (ISS) serves as a platform upon which to build an extra-terrestrial mining architecture.
However, when developments in seafloor mining (pioneered by firms such as Nautilus Minerals Inc.) are added to the mix, a very likely scenario that emerges is the substantial expansion of the feedstock sources for an already-bloated base metals complex. The inescapable question is: will there be a commensurate exponential increase in demand for base metals through a proliferation of innovations resulting in new base metals-intensive end use applications? If not, then oversupply, leading to depressed prices, is likely to be a feature of important segments of the global base metals complex for several years into the future.
Sudbury Yahoo
Very nice of America to claim resources, not only outside of their borders, but outside their atmosphere.
Manifest Interplanetary.
McLean
Other countries can do the same you know
jubal
Can’t even imagine the cost per tonne of asteroid base metal ore … we can barely manage terrestrial ore at these prices … although mine closure, tailings management offers a whole new picture of intergalactic space pollution … be prepared to navigate through “space slag”. This is of course a particularly uninteresting discussion considering the present state of the mining industry on our own planet. O_o
Steve
As an American, I found this signing of some law to be able to mine in space…. well, ridiculous. As pointed out below, space has not been claimed by Merica, has it? Sheesh. Next, I agree with the concern that with all the commodities getting just crushed and all of the other terrestrial sources as oceans and garbage dumps, it seems the need for extra terrestrial resources is a long time coming. However, and something no one here has considered, what if the manufacturing was to happen outside the Earths atmosphere? The biggest cost in space exploration is leaving the Earths atmosphere.
eastern24
Who gives Obama the right sign such law that legalize the ownership of out-space materials? This is nothing but robbery like West in colonial time.
McLean
What the hell are you talking about – You think countries lay claim to items is space? Its just like the open ocean – If you salvage something you own it
stewart a jackson
I am looking forward to the American ” free-market values” referenced by Hannah Kerner being applied to extraction of mineral values here on earth, and a return to free enterprise system, and freedom from perpetual fettering of every aspect of free enterprise resource extraction and utilization here on earth and more particularly in the United States of America. We are iin uneconomic territory in the production of many many materials here on land, and more so in the oceans , let alone struggling with the costs and difficulty of operating in space. With iron ore at $40 per tonne and nickel at $4 a pound, and copper nearing $2 per pound, lets sober up.
RAYBAN
Lots of USA bashing LOL . Just curious , do your leaders in your countries always do what you wish and would you like to be bashed for everything your leaders do ? As well , not everyone here voted for anyone and a great number did not vote for any current one in public office . Yet it is we Americans that somehow did this thing and not our some 500 strong relevant USA guv .
Second … Asteroids of pure metal are not ORE . As in the begginning of mining anywhere n, first you find the large pure metal pieces lieing on top the ground , the mountains of the pure stuff . As time goes by you eventually are trying to economize .55 gt au and .37% CU . Early bird gets the most of whatever and so first one in may find the mountain of PGM or AU . K ?
Third . Common law is finders keepers , most everywhere . It may also be so in space . Likely most countries think so . Oh maybe not if they have no way to get in on it . But of course this is the way it has always been , no . Also yet it is on th earth to this very day .
Maybe drink less and read more or read more and drink less and also do some self examination of attitudes and angst type feelings . You all got SOME .
McLean
Actually – Asteroids contain precious metals like gold, silver, platinum, and the other platinum group metals: palladium, irridium, rhodium, osmium, and ruthenium
patentbs
The most important legislation out of this White House to date!
I just hope the miners do not try to bring in the materials by pipeline. It is a little difficult to get to get a permit. (cross space or cross border)
McLean
Great comment from a pinhead!
Vialektico Tropikal
What about if there are more “people” (call them aliens) who are signing the same law at their planets?
Ria Starr Johnson
wow , looks like first come first served. how can we prosper from this, and where is Bigello with his space hotel.
I can only see this working if there is a viable transport system and a place to stay and eat, or man the turnover makes me think some of the folks in the movies going crazy cause there all cabin fevered up. lets get off this planet.
Shane Manley
Obama tries to police the world and now wants to police the universe what a joke no jurisdiction whatsoever