Jun 20, 2019 | Updated: 09:31 AM EDT

Asteroid Mining Campaign: Luxembourg Offers Enticing Opportunities For US Entrepreneurs From Silicon Valley

Apr 24, 2017 06:21 AM EDT

Luxembourg Wants to Mine Asteroids!
(Photo : Docufilms/ You Tube) Luxembourg a small but rich European country wants to mine asteroids whose potential worth reaches astronomical numbers. Trillions even. Luxembourg has partnered with both Deep Space Industries and Planetary Resources by investing capital into both companies.

Luxembourg is now making a proposal for worldwide companies for their futuristic Space mining Campaign. However, a special visit of Luxembourg prince in NASA, they proposed a lucrative opportunity for US-based companies.

Every minor planet like asteroids, dwarf planets have a potent source of various minerals. Sometimes researchers presumed these asteroids enriched with many precious minerals like platinum.

To harvest those valuable minerals from asteroids and moons, Luxembourg's Prince along with Deputy Prime Minister meet with NASA officials. During the visit on  April 12, Prince Guillaume discussed the Space mining campaign with US-based entrepreneurs and investors.

Last year Luxembourg began with a Space mining program and inviting partners to its campaign, called SpaceResources.lu. This space mining campaign is focusing on those space mining firms facing financial, regulatory and legal issues. Recently, this space mining program is looking for the further study on Asteroid resources.

According to Spacenews, Luxembourg proposed the special opportunity for US-based companies interested in this Asteroid mining campaign. Those enticing opportunities considered with research and development money, and equity investment for the office and research establishment for those organizations.

In this regard, Deep Space Industries, an asteroid-mining company based in Mountain View, California is working with Luxembourg on Prospector-X, reported by DSI. Prospector-X is a mission designated for the technological demonstration in low Earth orbit that could be used on future asteroid-hunting excursions.

In addition, Etienne Schneider, Luxembourg's deputy prime minister hoped that they will qualify for future investment in European space agency. However, this investment will give a remunerative access in the European market. Last year, Luxembourg announced their investment around 200 million Euros to establish SpaceResources.lu. Recently, they planned for further investment around 70-100 million Euros in the promising venture in asteroid mining program.

During the discussion in 12th April, Bill Miller, chief executive for Deep Space Industries regrets Luxembourg for the investment. He said, Without Luxembourg, it would be difficult to find capital for such long decade investment in Asteroid mining project.

Different space mining entrepreneurs from other countries are also interested to cooperate in this asteroid mining project. Most notably, Planetary Resources of Redmond, Washington, Tokyo's ispace and Germany's OHB Venture Capital already joined in this program.

However, Schneider is meeting with representatives from other nations, including Japan, China, Portugal, Russia and the United Arab Emirates. This meeting focused on a coordinating work instead of spending money on the same research, said Schneider. Apart from this, Luxembourg courts are drafting laws and regulations for the new industry. They are represented here as additional corporate partners in this asteroid mining campaign.

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