THE MINING EXECUTIVE MAGAZINE JANUARY/FEBRUARY 2020 EDITION

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TheMINING EXECUTIVEMagazine FEBRUARY 2020ExplorationMitch Hunter-ScullionAsteroid mining technology, are we anywhere close?The transition causing nightmares for space explorers.A wave of space focusedmining explorationinvestments has been createdand like never before, therace is on, not to peg claimsof vast resource rich tracks oflands but for huge clusters ofrich rocks scattered across theuniverse. Top 5 space playersspent over US$74 Billion onlyin 2016 exploring the universewith USA leading at US$48Billion, China US$11 Billion,Europe US$ 7 Billion, RussiaUS$ 4 Billion. USA recentlyannounced its intention todevelop a Space Force, amove that is set to cement andaccelerate space investment.Mitch Hunter-Scullion:CEO Asteroid Mining Corporation (picture AMC)MINING GLOBAL DECISIONS IN YOUR PALMSwww.theminingexecutive.com86
TheMINING EXECUTIVEMagazine FEBRUARY 2020he space industry is globally estimatedTto be a US$300 Billion market and isexpected to triple that in the next 10years. Space resources are expected to createmajor socio-economic benefits in many areas,including GDP impacts, employment creationas well as market and technology spillovers inseveral technical domains such as dataanalytics, materials science, additivemanufacturing and robotics.The current rupture within the space industryin reusable space technology especiallyrockets coupled by the growth of the globalpopulation, predicted to be nearly 10 Billionby 2050 has created streams of interest in thepossibility of us mining from above the earthin the near future. With current depositsgetting deeper, poorer in grades, narrower andmore challenging to extract, the possibility ofgoing up for minerals resources is becomingmore real especially where universeexploration is concerned.The fragility of our planet and our dwindlingresources have led to governments andcompanies looking for alternative resources.A wave of space focused mining explorationinvestments has been created and like neverbefore, the race is on, not to peg claims ofvast resource rich tracks of lands but for hugeclusters of rich rocks scattered across theuniverse. Top 5 space players spent overUS$74 Billion only in 2016 exploring theuniverse with USA leading at US$48 Billion,China US$11 Billion, Europe US$ 7 Billion,Russia US$ 4 Billion.USA recently announced its intention todevelop a Space Force, a move that is set tocement and accelerate space investment."Up until now; looking for metals elsewherehas meant going to more environmentallyfragile regions of the world; the arctic, therainforest, under the sea. But in space, thereare resources beyond our wildest dreams,"BomaGlobal, an organization that deliverstransformational experiences that makepositive change actionable and accessible wasonce quoted.For one company, Astroid MiningCorporation, this is a venture that has somuch potential and is bound to be the futureof mining. The company in the past projectedthat the adventure of buiding a satellite to goin search of mineral rich asteroids could costas much as £2.3million with a a potential tomine asteroids worth £2.3billion each at anestimate cost of £500million.“I realised it was the future and we needed tobe doing it. An asteroid about 25metres indiameter could be worth £2.3billion –£725million of that would just be theplatinum content. Rhodium and palladiumcan also be found in it.These are very highly valued and highlyscarcematerials on earth but they're abundanton asteroids. We estimate to mine an asteroidlike that would cost £500million,” MitchHunter-Scullion, CEO Asteroid MiningCorporation was quoted saying.No nation has claim to a space celestial bodyand as such, these bodies remains open to all.Success in asteroid mining may see some ofthe earth mining projects being renderedobsolete due to their cost efficiency, highconcentration on quality metals andvoluminous nature of deposits.Necessityt takes more propellant to escape the LowIEarth Orbit (LEO) which is only about300km from the earth's surface than isrequired to travel the next 300 millionkilometers by the same spaceship.It takes about 50kg of propellant to justdeliver 1 kg into the LEO but only 4kg tomove the next 35,000km after that only 2kgthe last 300 Million kilometers to get to Mars.There are over 16,000 asteroids sharing thesame orbit with Earth containing an estimateof 2 trillion tonnes of water and the numberkeeps on growing due to discovery of newones. One of the key resources being exploredand will be the first to be mined once theirprograms are successful is water which is anintegral life support and rocket propellantcomponent.Since asteroids have infinity quantities of thiswater, bases have to be set up to extract thisand refine it into the much-needed propellantsfor deep space exploration at more than 1000times cheaper than if provided from theearth's surface. So, asteroid exploration is amust to ensure viability of solar systemexploration.“The asteroid Psyche 16 is a very special space rock. It is almost entirely made of metal, includingiron, nickel, and gold, which has led astronomers to believe that it was originally the core of aplanet. It's also estimated to be worth around $700 quintillion—enough to give each of the 7.6billion people on Earth about $92 billion each. You read that correctly—$92 billion each. Thisasteroid has the potential to make us all richer than the Pharaohs—or, you know, crash the worldeconomy.”Aestroid Psyche 16 (source: open)MINING GLOBAL DECISIONS IN YOUR PALMSwww.theminingexecutive.com87
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THE MINING EXECUTIVE MAGAZINE JANUARY/FEBRUARY 2020 EDITION

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