The Feasibility of Mining an Asteroid As detailed previously, mining operations depend heavily on feasibility studies that are used to determine the financial viability, risks and robustness of a mining project. Known sources of some metals could be depleted in as little as 20 to 30 years, especially the rarest ones necessary to construct computers, smartphones, and other advanced technologies.
The goal is to begin transforming asteroid water into rocket fuel within a decade, and eventually to Microeconomics asteroid mining valuable and useful platinum-group metals from space rocks. Furthermore, these same asteroids contain volatiles such as nitrogen, hydrogen, and methane that can be utilized during the extraction process.
How about the lesser-known element indium, essential to computer and smartphone displays? Using resources from the asteroid, the craft would 3D print a propulsion system and rudimentary guidance mechanisms. Similar systems would be used to steer the asteroid.
But the question remains - does asteroid and space mining pose a threat to precious metals as a generally safe investment? Towing asteroids closer to Earth using rockets, or deploying small robots to Microeconomics asteroid mining resources and ship them back to Earth piecemeal are two proposed solutions for the shipping problem.
Initial costs can be limited even further by focusing on the Microeconomics asteroid mining easily extractable substances such as water.
However, the plan is still in its early stages and has a long road ahead, as Space.
However it would require a much longer round-trip to return the material. At present, asteroid mining is a highly speculative technique; the research and technology to successfully exploit these mineral resources is still under development.
Optimally, the market would eventually Microeconomics asteroid mining an equilibrium as economic surplus is maximized. The benefit of dealing with China is the relative ease of access and the minimal amount of resources required to obtain rare earth elements. According to asteroid mining company Planetary Resources, mining in space can potentially open up a trillion dollar market as it is the last remaining so-called "elephant field of unexplored, highly valuable natural resources.
Time will tell if asteroid-mining becomes a viable business venture, or merely remains science fiction. The tiny European country has already made steps toward becoming a player in the space race, but its latest proposal solidifies a commitment to pursuing cosmic resource extraction operations.
To further magnify the problem, rare earth elements are rarely found on earth in concentrations high enough for economic extraction.
Entrepreneurs and would-be space investors should apply the cost-benefit principle and consider the potential benefits of mining asteroids and the associated costs before engaging in this pioneer market. Challenges include categorization and identification of mineable deposits, building the infrastructure to mine and refine asteroid material, and creating the ability to move mined material onto earth.
It is important to note that this would also change the elasticity of supply, and make the supply curve less inelastic.
Multiple types of asteroids have been identified but the three main types would include the C-type, S-type, and M-type asteroids: Until these gaps are closed, it is going to be some time before we can profitably fuel up the old rocket in the garage, load up the snacks and go mine some space platinum.
Conducting a cost and benefit analysis is an effective method when determining if entrepreneurs should mine asteroids, but marginal analysis is more appropriate when determining the optimal quantity to mine.
Thus any mining equipment will either need to be highly automated, or a human presence will be needed nearby. Currently, research into the feasibility of human and robotic missions to asteroids is being conducted by both governmental organizations JAXA, NASA and private companies Planetary Resources.
Case Study The KISS study claims that it will be feasible to "identify, capture, and return" an asteroid seven meters in diameter andkg in weight using technology that could be developed in the next decade At present, only one company, Planetary Resources, is conducting research into the technologies and strategies necessary to make asteroid mining economical.
Consequently, in order for the world to sustain and improve upon current technological advancements, these minerals are a necessity. Obstacles exist in acquiring rare earth elements. In economics, individuals are considered rational and constantly weigh benefits and costs when evaluating a particular option.
People think that doing the harvesting in space and bringing the loot Microeconomics Asteroid Mining By picturing otherwise.
The point must therefore be raised is whether this money could be spent on other social indicatives which the public could benefit from.
Because of the difficult nature inherent to mining asteroids, few companies or governments are currently considering asteroid mining. As the supply curve moves to the right too new market equilibrium, the equilibrium quantity will increase, however, the equilibrium price is expected to decrease Figure 1.
I also appreciate that precious metals can be a hedge against uncertain times with the globalized economy, fiat currencies, etc.
Many scientists feel that the moon and near earth asteroids are prime targets. What would happen to the value of an ounce of gold, silver, palladium, platinum, or whathaveyou, if some private organization or government agency like NASA were to bring a payload of these precious metals back to Spaceship Earth, flooding the market with a large supply all at once?The Economics of Asteroid Mining I have always been fascinated with precious metals, pretty much since I was old enough to walk.
My father used to bring me to the local coin shop where we would buy old collectible coins and sometimes stamps. Mining asteroids may be more cost-effective if the metals are consumed on the asteroid itself instead of transporting the material back to Earth (1).
Robots will play a key role since asteroid conditions are difficult for humans to endure. Asteroid mining has been drawing increasing interest in the last year with the establishment of two space companies publicly declaring their common intention o.
According to asteroid mining company Planetary Resources, mining in space can potentially open up a trillion dollar market as it is the last remaining so-called "elephant field of unexplored.
Rationale, Strategies, and Economics for Exploration and Mining of Asteroids ANDREA SOMMARIVA Meta Consulting Company other, more important arguments for developing asteroid mining.
Minerals from asteroids, marketable to Earth, are essentially PGMs plus some precious metals.
The price structure of industrial metals and water and. Asteroid mining is the exploitation of raw materials from asteroids and other minor planets, including near-Earth objects.
Minerals can be mined from an asteroid or spent comet then used in space for construction materials or taken back to Earth. These include gold.Download