Can mining space save Earth?

Mining asteroids in space may create a resources boom on earth.

Yesterday afternoon, a small group of billionaires, engineers and space exploration enthusiasts – including Titanic director James Cameron, Google co-founder Larry Page and CEO Eric Schmidt, and Peter Diamandis, the chairman of the X-PRIZE foundation, which encourages development of space technology – launched Planetary Resources, a company founded with the eventual aim of mining near-earth asteroids (near-earth in this context meaning "closer than the moon").

It's all very sci-fi, even their website, which looks like it could be a publicity stunt for Ridley Scott's new thriller Prometheus. But they are deadly serious about their aim, and it looks like they might achieve it. Discover Magazine's Bad Astronomy blog has a long post explaining their vision:

The key point is that their plan is not to simply mine precious metals and make millions or billions of dollars – though that’s a long-range goal. If that were the only goal, it would cost too much, be too difficult, and probably not be attainable. Instead, they’ll make a series of calculated smaller missions that will grow in size and scope.

The first step is to get a load of small telescopes into low earth orbit, and begin space-prospecting. By making the telescopes pretty tiny – they'll be 22cm long in a spacecraft 40cm square – they plan to save money piggybacking onto other launches. Once they're up, they start looking for asteroids on a trajectory to be close enough to mine, and with a make-up of valuable minerals.

Crucial to their plan is revenue generation in stages. Even with all those billionaires behind them, if they waited to get the first mined material back before they made any money, the company would probably go bankrupt. So once the telescopes are up in space, Planetary Resources will probably start selling some of the data they generate back to organisations with more mature spaceflight capabilities (basically, NASA), who can put it to more immediate use.

From there, the same basic design of telescope can be used, with the addition of a small motor, as a probe to check specific asteroids out in more detail. Once one has been found with useful resources, the mining begins. But the first minerals to be extracted aren't what you'd expect.

Rather than go straight for the platinum and gold which some asteroids have in abundance, the target will likely be water, oxygen and nitrogen. All of these have very low boiling points, so are tricky to get into space, and hard to find once up there – but crucial to exploration. Planetary Resource's chief engineer tells Bad Astronomy that it costs $20,000 to get a litre of water into space. Focusing on things which are valuable in space, rather than on earth, means that the problem of re-entry can be safely ignored for a while longer.

Eventually, though, the company hopes to mine asteroids for materials to use back on earth. If they are successful, it could lead to a major change in resource abundance. They point out that:

A single platinum-rich 500 meter wide asteroid contains about 174 times the yearly world output of platinum, and 1.5 times the known world-reserves of platinum group metals (ruthenium, rhodium, palladium, osmium, iridium, and platinum).

A kilogram of platinum is worth roughly $50,000, but that price would, of course, plummet if 174 times the world output were made available even over the course of a century. If, however, an equilibrium price results in it being economical for Planetary Resources to bring most of it to market, then the surge in availability could have interesting effects. Unlike gold, platinum is relatively chemically active, hence its use in catalytic converters, and has many potential applications – if only it weren't so damn expensive.

It'll be a long trip to get there, but they seem serious. Whether the resource injection will be a major change, or just improve things at the margin, depends on a number of factors that aren't yet clear, but it will be fun to watch them work it out.

The Arkyd telescope is seen here in its 22cm glory. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

Photo: Getty Images
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What do Labour's lost voters make of the Labour leadership candidates?

What does Newsnight's focus group make of the Labour leadership candidates?

Tonight on Newsnight, an IpsosMori focus group of former Labour voters talks about the four Labour leadership candidates. What did they make of the four candidates?

On Andy Burnham:

“He’s the old guard, with Yvette Cooper”

“It’s the same message they were trying to portray right up to the election”​

“I thought that he acknowledged the fact that they didn’t say sorry during the time of the election, and how can you expect people to vote for you when you’re not actually acknowledging that you were part of the problem”​

“Strongish leader, and at least he’s acknowledging and saying let’s move on from here as opposed to wishy washy”

“I was surprised how long he’d been in politics if he was talking about Tony Blair years – he doesn’t look old enough”

On Jeremy Corbyn:

"“He’s the older guy with the grey hair who’s got all the policies straight out of the sixties and is a bit of a hippy as well is what he comes across as” 

“I agree with most of what he said, I must admit, but I don’t think as a country we can afford his principles”

“He was just going to be the opposite of Conservatives, but there might be policies on the Conservative side that, y’know, might be good policies”

“I’ve heard in the paper he’s the favourite to win the Labour leadership. Well, if that was him, then I won’t be voting for Labour, put it that way”

“I think he’s a very good politician but he’s unelectable as a Prime Minister”

On Yvette Cooper

“She sounds quite positive doesn’t she – for families and their everyday issues”

“Bedroom tax, working tax credits, mainly mum things as well”

“We had Margaret Thatcher obviously years ago, and then I’ve always thought about it being a man, I wanted a man, thinking they were stronger…  she was very strong and decisive as well”

“She was very clear – more so than the other guy [Burnham]”

“I think she’s trying to play down her economics background to sort of distance herself from her husband… I think she’s dumbing herself down”

On Liz Kendall

“None of it came from the heart”

“She just sounds like someone’s told her to say something, it’s not coming from the heart, she needs passion”

“Rather than saying what she’s going to do, she’s attacking”

“She reminded me of a headteacher when she was standing there, and she was quite boring. She just didn’t seem to have any sort of personality, and you can’t imagine her being a leader of a party”

“With Liz Kendall and Andy Burnham there’s a lot of rhetoric but there doesn’t seem to be a lot of direction behind what they’re saying. There seems to be a lot of words but no action.”

And, finally, a piece of advice for all four candidates, should they win the leadership election:

“Get down on your hands and knees and start praying”

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.