Will space mining become a reality?

Planetary Resources to Soviet meteor diamonds and beyond.

As US presidential candidates drum up support in their race for the White House, scientists are also working against the clock to get space mining on the agenda before the 2014 budget plan takes off.

This month, four entrepreneurs made their pitches at the American Institute of Aeronautics and Astronautics Space 2012 conference, Clint Eastwood-style.

Neither Barack Obama nor Mitt Romney attended the event, so space panelists addressed two empty chairs with their ideas, paying tribute to Eastwood’s "invisible Obama" act at the Republican national convention. The delegates poked fun at the candidates but were deadly serious about space-age ideas.

The buzz really started in April, with the arrival of Planetary Resources (PR) – a new venture made up of the Nasa scientists Chris Lewicki and Tom Jones and the space entrepreneurs Peter Diamandis and Eric Anderson – which hopes to mine near-earth asteroids within ten years.

PR’s timing couldn’t be better. Not since the early space missions have "interplanetary exploration", "asteroids" and all things Martian been household buzzwords. It's all thanks to Nasa’s Mars rover Curiosity, which, as I write, is unlocking the geological secrets of a pyramid-shaped rock named Jake Matijevic.

As if this wasn’t exciting enough, the world was recently given a glimpse of the treasure troves we could find orbiting in space and right here on earth.

Russia recently revealed that the crater of a meteorite that landed in Siberia 35 million years ago, contains trillions of carats of rare diamonds. The Soviet government discovered the deposit in 1970s but it’s only now that documents have been disclosed revealing the true extent of the diamond hoard, which scientists say could supply the entire world for 3,000 years.

The growing interest in space mining is understandable. Based on known reserves on earth and growing consumption in developing countries, it is estimated that key elements such as gold and platinum, essential for modern industries, could be exhausted within 60 years. Yet with analysts claiming that mining in space is not economically feasible, are the scientists' ideas a little starry-eyed?

Due to Nasa’s tightening budget, just $800m is currently available to bring rock samples from Mars back to earth, not a substantial amount considering an upcoming mission to return just two ounces of material from an asteroid will cost $1bn.

As for PR, this company has the financial backing of the Google billionaires Eric Schmidt and Larry Page but how much of a profit can be made from mining platinum and gold, valued at about $1,600 an ounce, when logistical costs are so high?

The 100km Popigai meteorite crater found in Siberia is said to contain diamonds that are two times harder than regular ones but these resources can only be used for industrial use, not jewellery. Currently, the cost of mining far outweighs the asking price for industrial diamonds and profits can only be made from selling gemstone diamonds. The market already has a more easily accessible substitute for this material: lab-grown industrial diamonds.

The world, it seems, is stuck in a catch-22 situation – it needs money to fund mining and it need mining to make money. The question is, should scientists, entrepreneurs and governments wait until earth’s reserves run out or take a giant leap of faith?

Sarah Blackman is the energy features writer for the NRI Digital network.

Back to mine: space mining in the 1981 film Outland. Credit: a production still from Warner

Sarah Blackman is the energy features writer for the NRI Digital network.

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Commons Confidential: Dave's picnic with Dacre

Revenge is a dish best served cold from a wicker hamper.

Sulking David Cameron can’t forgive the Daily Mail editor, Paul Dacre, for his role in his downfall. The unrelenting hostility of the self-appointed voice of Middle England to the Remain cause felt pivotal to the defeat. So, what a glorious coincidence it was that they found themselves picnicking a couple of motors apart before England beat Scotland at Twickenham. My snout recalled Cameron studiously peering in the opposite direction. On Dacre’s face was the smile of an assassin. Revenge is a dish best served cold from a wicker hamper.

The good news is that since Jeremy Corbyn let Theresa May off the Budget hook at Prime Minister’s Questions, most of his MPs no longer hate him. The bad news is that many now openly express their pity. It is whispered that Corbyn’s office made it clear that he didn’t wish to sit next to Tony Blair at the unveiling of the Iraq and Afghanistan war memorial in London. His desire for distance was probably reciprocated, as Comrade Corbyn wanted Brigadier Blair to be charged with war crimes. Fighting old battles is easier than beating the Tories.

Brexit is a ticket to travel. The Independent Parliamentary Standards Authority is lifting its three-trip cap on funded journeys to Europe for MPs. The idea of paying for as many cross-Channel visits as a politician can enjoy reminds me of Denis MacShane. Under the old limits, he ended up in the clink for fiddling accounts to fund his Continental missionary work. If the new rule was applied retrospectively, perhaps the former Labour minister should be entitled to get his seat back and compensation?

The word in Ukip is that Paul Nuttall, OBE VC KG – the ridiculed former Premier League professional footballer and England 1966 World Cup winner – has cold feet after his Stoke mauling about standing in a by-election in Leigh (assuming that Andy Burnham is elected mayor of Greater Manchester in May). The electorate already knows his Walter Mitty act too well.

A senior Labour MP, who demanded anonymity, revealed that she had received a letter after Leicester’s Keith Vaz paid men to entertain him. Vaz had posed as Jim the washing machine man. Why, asked the complainant, wasn’t this second job listed in the register of members’ interests? She’s avoiding writing a reply.

Years ago, this column unearthed and ridiculed the early journalism of George Osborne, who must be the least qualified newspaper editor in history. The cabinet lackey Ben “Selwyn” Gummer’s feeble intervention in the Osborne debate has put him on our radar. We are now watching him and will be reporting back. My snouts are already unearthing interesting information.

Kevin Maguire is the associate editor (politics) of the Daily Mirror

Kevin Maguire is Associate Editor (Politics) on the Daily Mirror and author of our Commons Confidential column on the high politics and low life in Westminster. An award-winning journalist, he is in frequent demand on television and radio and co-authored a book on great parliamentary scandals. He was formerly Chief Reporter on the Guardian and Labour Correspondent on the Daily Telegraph.

This article first appeared in the 23 March 2017 issue of the New Statesman, Trump's permanent revolution