Mining precious metals on asteroids could alleviate the strain on Earth’s resources, attracting many startups to invest in this emerging field.
In April 2023, a large satellite the size of a microwave from AstroForge was launched into space with the goal of preparing for asteroid mining. Despite encountering issues during the mission, it is part of a new wave of asteroid mining companies hoping to profit from space resources, according to Popular Science.
Asteroids contain a wealth of metals such as platinum and cobalt, which are used in electronics and electric vehicle batteries. While these materials are abundant on Earth, they can be concentrated on asteroids at higher densities, making them easier to extract. Operations in space could reduce the harmful impacts of mining on our planet. Additionally, experts are keen to explore the potential of various other compounds, such as whether ice in space can be used as fuel for spacecraft and rockets.
NASA spacecraft heading towards the metal-rich asteroid Psyche. (Image: NASA).
According to Matt Gialich, co-founder and CEO of AstroForge, a startup in asteroid mining, one crucial element needed for success is optimism. Since the experimental mission in April 2023, the company has yet to come closer to its mining goals. Gialich and his team hope to extract platinum group metals, some of which are used in devices like emission filters. Metals such as platinum and iridium are utilized in electronics. Furthermore, platinum-based batteries have better storage capabilities, making them suitable for electric vehicles and energy storage systems.
During AstroForge’s experimental mission, things did not go as planned. Once the small spacecraft entered orbit, it became challenging to identify and communicate with it among dozens of newly launched satellites. The solar panels meant to provide power initially failed to deploy. The satellite experienced tumbling, disrupting communication. As a result, AstroForge was unable to conduct its mining simulation. The company plans to launch a second mission with a different objective: to fly by an asteroid and capture images. This survey project may help the company understand what valuable materials exist on the asteroid.
Another company, TransAstra, is selling telescopes and software designed to detect objects like asteroids moving through the sky. The Chinese company Origin Space has an asteroid observation satellite in Earth’s orbit. Meanwhile, Karman+, based in Colorado, plans to fly directly to an asteroid in 2026 to test its excavation equipment. To achieve their ultimate goal of extracting metals from these celestial bodies, TransAstra, Karman+, and AstroForge have collectively attracted tens of millions of dollars in investment.
The Asteroid Mining Corporation Ltd. has a similar goal but does not rely heavily on external funding in the long term. In 2021, this company collaborated with the Space Robotics Laboratory at Tohoku University in Japan to create a robot. They developed a six-legged robot called Space Capable Asteroid Robotic Explorer (SCAR-E). Designed to operate in microgravity environments, SCAR-E can crawl across rough surfaces, collecting data and samples. In 2026, the company plans to conduct a soil analysis mission on the Moon. However, SCAR-E is still on Earth and currently undergoing hull inspections.
Extracting materials from space offers a way to lessen the burden on Earth’s resources, particularly in clean energy technologies. For example, hydrogen fuel production requires iridium, while hydrogen fuel cell vehicles depend on platinum. Other metals like nickel, cobalt, and iron are also found in higher concentrations on asteroids. However, space mining also impacts the environment. Rocket launches contribute greenhouse gases to the atmosphere. Extracting from these celestial bodies will generate waste and debris drifting in the vacuum of space. In 2021, a research team at the University of New South Wales in Australia proposed a framework to assess how space mining projects affect the environment.
