New asteroid mining law being drafted in Luxembourg

Comprehensive legislation for extracting precious metals, rare minerals and other valueble commodities on Near Earth Objects (NEOs) – passing asteroids and comets will take effect in 2017. What is new is the proposed law aims at offering a more pro-business environment compared to legislation passed in the US in 2015.

The law is billed as providing a legal framework that will spur investment in exploiting resources in NEOs.  The economy ministry said it will guaramtee operators the right to resources harvested in outer space in accordance with international law.

The government announced a funding of 200 million euroes to encourage research and development in asteroid mining.

In comparison to the US law, Luxembourg law on asterois mining will extend not only to local companies but also to foreign corporations which are established in the Dutchy. As the ministry said, two US companies (Deep Space Industries and Planetary Resources) have already established ”legal entities” in Luxembourg.

NEOs would be the target for mining ships that – theoretically – would land on the asteroid, extract raw material and maybe even process it. The mining is likely to be carried out by robots rather than humans, given the high risk and costs of manned space missions.

To see the full article, please visit Luxembourg begins drafting new asteroid mining law.