The U.S. government has passed historic legislation for asteroid mining

The U.S. government has passed historic legislation for asteroid mining, which allows citizens to own, transport and sell "any asteroid resource or space resource" obtained during commercial operations in space.

Credit: Bryan Versteeg / Deep Space Industries (DSI)

The U.S. Congress has just passed historic legislation (H.R. 2262), recognising the right of U.S. citizens to own space resources they obtain as property and encouraging the commercial exploration and recovery of materials from asteroids, free from harmful interference.

This legislation creates a pro-growth environment for the development of the commercial space industry by encouraging private sector investment and ensuring a more stable and predictable regulatory regime. The law is important for the industry and will be integral to supporting U.S. interests as the commercial space sector continues to expand.

“We are proud to have the support of Congress,” said Chris Lewicki, President and Chief Engineer of Planetary Resources. “Throughout history, governments have spurred growth in new frontiers by instituting sensible legislation. Long ago, the Homestead Act of 1862 advocated for the search for gold and timber, and today, H.R. 2262 fuels a new economy that will open many avenues for the continual growth and prosperity of humanity. This off-planet economy will forever change our lives for the better here on Earth.”

Eric Anderson, Co-Founder and Co-Chairman of Planetary Resources, said: “Many years from now, we will view this pivotal moment in time as a major step toward humanity becoming a multi-planetary species. This legislation establishes the same supportive framework that created the great economies of history, and it will foster the sustained development of space.”

Daniel Faber, the CEO of rival firm Deep Space Industries (DSI), also commented: “This is a very thoughtfully worded piece of legislation that is sensitive to the existing Outer Space Treaty, and yet moves the ball far forward in terms of giving companies like DSI the legal certainty we need to invest in capitally intensive missions and equipment.”

Previously confined to the realm of science fiction, asteroid mining has begun to seem like a serious possibility in recent years. Thanks to the entrepreneurial efforts of Planetary Resources, DSI and other firms, new technologies are being developed that could soon unlock the vast untapped metal and mineral wealth buried throughout the Solar System. In July of this year, Planetary Resources successfully deployed its Arkyd 3 Reflight (A3R) spacecraft from the Kibo airlock of the International Space Station (ISS). This test featured a number of core technologies that will be incorporated into future spacecraft. A larger and more advanced demonstration craft, the Arkyd-6 (A6), is now planned.

Eventually, these prototypes will be followed by probes capable of rendezvousing with Near-Earth objects (NEOs) identified as being rich in resources. They will deploy machines able to drill into rocks and extract their contents for in-situ utilisation (e.g. construction materials and rocket propellant) or return to Earth. Planetary Resources is confident it will begin commercial operations in the 2020s.

With sufficient commitment and long-term investment, asteroid mining could solve the looming resource shortage here on Earth. A single 500-metre asteroid could contain more platinum group metals than have ever been mined in human history. Establishing a solid legal foundation for the development of space resources is a necessary first step in opening the frontier. The new legal framework passed this week is essential for serious investment to occur in what may become one of the biggest industries of all time.