Tuesday, July 09, 2019

Heavenly Gold Rush

Good News:  An asteroid chock full of enough gold to make everyone on Earth wealthy is on its way to our planet!  Sounds like something Don Veto would twit, right?  Believe it or not, an asteroid containing precious metals worth an estimated US$700 quintillion (18 zeros) has been identified as Psyche 16.  That is enough gold to give every person on the planet close to a trillion dollars.  Of course what makes gold, gold is its rarity; that much gold could play havoc with its market price. NASA plans an unmanned, solar powered probe to the ore-laden space rock in 2022, arriving in 2026. [graphic courtesy NASA]  Psyche 16 orbits between Mars and Jupiter in the Asteroid Belt, 466 million miles from Earth. Mining the distant ore remains the major unsolved problem.

Companies have already been created whose mission is to mine space metals even though space mining is beyond current technological feasibility. Lichtenstein has 11 such companies registered on its books.  This is where imagination comes in--if man can imagine it, then he will eventually be able to accomplish the imagining.  Current science fiction films and novels are already there.  Avatar, the Alien trilogy, and Dune are examples of sci-fi works with exo-mining themes.  The prize is large, since the 4-5 million ounces brought to market from terrestrial sources each year pales in comparison to what is available in space. A smaller neighbor of Psyche 16, only 200 meters long, could be worth $30 billion in platinum.

Their are closer targets too: the Moon contains valuable rare earth elements, and near Earth asteroids that could be nudged into orbit contain water a major source of hydrogen.  One authoritative estimate is that it will take half a century of development before commercial production could begin, but investors anticipate that space mining will be the next "rush".  The current space mining market is worth $3.5 billion according to Stanley Morgan, by 2040 it could reach a heavenly $2.7 trillion, much more than "pennies from heaven"!