|Title||Luxembourg Announces Investment in Asteroid Mining|
|Date||Saturday February 06 2016, @06:44AM|
|from the we-will-convert-your-wealth-to-earth-dollars dept.|
Luxembourg has announced that it will invest in the fledgling asteroid mining industry:
The government of Luxembourg announced Wednesday that the country will be investing in the as-yet-unrealized industry of asteroid mining. The tiny European country will be funding research into the extraction of minerals from objects in space, working on legal and regulatory frameworks to govern such activities and, potentially, directly investing in companies active in the field. The nation's ministry of the economy says in a statement that the measures are meant "to position Luxembourg as a European hub in the exploration and use of space resources."
It's a futuristic move, but not a wholly startling one. Luxembourg is already home to SES, a satellite operator, and has previously moved to boost its international high-tech profile.
[...] Luxembourg hopes to address [the legality of space mining] too, with a formal legal framework of its own — possibly constructed with international input — to ensure that those who harvest minerals can be confident that they'll own what they bring home. "The aim is to stimulate economic growth on Earth and offer new horizons in space exploration," Luxembourg's ministry of the economy writes.
This announcement comes shortly after the United States took a huge step forward in making commercial space mining legal. President Obama signed the U.S. Commercial Space Launch Competitiveness Act (CSLCA) in November, which stated that U.S. companies are entitled to maintain property rights of resources they've obtained from outer space. [...] CSLCA explicitly outlined private sector rights which were only implicitly stated in the 1967 Outer Space Treaty, which is the prevailing international law on these matters. Now that CSLCA has been passed in the U.S., it reduces regulatory risk for domestic companies investing millions of dollars into the technology required to properly mine space resources. With today's announcement Luxembourg is on its way to become the second country to lay the groundwork required to make space mining a reality.
printed from SoylentNews, Luxembourg Announces Investment in Asteroid Mining on 2022-11-29 14:11:01