Editorial comment
Technology is pushing mining to new heights in 2023; with advances in process automation, AI, sustainability, and additive manufacturing transforming a centuries-old industry. However, critical issues like pollution and resource depletion demand that the industry evolves even further.
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The mining industry is responsible for 4 – 7% of greenhouse gas (GHG) emissions globally – a percentage that will continue to rise if we do not change course. Not only are the industry’s processes polluting humanity’s home, but the precious and critical metals found here on Earth are running out – leading to shortages that will bring entire industries to a halt. Despite efforts to make mining more sustainable, more action is needed in order to reverse the devastating impact of mining on our planet. We must begin to explore alternative practices, starting with outer space.
Platinum group metals (PGMs) are among some of the rarest resources available here on Earth. These metals are critical for creating essential tools, such as catalytic converters and medical applications. Currently, only a few countries have access to PGMs, making the supply chain vulnerable to disruption. In 2022, the global chip shortage underscored the importance of these metals as a key component in electronics and manufacturing. Moreover, with the rise of AI technologies, which rely heavily on PGMs for their computing capabilities, their scarcity is acute.
Space mining offers a promising solution to these challenges, as asteroids contain vast quantities of PGMs and other rare resources. It is estimated there are over 300 000 near Earth objects (NEOs) that are of the metallic type, the smallest of which is estimated to have US$24 billion worth of platinum on it. AstroForge’s research with The Colorado School of Mines found that the total concentration of PGMs on metallic meteorites varies between approximately 6 and 230 ppm, higher than almost all terrestrial ores. While the concept of asteroid mining has been around for ages, it was not until recently that enough information has become available to explore asteroid mining as a legitimate solution. The barrier of entry for space missions is lower today than ever before. The emergence and success of companies like SpaceX have created a new space economy. Now, companies can easily purchase affordable rideshare spots on rockets, making space accessible to industries that previously lacked the resources required to capitalise on the opportunity with space. Government-backed missions, such as OSIRIS REX and Hayabusa, have already shown that travelling to an asteroid and returning is possible. With the development of Brokkr-1, AstroForge’s refinery, all of the equipment and resources needed to make private asteroid mining a reality are available – it is just a matter of bringing them together.
Asteroid mining represents the next step in the evolution of the mining industry. It is the responsibility of companies like AstroForge, as industry leaders, to work together and explore the new technologies that are now available; as space mining is embraced responsibly and with a long-term perspective – ensuring that practices are sustainable, safe, and equitable. This new journey should be embarked upon with the wellbeing of our planet in mind. Asteroid mining offers the potential for innovative technologies and sustainable practices that can benefit the industry as a whole.
Mining has always been critical to powering our economy, and that will not change. But with finite resources here on Earth and continued devastation to our environment, we have no other choice than to open our hearts and minds to new possibilities and look beyond our planet. By embracing space mining as a practical near-term solution, we can help to create a more sustainable future.
