Asteroid mining to dominate the industry: experts

Profiting from the riches that asteroids, stars and unknown planets have to offer not only seems closer than ever, but experts think space mining will likely dominate the extractive industry in the short term.

That was the main conclusion of the Canadian Space Commerce Association (CSCA) conference held last week in Toronto.

Arny Sokoloff, the head of the organization, told attendees that mining off the planet would one day become one of the major factors in the development of space.

For him, there is no doubt that space mining will go farther than earth mining, he told Canadian Press, adding that governments should encourage the industry by offering tax benefits similar to those given to mining companies.

Colleagues, such as CEO of Moon Express Bob Richards, shared Sokoloff’s views. The leader of the US based company left Canada for California because he believes that's where the capital is that really supports the risk taking ability which could bring a revolution.

Richards believes space mining will seriously begin within one to three decades.

"What we mine today are just minute remnants that are near the surface. All of this is available in infinite quantities in space", he said.

Geologists believe that asteroids hold iron ore, nickel and precious metals at much higher concentrations than those found on Earth.

What’s more, scientists have said asteroid mining is a necessity as many metals that underpin our modern economy are quickly being depleted.

Without any new technological advances, metals like zinc and gold are expected to run out in 100 years, they claim.

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