Asteroid mining is $220 million venture for Luxembourg
"It is a crazy idea. That's why we love it!", said Olivier Francis, a geophysicist at the University of Luxembourg, who is developing ways to mine asteroids in space.
Luxembourg has issued five five asteroid mining permits with 60 pending. The Luxembourg ministry said it is optimistic that at least one of these companies will launch a prospecting mission to an asteroid within three years.
Some asteroids are rich in the platinum group materials and other precious metals. Some asteroids are mostly nickel-iron alloys.
Luxembourg is bidding to become the Silicon Valley of Space Mining.
On July 2nd, a Luxembourg-based asteroid mining company will make an initial product offering to sell stock to fund its operations on the Australian Stock Exchange.
It was confirmed in a press conference last month by Étienne Schneider, Deputy Prime Minister of Luxembourg and Minister of the Economy.
Luxembourg is a land-locked country next to Belgium to the west and north, Germany to the east, and France to the south.