'Enough to make everyone rich': This Golden Asteroid is valued at $100,000 quadrillion

On October 13, 2023, NASA launched its mission to explore 16 Psyche, a large metal-rich asteroid located approximately six years away. This mission aims to deepen our understanding of planetary formation processes, and the asteroid has garnered attention for its astonishing estimated value of $100,000 quadrillion. 16 Psyche is rich in rare elements, including platinum and palladium, which are vital for manufacturing cars and electronics.

As humanity looks to explore and potentially colonise space, the demand for extraterrestrial resources is becoming increasingly apparent. Companies like AstroForge and TransAstra are already investigating the prospect of mining asteroids such as Psyche. However, significant challenges remain in the journey to extracting these cosmic riches.

From a technological perspective, experts believe we are close to achieving the capabilities necessary for asteroid mining. Philip Metzger, a planetary physicist at the University of Central Florida, explained that the primary difference between mining on Earth and mining in space lies in developing equipment that can function under low-gravity and high-radiation conditions. Moreover, this equipment would need to operate autonomously, as it can take over 20 minutes for instructions to reach an asteroid due to the vast distances involved.

While the necessary technology has been developed and tested in laboratories, it is not yet ready for practical use. According to Metzger, current equipment for space mining falls between a Technology Readiness Level of 3 and 5 on NASA’s scale, which ranges from 1 to 9. "The technologies need to be advanced — about a 6 to 7 — before we're ready to start building a flight mission," Metzger noted. He emphasized that funding is a crucial missing element, suggesting that small-scale asteroid mining could be feasible within five years if adequate investment is secured.

Much of the advancement in asteroid mining is likely to come from the private sector, according to Kevin Cannon, an assistant professor of geology and geological engineering at the Colorado School of Mines' Space Resources Program. However, he pointed out that a significant hurdle remains: convincing potential investors of the value of asteroid mining.

Cannon highlighted the economic challenges of transporting materials back to Earth, stating that it may not be financially viable. The prices of platinum group metals are currently declining, raising questions about the cost-effectiveness of such operations. However, he suggested that extracting resources from asteroids could be beneficial for developing infrastructure in space. For instance, water-rich asteroids could provide the necessary components for rocket fuel, while metals mined from asteroids could be used to construct large structures in space.

Despite the challenges, there is also interest in mining the moon, which contains similar materials but in lower concentrations. Cannon noted that the moon’s proximity, just days away from Earth, makes it a more accessible option for initial mining efforts.

Even though asteroid mining is still in its infancy, the scientific community remains focused on exploring these celestial bodies. Shortly before the Psyche mission, NASA's OSIRIS-REx spacecraft returned with samples from the asteroid Bennu. Additionally, Japan's Hayabusa2 spacecraft returned samples from the asteroid Ryugu and is set to explore two more asteroids in the future. In October, the European Space Agency will launch the Hera mission to further investigate asteroids.

These missions are not specifically aimed at mining; instead, they seek to enhance our understanding of ancient planetary geology and chemistry. Cannon emphasised that the technology for asteroid mining already exists, stating, "There's no magic technology that we have to invent to mine asteroids. We have the technology. It's a matter of having the will to do so and putting the capital towards doing it."