Produced by: Tarun Mishra
NASA launched a mission on October 13, 2023, to explore 16 Psyche, a large metal-rich asteroid. The mission aims to study how planetary interiors form, with Psyche being estimated to hold significant quantities of rare metals.
16 Psyche’s value is estimated at $100,000 quadrillion due to its content of rare elements like platinum and palladium. These elements are essential for industries such as electronics and automotive manufacturing.
Companies such as AstroForge and TransAstra are investigating the potential of mining asteroids like Psyche to meet future space resource needs. Extraterrestrial mining could help support space exploration by providing essential materials.
Philip Metzger, a planetary physicist, stated that technology for asteroid mining is progressing. The key challenge is adapting equipment to work in low-gravity and high-radiation conditions while functioning autonomously due to the time lag in communication from Earth.
Current space mining technology is rated between 3 and 5 on NASA's Technology Readiness Levels (TRL) scale, which ranges from 1 to 9. This suggests progress, but more advancement is required before space mining missions can begin.
Metzger emphasized that the primary obstacle to asteroid mining is funding. With sufficient investment, small-scale asteroid mining could be feasible within five years, as the required technology is already developed and tested in laboratories.
According to Kevin Cannon, from the Colorado School of Mines, asteroid mining would be more practical for space development than bringing materials back to Earth. Materials like water and metals could support spacecraft refueling and building large structures in space.
Cannon noted that while asteroid mining presents long-term potential, mining the Moon could be more feasible in the short term due to its proximity. However, asteroid missions like Psyche provide valuable insights into space resource extraction despite longer travel times.