Space Mining Ventures Get $223 Million Fund From Luxembourg

Luxembourg has reportedly allocated a fund of $223 million for space mining ventures. The allotment is the latest proof of the European nation's sincerity and determination to gain top spot among countries vying to bring extraterrestrial materials to Earth.

"We have a first budget to get started but if we need more money, we will be able to provide it," said Etienne Schneider, Luxembourg's economy minister. Schneider has also stated that Luxembourg wants to be in the forefront in space mining and be included in the top 10 nations that have a flourishing space industry. Earlier this year, in February, the country revealed its plans to go big with space mining and subsequently forwarded ideas for creating a legal and regulatory framework, to make it easier to address issues related to future ownership of space materials. Luxembourg's ambitious space mining visions has also attracted interest from American startup space mining companies like Planetary Resources and Deep Space Industries, both of which now have plans to open offices in the country.

The country already seems to be on the right footing with its Société Européenne des Satellites (SES), which is one of the biggest satellite operators on the globe. Interestingly, the economy minister recalls that during the launch of the first satellite in 1985 there were speculations about the need for such space instruments and whether there would be a chance of them falling down, a scenario totally different from the country's present day outlook towards satellites.

Luxembourg seems to be on the right footing as far as space mining goes. An efficient private banking industry and fund management system will add to the country's prospect in leading the way in space mining. Incidentally, as per reports, the space mining industry will be fully active soon and the first of asteroid exploration missions may take off in as less as three years, advancing the scope of not only discovering and bringing back asteroids to Earth from space but also enhancing studies about distant planets by creating fuel for farther space expeditions.