Space Mining Could Drive Down Mineral Prices

Konya Technical University (KTÜN) Mining Engineering Department Head Prof. Dr. Niyazi Bilim said, "If we can bring minerals to our world through space mining, mineral prices will fall and we will pave the way for people to live more prosperously in the future." Stating that space mining appears feasible based on data, Bilim noted that the National Aeronautics and Space Administration (NASA), European Space Agency (ESA) and Japan Aerospace Exploration Agency (JAXA) have sent spacecraft to asteroids, with several vehicles returning samples from space. Bilim elaborated: "To conduct space mining, we first need to establish systems, and in doing so we actually begin producing major technology. The technologies we develop for space research will also contribute to the development of many technologies in our country. If we allocate budget to these research and work efforts and accomplish significant things, we will establish the infrastructure not only for space technology but for other technologies as well. Space technology is a very important technology; we can say the National Space Programme is its first step." Recalling that with Turkey's Space Agency (TUA) established in 2018 and the National Space Programme, efforts have begun to be able to say "we are in the space league too," Bilim continued: "If the planned hard landing on the Moon in 2023 succeeds, we can then begin space mining work. Having started work with the National Space Programme is, in my opinion, a major step. Space work appears to involve only 3-5 countries, but when the advantages become clear, other countries will enter this sector. However, quickly producing suitable technology and beginning work will not be so easy. For this reason, we must be prepared. When we think it will be profitable, we will say 'we are here too,' and when we think it will not be profitable, we will have developed technology anyway—we will not suffer a loss," he said. Bilim noted that some researchers predict that world mines will be depleted between 50 and 300 years from now, saying: "Between Mars and Jupiter there is an asteroid called '16 Psyche' approximately 200 kilometers in size. The platinum, gold, silver, iron and similar valuable minerals inside this asteroid are worth approximately 136,000 times the world's budget. If we succeed in bringing it to Earth, there probably will not be any poor people left. Of course, at that point the balances will shift and new orders will be established, but we will have achieved success in every respect. If we can bring minerals to our world through space mining, mineral prices will fall and we will pave the way for people to live more prosperously in the future," he said. Noting that gram quantities of minerals have been brought from asteroids, Bilim continued: "Based on the work done and projections, I believe ton quantities of minerals can be brought within 20 to 50 years. Within 100 years, I believe space mining will be fully operational. However incredible it may seem, the technologies we use today would have seemed incredible to people living 100 years ago. In fact, I do not think it will take 100 years." Emphasizing that the only path to progress for countries today lies in science and technology, Bilim said: "If we can advance in science and technology, then we will have a very strong economy and country. As a nation, we must both invest in these types of technologies and encourage our young people to take an interest in and work on these subjects. I believe everyone needs to provide individual support and make an effort to take an interest in and participate in this sector," he concluded. Source