NASA inches closer to mining precious metals from nearby asteroid

30 July 2023 , 17:13

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NASA's Psyche spacecraft is gearing up for a six-year journey to the asteroid 16 Psyche, nestled in the main asteroid belt between Mars and Jupiter (Image: Getty Images)

NASA announced that it is on the cusp of sending a spacecraft to study the asteroid 16 Psyche, which is believed to be worth a staggering $10 quintillion in precious metals.

The space agency, in collaboration with Elon Musk's SpaceX, aims to unlock the secrets of planetary cores and the formation of planets.

The project faced a crucial setback in its original 2022 launch date due to a flight software issue. However, NASA's Jet Propulsion Lab confirmed that it has recently completed a comprehensive test of the flight software, successfully installing it on the spacecraft. This cleared the way for the upcoming launch.

Named after the Greek goddess of the soul, 16 Psyche is an asteroid spanning an impressive 173 miles in width. Scientists believe it is primarily composed of gold, iron, and nickel, with its ore estimated to be worth a mind-boggling $10 quintillion.

The Psyche spacecraft, managed by Henry Stone at NASA's Jet Propulsion Laboratory in California, recently completed a successful test campaign of its flight software (Getty Images)

Thanks to the provisions of the 2015 US Commercial Space Launch Competitiveness Act, companies have the legal right to mine materials from celestial bodies, and firms are already developing technology for this purpose.

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The spacecraft is scheduled to launch in October atop a SpaceX Falcon Heavy rocket, embarking on a six-year journey to the Main Asteroid Belt, situated between Mars and Jupiter. Once it reaches 16 Psyche, the satellite will orbit the asteroid for 26 months, extensively studying and photographing the celestial body to gain insights into its history and mineral composition.

While the prospect of mining asteroids for valuable resources seems alluring, NASA is primarily focused on the scientific aspect of the mission. By investigating 16 Psyche, scientists hope to glean crucial information about planetary cores and the processes involved in planet formation, which could significantly advance our understanding of the solar system's evolution.

The asteroid belt housing 16 Psyche is a treasure trove of ore-rich asteroids, collectively valued at an astounding $700 quintillion. Among them, Davida stands out as the most valuable, believed to be worth an astronomical $27 quintillion.

Despite the potential for vast wealth, experts caution that an influx of valuable minerals from space could lead to a plunge in metal prices due to an oversupply, preventing a sudden influx of billionaires. Nevertheless, the mission's scientific significancemake it a pivotal step towards unlocking the mysteries of our cosmos.

Lucy Williamson