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Are you interested in a solution for resource scarcity from space?

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Our summary today works with the article titled Platinum group metals extraction from asteroids vs Earth: An overview of the industrial ecosystems, technologies and risks from 2024 by Francisco Ríos Muñoz, Camilo Peña Ramírez, José Meza, and Tenzin Crouch, published in Mineral Economics journal.

This is a great preparation to our next interview with Tenzin Crouch in episode 234 talking about space robotics.

Since we are investigating the future of cities, I thought it would be interesting to see space solutions for resource scarcity. This article presents the major players and techniques in resource mining on Earth and potentially on asteroids.

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Welcome to today’s What is The Future For Cities podcast and its Research episode; my name is Fanni, and today I will introduce a research paper by summarising it. The episode really is just a short summary of the original paper, and, in case it is interesting enough, I would encourage everyone to check out the whole paper. Stay tuned until because I will give you the 3 most important things and some questions which would be interesting to discuss.

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As our world uses more and more of its natural resources, like metals and minerals, it’s putting a lot of pressure on our economy and the environment. Some of these materials are essential for things like clean energy, but they’re running out because they’re pretty rare on Earth. For example, platinum is very important for lots of industries, and it’s considered a critical mineral because it’s so scarce. To address the shortage, experts are looking at space mining—extracting minerals from asteroids—as a potential solution. This idea has been around since the Apollo missions but is gaining traction now due to better space technology. However, mining in space is challenging, costly, and technologically demanding, with a lot of uncertainties about its feasibility. Meanwhile, mining on Earth, despite being more feasible and cheaper currently, faces its own set of challenges like political instability and environmental concerns. This article explores these issues and compares the current state and potential future of mining both on Earth and in space.

Earth is running low on essential minerals like platinum group metals (PGMs), used in everything from cars to electronics, which are becoming harder to find and extract, crucial for various industries and as economic safe havens. As Earth’s reserves dwindle and mining becomes riskier due to environmental, labour, and political challenges, experts are considering asteroid mining as a viable alternative. Asteroids contain much higher concentrations of PGMs than Earth, offering a potentially enormous resource. This approach not only promises to ease the strain on Earth’s resources but also supports future space missions by providing essential materials like water and metals directly in space, reducing the need and cost of launching materials from Earth.

Earth’s mining of platinum and palladium, primarily in South Africa, is an intense and costly endeavour. Major companies dominate this space, extracting these precious metals under high production costs. In contrast, space mining is an emerging field targeting the extraction of similar rare metals from asteroids. This venture is spearheaded by innovative entities, including universities and startups. While traditional mining firms have established methods and infrastructure, space mining pioneers are developing new technologies to mine metals from Near-Earth Objects (NEOs). Despite significant financial and technical challenges, as evidenced by the struggles and failures of companies like Planetary Resources, the sector continues to attract new ventures and investments. The future of space mining promises to potentially ease Earth’s dwindling resource strain and expand our resource base beyond our planet. However, it remains fraught with challenges, including the need for technological advancements and the establishment of legal frameworks for space resource utilization.

Evaluating the economic feasibility of space mining reveals significant challenges. Initially, the low readiness of asteroid mining technologies made cost predictions and economic returns uncertain. Profits seemed achievable primarily through in-situ mining—extracting, processing, and selling materials directly in space. Despite potential successes in niche markets like lunar ice mining for rocket propellant, broader analyses indicate that space mining is economically risky. High costs and market price volatility of metals could lead to substantial losses, with some projections estimating a $2 billion loss over twenty years. In contrast, terrestrial mining, particularly for platinum, remains economically viable with more predictable profits and established market dynamics. Given the current state of technology and market conditions, Earth-based mining projects are more feasible and offer better economic returns than asteroid mining ventures.

Historically conservative, the mining industry has gradually embraced technological innovations like automation and robotics, driven by the need to address declining ore grades and environmental sustainability. However, most companies have not extended these innovations to space mining, focusing instead on optimizing terrestrial operations. The industry’s conservative R&D investment approach, combined with the high risks of space mining, makes them hesitant to venture into extraterrestrial resource extraction. While traditional mining companies have been slow to engage in space mining, future advancements in technology and increased environmental pressures might prompt a reevaluation of their involvement in exploiting space resources.

Extracting platinum group metals on Earth is increasingly risky due to metal scarcity, market volatility, environmental regulations, and geopolitical tensions. Proposals exist to mine near-Earth objects like asteroids, which could provide abundant resources. This requires developing new technologies suited to space conditions. Although several startups are pursuing these technologies, traditional mining companies are hesitant due to the high risks and costs. Traditional companies may reconsider their stance on asteroid mining if academia and startups can demonstrate viable technologies. Meanwhile, existing technology for remote terrestrial mining could help develop space mining capabilities. To remain competitive, the terrestrial mining industry may need to adopt more innovative approaches and explore new frontiers like asteroid mining, aligning with global technological advancements and sustainability goals.

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What was the most interesting part for you? What questions did arise for you? Do you have any follow up question? Let me know on Twitter at WTF4Cities or on the wtf4cities.com website where the transcripts and show notes are available! Additionally, I will highly appreciate if you consider subscribing to the podcast or on the website. I hope this was an interesting paper for you as well, and thanks for tuning in!

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Finally, as the most important things, I would like to highlight 3 aspects:

1. As Earth’s mineral resources, particularly platinum group metals, become increasingly scarce and difficult to extract, asteroid mining emerges as a potential solution to address the growing demand and support future space missions.
2. While space mining offers abundant resources, it faces significant technological, financial, and regulatory challenges, making it a high-risk venture compared to the more established and economically viable terrestrial mining industry.
3. Traditional mining companies have been slow to invest in space mining due to their conservative approach to R&D and the high risks involved, but future technological advancements and environmental pressures may prompt them to reconsider their stance and explore this new frontier.

Additionally, it would be great to talk about the following questions:

1. What role do you think governments and international organizations should play in regulating and promoting the development of the space mining industry?
2. How might the success of space mining ventures influence the future of space exploration and the establishment of human presence beyond Earth?
3. Considering the environmental concerns associated with terrestrial mining, do you think that the mining industry should prioritize investing in space mining technologies or focus on developing more sustainable practices on Earth?
4. How do you think the increasing scarcity of Earth’s mineral resources will impact our daily lives and the global economy in the next decade?

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