Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

UK Company Eyes to Mine on Asteroid “Worth Trillions”

Sky Is No Limit: UK Company to Mine An Asteroid Worth $13 Trillion

The Asteroid Mining Corporation aims to advance human progress and civilisation by bringing the world the Third Industrial Revolution, and mining asteroids is part of its plan to deliver it.

A British mining company plans to launch an asteroid mining mission in 2027. The company seeks to find legal registration over mining of Asteroid 1986DA in 2027.

Mitch Hunter-Scullion, 25, set up the Asteroid Mining Corporation in March 2016 just after he completed his University dissertation entitled 'The Case for Asteroid Mining: Examining the economic and political benefits to be gained from mining in Space'.

The Motherwell graduate came up with the concept while studying International Relations and History at Liverpool Hope University.

He describes asteroid mining, also known as the space resources industry, as the "single greatest economic opportunity in human history".

At a lecture he gave to the University of Oxford Doctoral Training Partnership in May, Mitch said: "The Earth’s resources are finite. Society’s demand for them infinite. Space Resources will allow for centuries of sustainable economic growth. The sky is not the limit."

Asteroids have previously been dubbed “flying gold mines” because of the value of the metals contained within them and the Asteroid Mining Corporation's website states: "Make no mistake, we have every intention of living among the first private citizens of Space."


In its goal to push human progress further, the Asteroid Mining Corporation eyes to launch a mission to mine the Asteroid 1986DA, which is said to be worth £10 trillion or more than $13 trillion.

According to a research published in Science Mag in 1991, Asteroid 1986DA created echoes that were "significantly more reflective than other radar-detected asteroids," which proves that the near-Earth object is composed of NiFe metal from the melting of a larger object that went through a catastrophic crash.

The asteroid measures two kilometers in diameter and is believed to be a part of some iron meteorites. It appeared smooth but is extremely irregular at scales between 10 and 100 meters.

After completing his dissertation entitled 'The Case for Asteroid Mining: Examining the economic and political benefits to be gained from mining in Space' at Liverpool Hope University where he studied International Relations and History, 25-year old Mitch Hunter-Scullion founded the asteroid mining in March 2016. He also aims to bring the Third Industrial Revolution with asteroids mining, which he regards as the "single greatest economic opportunity in human history."

In May, Hunter-Scullion said at a lecture at the University of Oxford Doctoral Training Partnership that while Earth's resources are limited, the society has infinite demand. "Space Resources will allow for centuries of sustainable economic growth," he added.

Hunter-Scullion also said that "the sky is not the limit" as the space resources industry may spawn boundless possibilities. As asteroids, which are also known as "flying gold mines" due to the high value of the metals it contains, Hunter-Scullion's company plans to launch a mission to mine them.

On its website, the UK-based company said that it has "every intention of living among the first private citizens of Space."

An asteroid worth $13 trillion


Hunter-Scullion told Daily Star Online they have been working on classifying the most valuable asteroids as well as those "most viable candidates" for exploration. After weeks of study, Asteroid 1986DA came up and the company valued the materials that can be found in it at about $13 trillion.

"An asteroid with a 1km diameter and in the upper 90th percentile for platinum composition would essentially be something like £9 or £10 trillion," the young CEO said.

Hunter-Scullion seeks to find legal registration over mining of Asteroid 1986DA for a mission launching in 2027. Perhaps, the United States government can assist him with legal matters as American legislators passed a law in 2015 allowing private companies to join in the space mining industry.

According to the law, US citizens are allowed to participate in the "commercial exploration and exploitation of space resources" that includes water and minerals as NASA supports research activities on space mining.

Meanwhile, Luxembourg also passed its national space mining law, entitled Law of 20 July 2017 on the Exploration and Use of Space Resources.

He also adds that the space mining industry has huge growth possibilities as there are billions of similar asteroids flying in space that can be used for mining. NASA previously estimated that the space mining industry could generate about $700 quintillion in revenue.

However, Hunter-Scullion said that is "difficult to quantify the multitude of space resources, but he believes it is a huge industry that can even "get very much larger."

According to the 2019 study by the Allied Market Research, the asteroid mining market could reach nearly $4 trillion by 2025 as various private and government missions are planned in the future.

Numerous investors like capitalists, research directors, executive planners, and even government officials have expressed their interest in the project.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×