The Economics of Mining Asteroids for Gold and Platinum

Not one but two companies have now decided that they’re going to mine asteroids to collect gold and platinum.

The aptly named Deep Space Industries joins Planetary Resources in the competition for meteor material. But we’re a little concerned here; a NASA mission to an asteroid to bring back 2 kilograms of material in 2021 is expected to cost the space agency $1 billion.

Before we turn over billions of dollars as angel investors, we’d like to run some math on this venture.

These mining ventures aim to bring back resources like platinum, water and gold. At market close Jan. 24, 50 troy ounces of platinum sold for $1681.30 (32.15 troy ounces equal 1 kilogram). Even if NASA could bring back 2 kilograms of pure platinum, it would only net $108,107.59.

Category: Asteroid MIning, Gold Extraction, Gold Mining, Mining Technology