A tiny European nation is about to do big things for asteroid mining

The small European nation of Luxembourg just made a big investment in a burgeoning realm of the space industry: asteroid mining.

Private companies and space agencies have been interested in mining asteroids for water and rare minerals like platinum, which can be used to fuel trips to destinations deeper in space. 

While no one has successfully mined an asteroid yet, the Luxembourg government plans to stimulate this industry through research and development projects, setting up new regulatory frameworks and even "direct capital investments" in companies working toward gathering resources from space.

"Our aim is to open access to a wealth of previously unexplored mineral resources on lifeless rocks hurling through space, without damaging natural habitats," Étienne Schneider, minister of the economy, said in a

Currently, a few private companies are aiming to take asteroid mining out of the realm of science fiction. The cofounder of Deep Space Industries said this new initiative is a big step forward for the new space industry.

"By opening up the resources of space, Luxembourg will help take the pressure off the Earth," Rick Tumlinson said.

The United States has also recently moved to make asteroid mining a little bit easier for thse companies.

President Barack Obama recently signed into law an act that allows private American space explorers to "own" resources mined from an asteroid.

However, it might not be that simple because it's possible that law could be a violation of the United Nations Outer Space treaty, which states that no nation can lay claim to other cosmic objects, such as the moon.

But no matter what the future holds for these companies, it's clear that Luxembourg has a vision for its place in it.

"Over the past three decades, Luxembourg has built up extensive know-how in world-class space related activities," said Yves Elsen, chairperson of the Luxembourg Space Cluster. "Luxembourg can write history once again by further sustaining the attractiveness of the country for a host of next generation space activities."

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