By Gage Simpson, Owner of New Frontier News

NEW FRONTIER NEWS –

Luxembourg, a nation famous for its lax banking regulations and historic steel industry, may soon become famous for something else: space mining. While not as famous as Cape Canaveral, it is home to the second largest communication satellite company in the world, SES, which was founded in 1985. Luxembourg was one of the first nations to make it easy to form a large space industry.

Luxembourg is also the first European nation and the second nation in the world to put the ability to claim and retrieve asteroids from space and legally use their materials into its legal framework (the other nation is the United States). The Deputy Prime Minister of Luxembourg, Etienne Schneider, said due to this new framework there are now “…70 space companies in the pipeline.”

The reason why Luxembourg is attracting so many new companies is due to how easy it is to take advantage of this new legislation. The United States’ framework requires people who use it to be United States citizens and companies registered in the United States; however, the Luxembourg only requires the companies to have mailing addresses in the nation.

While the nearest time that any space mining will actually occur may be in the mid to late 2020s, Luxembourg could become a leader in space mining. This is not certain; only the market can tell if this will be possible.

=References=

Dolgin, E. (2017). The New Capital of the Private Space Industry. Retrieved from scientificamerican.com: https://www.scientificamerican.com/products/luxembourg-innovation/the-new-capital-of-the-private-space-industry/

Scoles, S. (2017). Luxembourg’s Bid to Become the Silicon Valley of Space Mining. Retrieved from wired.com: https://www.wired.com/2017/01/luxembourg-setting-silicon-valley-space-mining/

Sheetz, M. (2017). The space industry is now 2% of Luxembourg’s GDP, deputy prime minister Etienne Schneider says. Retrieved from cnbc.com: https://www.cnbc.com/2017/11/11/etienne-schneider-the-space-industry-is-now-2-percent-of-luxembourgs-gdp.html

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