Luxembourg invest $28 million into US space mining firm

Luxembourg invest $28 million into US space mining firm

Luxembourg launched the next step of its programme to become Europe’s centre for space mining with a US$28 million (€25 million) investment this week.

The small European country has entered an agreement to become a major stakeholder in US-based asteroid miner Planetary Resources.

The funding will come in two tranches, €12 million in a direct investment and a further €13 million in grants from the Luxembourg Government and Société Nationale de Crédit et d’Investissement (SNCI).

It aims to help Planetary Resources launch its first commercial asteroid prospecting mission by 2020, the ground-breaking miner said in a statement.

Planetary Resources will establish a European headquarters in Luxembourg to conduct key research and development to support commercial asteroid prospecting capability.

In June Luxembourg announce a US$221 million credit chest for commercial space companies to set up their European headquarters within its borders.

@RGNonline