Luxembourg is fast becoming a global hub for space resource mining and the passing of this law proves that. The law advances the progress Luxembourg has made on national and global policy with a foundational national-level legal regime, which will support public and private sector space resources initiatives over the coming decades. Space mining has been the realm of science fiction, but a handful of firms and governments are pursuing the idea of making it a reality. Precious metals such as gold, silver, and platinum group metals could be transported back to Earth, whilst iron group metals and other common ones could be used for construction in space. Luxembourg, he said, has a non-threatening, neutral-party reputation that might serve to blunt legal protests against space mining and elicit more international participation in a collective effort. The tiny nation's effort could reap valuable resources, and provide a launching pad for exploration. Luxembourg's parliament has voted in favor of passing an asteroid mining law that give companies ownership of what they extract from the celestial bodies. Luxembourg now wants to become a hub for European space mining companies as well. It too will pass legislation so that these firms have confidence in their rights to extract resources. Space mining takes giant leap from sci-fi to reality. The …

Luxembourg sets sights on extraterrestrial extraction industry . Admittedly, Luxembourg's law trails a U.S. effort at space mining regulation -- our 2015 "Space Act" -- by two years.

Asteroid mining is the exploitation of raw materials from asteroids and other minor planets, including near-Earth objects.. Hard rock minerals could be mined from an asteroid or a spent comet.

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