Seemingly everyone is excited about asteroids these days. Earlier this year, analysts from Goldman Sachs told investors that the price of mining space rocks has never been cheaper. And the potential rewards are enormous: In 2023, a NASA probe will visit one asteroid containing an estimated $10,000 quadrillion worth of iron ore. So who among the world's space-faring nations is ready to start extracting that value?
You probably didn't guess Luxembourg, the European banking hub. But on Tuesday, a new law goes into effect there that could serve as a model for other small countries hoping to explore asteroids — and to get a piece of the booming space business.
Luxembourg's interest in the field is long-standing. In 1985, its government was a major supporter of Europe's first private satellite operator, which eventually paid huge dividends: SES SA, as it's now known, is the biggest satellite operator in the world, and Luxembourg remains a major shareholder. As SES grew and prospered, it attracted other space and technology companies to the country, helping to bring much-needed diversity to its economy. Today, aerospace accounts for fully 1.8 percent of Luxembourg's gross domestic product.