There is a sharp contrast between mining on Earth, where companies have to comply with national and local legislation in order to be given permission to extract minerals, and space mining, where there is a notable lack of clear legislation on the issue. While individual countries such as the US and Luxembourg are adopting space mining laws, these generally apply to companies operating within their borders, rendering them almost useless in space, where national governments have very little authority. The UN’s 1967 Outer Space Treaty remains vague and outdated.
“Who has jurisdiction over what happens out there?” says Dempster when asked about the legal implications of space mining. “Who enforces the law? These are the questions that are, at the moment, pretty much unanswered.
“It is going to be the Wild West until the laws are tested.”
Without strong legislation in place, the mineral wealth of space could have a potentially destabilising impact on the Earth’s economy. The prohibitively high cost of launching vessels into space and mining minerals for use means that this new gold rush will be one contested by individuals and companies already among Earth’s financial and political elite.
However, there is time for the world’s decision-makers to draft the necessary legislation, as Dempster predicts that simply proving the effectiveness of space mining technology, let alone rolling it out across the stars, is a decade and many challenges away.
“I think a lot of the technology will be proven in ten years,” he says. “When people say, ‘How long is it going to take to be doing an off-Earth mining operation?’ which everyone always asks, the answer is decades rather than years.”