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Space mining will produce world’s first trillionaire

Claims Goldman Sachs
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The mining sector, which will ultimately create the world’s first trillionaire, claims Goldman Sachs.

The mining sector, which will ultimately create the world’s first trillionaire, claims Goldman Sachs.

The next trillion-dollar industry will be in the mining sector, which will ultimately create the world’s first trillionaire, claims Goldman Sachs, according to RT. The prediction is resonated by renowned astrophysicist Neil deGrasse Tyson, who says: “The first trillionaire there will ever be is the person who exploits the natural resources on asteroids,” the report revealed. This is not the first time the investment bank made this claim.

The global investment major, had made a similar claim last year when it released a 98-page report last year, that described the possible use “asteroid-grabbing spacecraft” for space mining which the bank said, “could be more realistic than perceived." The report had pointed out to the abundance of precious metal resources that currently lie unexploited inside space rocks.

Further, in a recent statement, the banking giant said, While the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower. Prospecting probes can likely be built for tens of millions of dollars each and Caltech has suggested an asteroid-grabbing spacecraft could cost $2.6 billion.”

Incidentally, the US Space agency NASA, itself is interested in space mining; in January it announced plans to find the asteroid belt 16 Psyche which contains 130 miles of valuable resources like iron, nickel, gold, platinum and copper.

The global investment major, had made a similar claim last year when it released a 98-page.

The global investment major, had made a similar claim last year when it released a 98-page.

Asteroid mining is mostly being heavily pushed by the private sector. For instance in 2015, more than 50 venture capital firms including Fidelity, SoftBank and Bessemer invested in space. This drove more VC investments into the sector in one year than in the last 15 years combined, said Noah Poponak, senior Aerospace and Defence equity research analyst for Goldman Sachs in the report. 

"While [they are] relatively small markets today, rapidly falling costs are lowering the barrier to participate in the space economy, making new industries like space tourism, asteroid mining and on-orbit manufacturing viable," Poponak said. But besides the falling costs, just considering that just one 3,000-foot wide asteroid is estimated to yield $5.4 trillion worth of platinum, it is not surprising why the investment banking behemoth anticipates mining to become a trillion-dollar industry.

Meanwhile, the landlocked country in western Europe - Luxembourg, sees massive opportunities in space mining and is aiming to become a cosmic mining hub. In 2016 the country established the Space Resources Initiative and hosts several communication satellite companies.