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Newly signed law lays out space resource rights

Image: Asteroid mining
Artwork shows a spacecraft mining an asteroid. (Credit: Bryan Versteeg / Deep Space Industries)

President Barack Obama today put his signature on a law supporting the rights of space miners to extract, use and sell resources from asteroids, the moon, Mars and other celestial bodies – giving space-minded entrepreneurs something extra to be thankful for.

“This is the single greatest recognition of property rights in history,” Eric Anderson, co-founder and co-chairman of Redmond-based Planetary Resources, said in a news release. “This legislation establishes the same supportive framework that created the great economies of history, and will encourage the sustained development of space.”

Anderson’s company has said the asteroid mining industry could eventually grow to trillions of dollars a year – but that’s dependent on the establishment of a spacefaring infrastructure that can use the off-earth water and other raw materials from near-Earth asteroids.

It’s also dependent on the establishment a legal infrastructure that lets miners keep what they get. That’s what the newly signed law, known as the U.S. Commercial Space Launch Competitiveness Act (H.R.2262), is expected to start doing.

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By Alan Boyle

Mastermind of Cosmic Log, contributing editor at GeekWire, author of "The Case for Pluto: How a Little Planet Made a Big Difference," president of the Council for the Advancement of Science Writing. Check out "About Alan Boyle" for more fun facts.

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