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Massive $10 quintillion metal-rich asteroid draws closer to US reach: Report

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NASA informed on Friday that it is less than 100 days from the launch of a spacecraft aimed at studying an asteroid with an estimated value of $10 quintillion.

As reported by Business Insider, the Jet Propulsion Lab, responsible for the mission, stated that they have successfully conducted a thorough test of the flight software and successfully installed it on the spacecraft. This significant milestone resolved a critical issue that had previously caused a delay, leading to the probe missing its initial launch target in 2022.

NASA revealed in 2020 that it would partner with Elon Musk’s SpaceX to reach the asteroid named 16 Psyche, which spans 173 miles in width. This asteroid is believed to be composed of valuable materials such as gold, iron, and nickel. The estimated worth of the ore on 16 Psyche is an astonishing $10 quintillion.

In contrast, NASA’s mission has a scientific focus, aiming to enhance our understanding of planetary cores and the processes involved in planet formation. The spacecraft is scheduled to launch in October using a SpaceX Falcon Heavy rocket and will embark on a six-year journey to reach the Main Asteroid Belt situated between Mars and Jupiter. During this mission, NASA intends to gather valuable data and insights about planetary formation and core structures, reported Business Insider.

After reaching 16 Psyche, the satellite will spend 26 months in orbit around the asteroid, conducting extensive studies and capturing images to uncover its historical background and mineral composition.

While NASA’s primary attention is directed towards 16 Psyche, the asteroid belt where it is located contains numerous other ore-rich asteroids with an estimated combined value of $700 quintillion. Among them, the most valuable asteroid named Davida is believed to be worth an astounding $27 quintillion.

Business Insider further reported that while the extraction of valuable minerals from space holds promise for future profitability, it may not lead to the creation of numerous billionaires. The reason behind this is that a sudden surplus of these valuable metals entering the market would result in an oversupply, causing metal prices to plummet.

 

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Updated: 22 Jul 2023, 11:45 AM IST


NASA informed on Friday that it is less than 100 days from the launch of a spacecraft aimed at studying an asteroid with an estimated value of $10 quintillion.

As reported by Business Insider, the Jet Propulsion Lab, responsible for the mission, stated that they have successfully conducted a thorough test of the flight software and successfully installed it on the spacecraft. This significant milestone resolved a critical issue that had previously caused a delay, leading to the probe missing its initial launch target in 2022.

NASA revealed in 2020 that it would partner with Elon Musk’s SpaceX to reach the asteroid named 16 Psyche, which spans 173 miles in width. This asteroid is believed to be composed of valuable materials such as gold, iron, and nickel. The estimated worth of the ore on 16 Psyche is an astonishing $10 quintillion.

In contrast, NASA’s mission has a scientific focus, aiming to enhance our understanding of planetary cores and the processes involved in planet formation. The spacecraft is scheduled to launch in October using a SpaceX Falcon Heavy rocket and will embark on a six-year journey to reach the Main Asteroid Belt situated between Mars and Jupiter. During this mission, NASA intends to gather valuable data and insights about planetary formation and core structures, reported Business Insider.

After reaching 16 Psyche, the satellite will spend 26 months in orbit around the asteroid, conducting extensive studies and capturing images to uncover its historical background and mineral composition.

While NASA’s primary attention is directed towards 16 Psyche, the asteroid belt where it is located contains numerous other ore-rich asteroids with an estimated combined value of $700 quintillion. Among them, the most valuable asteroid named Davida is believed to be worth an astounding $27 quintillion.

Business Insider further reported that while the extraction of valuable minerals from space holds promise for future profitability, it may not lead to the creation of numerous billionaires. The reason behind this is that a sudden surplus of these valuable metals entering the market would result in an oversupply, causing metal prices to plummet.

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
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Updated: 22 Jul 2023, 11:45 AM IST

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