365NEWSX
365NEWSX
Subscribe

Welcome

NASA finds rare metal asteroid worth more than global economy - MINING.com

NASA finds rare metal asteroid worth more than global economy - MINING.com

NASA finds rare metal asteroid worth more than global economy - MINING.com
Oct 29, 2020 1 min, 24 secs

NASA’s Hubble Telescope has obtained images of an asteroid so rich in rare metals that its worth puts our global economy to shame.

While Hubble has been able to get clear images of 16 Psyche, only a visit to its surface will reveal what it’s really like.

If the mission could kindly bring the asteroid back to Earth, every person on the planet — all 7.8 billion of us — would get roughly $1.2 billion, based on current metal prices.

If we look at Psyche 16 as a deposit, it’s one of only guessed-at composition and consistency.

But even if there is a giant metal deposit there, since it is literally not possible to mine it today, its value is zero.

For it to have any value at all…there has to be a feasible and economical way to mine it and bring the mined ore back to earth.

Then the asteroid metal has to compete in the market with earth-mined metals (which would be a lot cheaper).

Current price of metal depends on supply and demand so if we bring this metal on earth price of metal will fall and all miners will be unemployed..

When you say “rare metal” one might be mistaken for thinking you are actually referring to rare-earth metals or just metals which are rare

It’s the asteroid made of metal that’s the rare part, but I see how it can be read that way – Ed

“NASA finds asteroid made of metal, which is rare, and is worth more than global economy”

This is quite a stupid headline, as it makes it sound like 16 Psyche was just discovered — rather than it having been discovered in the 19th century

Summarized by 365NEWSX ROBOTS

RECENT NEWS

SUBSCRIBE

Get monthly updates and free resources.

CONNECT WITH US

© Copyright 2024 365NEWSX - All RIGHTS RESERVED