In just a decade, people will start mining in space

Perhaps the oil countries in the Middle East such as Saudi Arabia and the United Arab Emirates (UAE) are viewing space as a source to diversify the benefits of fossil fuels.

Tom James of Navitas Resources, an energy consultant based in London and Singapore, said: "Middle Eastern oil countries are investing in satellite technology and trying to transform the economy in their country into a digital economy and knowledge-based economy ".

When entrepreneurs who intend to conquer space like Elon Musk and Jeffrey P. Bezos (owners of The Washington Post) wish to reduce travel costs by traveling on space, they have attracted a lot. attention. Oil countries and other countries see the benefit of extracting water and oil from 'paradise'.

Oil countries are investing in companies and infrastructure to one day be able to exploit minerals and water on the Moon and asteroids.

"They are investing in it to attract business to the Middle East , " James said. Oil countries have a wide and empty space, close to the equator, while the population is relatively small.

The UAE has made great efforts to establish the space industry. They have invested more than $ 5 billion in four satellites already in space and one satellite - will be launched in 2018.

"The Middle East is an ideal place to launch missiles and spacecraft. This is a long-term solution, oil and gas cannot be exploited forever. So they are looking to invest to become become a part of the new economy in the future, " James said.

Mining minerals on space.(Photo: NASA's Goddard Space Flight Center).

Water is very important. It can be converted into hydrogen as fuel for spacecraft, oxygen for breathing or for everyday use. Just a 4-day trip, the Moon - which contains a lot of ice, will be the main candidate for this exploit.

The interest in space exploitation and industrialization has increased in recent years when Musk, Bezos and others set the first bell. Finding extraterrestrial materials such as water and minerals is the key to creating affordable space travel and space industries.

Goldman Sachs wrote in a recent study that " spatial exploitation may be more realistic than what we think". Storing water as a fuel could be a trump card in the future when we can create orbit gas stations.

Most minerals are used for use in space. Some rare and high-value minerals can be brought back to Earth. Goldman Sachs once answered in an interview that: Estimating an asteroid the size of a ball can contain platinum worth up to $ 50 billion.

According to the Goldman Sachs report: "The extraction of asteroids can provide rapid economic development in emerging space with nearly all the necessary raw materials."

"In the next five years, mining companies and energy companies will start thinking about exploiting space before shareholders start asking" what is your strategy? "They answered: " Oh, we have nothing " , " James said: "The technology already exists. In September, NASA launched a multi-billion dollar mission to suck materials from an 2,000-meter asteroid called Bennu . Spacecraft is scheduled to reach asteroids in 2018 and exploit materials. The ship will return to Earth a few years later ".

However, Paul Chodas, a NASA astronomer and asteroid specialist, is concerned: Is mining at a large scale a real business? Technology is already there but it is not simple. Asteroids move in space at a speed of tens of thousands of miles an hour. Tracking asteroids and determining their composition is very difficult.

Chodas said: "It is difficult to determine which asteroids will contain the most valuable minerals. This is possible, but the question is: Is the cost of being worth the profit? no again?'

'We still don't know. There is still a lot of work to do to determine whether the exploitation of space is profitable. But the industry is still very promising. '

Chris Lewicki is the CEO of Planetary Resources - a Seattle-based company that is researching asteroids to find a suitable location for mining.

Lewicki said: "The mining industry is a natural thing to take the first step in restoring space minerals. He predicts water extraction on asteroids by robots will be proceed in about 10 years ".