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Luxembourg to invest over $200 million in homegrown space mining industry

The Luxembourg government's backing for space mining ventures includes an initial $225 million in seed money for R&D and co-financing. One early investment will be in Deep Space Industries' Prospector-X nano-satellite to test space-mining technologies. Credit: Deep Space Industries

The government of Luxembourg plans to invest more than $200 million in an effort to become the Silicon Valley of space mining.

At a press conference Friday, Luxembourg’s prime minister and deputy prime minister announced the government has set aside 200 million euros ($225 million) in initial investment in its spaceresources.lu initiative.

Those funds will go towards research and development projects as well as taking equity stakes in companies that set up operations there.

Both Deep Space Industries and Planetary Resources, the two leading U.S.-based companies involved in space resources, have said they will set up their European operations there. Luxembourg is also planning legislation that would give legal protection to space mining companies. [SpaceNews]


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Luxembourg to invest over $200 million in homegrown space mining industry

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