[Breaking News]160206-Luxembourg to develop asteroid mining

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The tiny nation of Luxembourg is not well known as a player in the space race. However, its government has just invested in the asteroid mining industry. Companies will mine asteroids near the Earth for water and minerals. Some of the things they mine will help future trips to Mars and beyond. Luxembourg is looking at research and development projects to become a leader in this new industry. Its minister for the economy said: "Our aim is to open access to a wealth of previously unexplored mineral resources on lifeless rocks…without damaging natural habitats."

Luxembourg is not the only country looking for new places to mine. In 2015, the US president signed a law to let American companies mine space resources. In January, the European Space Agency shared a vision for a base on the Moon for research and exploration. A US company said asteroid mining would allow greater exploration of space, while protecting resources on Earth. However, there could be problems. The Outer Space Treaty of 1967 says that natural resources in space are part of our 'common heritage'. This means private companies may not be allowed to mine asteroids.