Luxembourg will Introduce Law about Resource Extraction from Asteroids

Business » INDUSTRY | July 31, 2017, Monday // 14:41| Views: | Comments: 0
Bulgaria: Luxembourg will Introduce Law about Resource Extraction from Asteroids

The Luxembourg government approved the law passed by parliament, which gives full rights to resources derived from space. This law has been worked on since last year and now, as of August 1, it enters into force. Reports Kaldata. 

The first paragraph of the new law says that space resources can belong to private companies. It is expected that it will urge the business to create mining projects for space. Thus, Luxembourg became the first European country to officially allow the private business of mining of minerals from space.

For the most part, the Luxembourg law repeats the American analogue. But there is an important exception: to benefit from the new law, companies do not need to be located in the territory of Luxembourg. The law says that property is already considered as a resource. Thus, Luxembourg does not contradict the basic document governing the use of space - the international space exploration and agreement signed by 126 countries, prohibiting states from claiming the possession of space objects or parts of them. The United States and Luxembourg believe that the resources received do not concern the possession of celestial bodies.

The adoption of this law is only part of the SpaceResources program, through which Luxembourg hopes to make the country a key player in the future space resource industry.

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