The treasure trove of platinum on the moon

The moon is likely to become the next mining hot spot, as there may be extensive platinum and other metal deposits in its craters. Guidelines about resource mining on the moon are still not solidified, so this could lead to problems with more countries and private companies trying to stake their claim. But the potential for platinum could also entice private companies to invest more in space exploration.

Mine on the moon

There might be more than $1 trillion worth of platinum deposits on the moon, according to a paper published in the journal Planetary and Space Science. Of the 1.3 million craters on the moon with a diameter greater than one kilometer, "nearly 6,500 were made by asteroids containing commercial quantities of platinum," said New Scientist. This "highlights the potential viability and profitability of lunar mining endeavors compared to mining asteroids in orbit," said the paper.

Countries have already been involved in a modern space race to put humans back on the moon, and the profit potential could bring more interested parties. Nobody owns the moon because of the Outer Space Treaty of 1967. But as the potential for resources becomes imminent, the rules are likely to change.

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The treaty notably "leaves key questions unanswered," Rebecca Connolly, an adjunct senior lecturer at the University of Sydney Law School, said to New Scientist. This includes "clarity on the rules and governance for ownership of extracted resources, commercial licensing rights, equitable benefits sharing, environment protection standards to avoid harm, and regulations for long-term occupation and permanent infrastructure on the moon."

To address some of the unknowns, NASA and the U.S. spearheaded the Artemis Accords in 2020. These "provide a common set of principles to enhance the governance of the civil exploration and use of outer space," said NASA. Though the accords are nonbinding, 55 countries have signed on as of last month. Russia and China, two of the most proactive countries trying to reach the moon, have not signed on.

Exploration economics

A monetary incentive for reaching the moon could change space exploration as we know it. Astronomy is "done to satiate our curiosity," Jayanth Chennamangalam, an astrophysicist and the lead author of the study, said to New Scientist. It has "very few practical applications" and is "mostly paid for by taxpayer money." If we can "monetize space resources, be it on the moon or on asteroids, private enterprises will invest in the exploration of the solar system."

While that could lead to wider research being done, it can also lead to the exploitation of the moon. It was recently listed as a threatened historic site for this very reason. "Take one last good look at the moon tonight," Luis Prada said at Vice. "There might be a time when the moon is not so innocent and pretty anymore and you only see cynical corporate greed."