Luxembourg invests $28 million into asteroid mining company


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The competition heats up: In its continuing effort to make money from space, the government of Luxembourg has invested $28 million in the asteroid mining company Planetary Resources.

As part of the deal, Planetary Resources is establishing a European headquarters in Luxembourg that will conduct research and development activities. Georges Schmit, a member of the Space Resources advisory board to the Government of Luxembourg, wil join Planetary’s board. “We plan to launch the first commercial asteroid prospecting mission by 2020 and look forward to collaborating with our European partner in this pivotal new industry,” said Chris Lewicki, Planetary Resources chief executive.

As with Luxembourg’s other deals, the investment has required the company to shift many of its operations from the U.S. to Luxembourg.

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