London Daily

Focus on the big picture.
Thursday, Sep 11, 2025

UK Company Eyes to Mine on Asteroid “Worth Trillions”

Sky Is No Limit: UK Company to Mine An Asteroid Worth $13 Trillion

The Asteroid Mining Corporation aims to advance human progress and civilisation by bringing the world the Third Industrial Revolution, and mining asteroids is part of its plan to deliver it.

A British mining company plans to launch an asteroid mining mission in 2027. The company seeks to find legal registration over mining of Asteroid 1986DA in 2027.

Mitch Hunter-Scullion, 25, set up the Asteroid Mining Corporation in March 2016 just after he completed his University dissertation entitled 'The Case for Asteroid Mining: Examining the economic and political benefits to be gained from mining in Space'.

The Motherwell graduate came up with the concept while studying International Relations and History at Liverpool Hope University.

He describes asteroid mining, also known as the space resources industry, as the "single greatest economic opportunity in human history".

At a lecture he gave to the University of Oxford Doctoral Training Partnership in May, Mitch said: "The Earth’s resources are finite. Society’s demand for them infinite. Space Resources will allow for centuries of sustainable economic growth. The sky is not the limit."

Asteroids have previously been dubbed “flying gold mines” because of the value of the metals contained within them and the Asteroid Mining Corporation's website states: "Make no mistake, we have every intention of living among the first private citizens of Space."


In its goal to push human progress further, the Asteroid Mining Corporation eyes to launch a mission to mine the Asteroid 1986DA, which is said to be worth £10 trillion or more than $13 trillion.

According to a research published in Science Mag in 1991, Asteroid 1986DA created echoes that were "significantly more reflective than other radar-detected asteroids," which proves that the near-Earth object is composed of NiFe metal from the melting of a larger object that went through a catastrophic crash.

The asteroid measures two kilometers in diameter and is believed to be a part of some iron meteorites. It appeared smooth but is extremely irregular at scales between 10 and 100 meters.

After completing his dissertation entitled 'The Case for Asteroid Mining: Examining the economic and political benefits to be gained from mining in Space' at Liverpool Hope University where he studied International Relations and History, 25-year old Mitch Hunter-Scullion founded the asteroid mining in March 2016. He also aims to bring the Third Industrial Revolution with asteroids mining, which he regards as the "single greatest economic opportunity in human history."

In May, Hunter-Scullion said at a lecture at the University of Oxford Doctoral Training Partnership that while Earth's resources are limited, the society has infinite demand. "Space Resources will allow for centuries of sustainable economic growth," he added.

Hunter-Scullion also said that "the sky is not the limit" as the space resources industry may spawn boundless possibilities. As asteroids, which are also known as "flying gold mines" due to the high value of the metals it contains, Hunter-Scullion's company plans to launch a mission to mine them.

On its website, the UK-based company said that it has "every intention of living among the first private citizens of Space."

An asteroid worth $13 trillion


Hunter-Scullion told Daily Star Online they have been working on classifying the most valuable asteroids as well as those "most viable candidates" for exploration. After weeks of study, Asteroid 1986DA came up and the company valued the materials that can be found in it at about $13 trillion.

"An asteroid with a 1km diameter and in the upper 90th percentile for platinum composition would essentially be something like £9 or £10 trillion," the young CEO said.

Hunter-Scullion seeks to find legal registration over mining of Asteroid 1986DA for a mission launching in 2027. Perhaps, the United States government can assist him with legal matters as American legislators passed a law in 2015 allowing private companies to join in the space mining industry.

According to the law, US citizens are allowed to participate in the "commercial exploration and exploitation of space resources" that includes water and minerals as NASA supports research activities on space mining.

Meanwhile, Luxembourg also passed its national space mining law, entitled Law of 20 July 2017 on the Exploration and Use of Space Resources.

He also adds that the space mining industry has huge growth possibilities as there are billions of similar asteroids flying in space that can be used for mining. NASA previously estimated that the space mining industry could generate about $700 quintillion in revenue.

However, Hunter-Scullion said that is "difficult to quantify the multitude of space resources, but he believes it is a huge industry that can even "get very much larger."

According to the 2019 study by the Allied Market Research, the asteroid mining market could reach nearly $4 trillion by 2025 as various private and government missions are planned in the future.

Numerous investors like capitalists, research directors, executive planners, and even government officials have expressed their interest in the project.

Newsletter

Related Articles

0:00
0:00
Close
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
Generations Born After 1939 Unlikely to Reach Age One Hundred, New Study Finds
End to a four-year manhunt in New Zealand: the father who abducted his children to the forests was killed, the three siblings were found
Germany Suspends Debt Rules, Funnels €500 Billion Toward Military and Proxy War Strategy
EU Prepares for War
BMW Eyes Growth in China with New All‑Electric Neue Klasse Lineup
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
×