For a zero-carbon economy to thrive, an increase in the supply of various natural resources that are nonrenewable, such as battery metals, is needed. This makes up the basis for the space race, which involves various companies in the private sector as well as countries from different parts of the world.
The country seems to be well positioned to actively take part in the burgeoning space resource field. However, the issues plaguing the earth involve the future of humanity, both in space and on earth as we know it, so a lot needs to be considered by every entity involved in this race.
Various attempts have been made to tackle global warming, including investments made in renewable energy generation infrastructure as well as the switch to a net-zero carbon economy through the mass introduction of electric cars.
However, for these endeavors to be successful, massive quantities of rare earth elements, critical minerals such as copper as well as battery metals such as nickel, cobalt and lithium, are needed. Market analysts have warned that the continuous rise in demand for these metals will result in a metals super cycle, leading to a surge in their prices, which will ultimately outstrip supply.
This would explain why the natural resources industry is actively looking into new mining prospects. These include space mining, deep-sea mining as well as the circular economy, which is a production and consumption model that involves enhanced management of mine waste and recycling.
Space mining is thought by many to hold the potential for handsome rewards. However, it comes with various challenges that need to be addressed, the most serious of which is the lack of a united regulatory framework that governs mining in outer space.
This is despite the presence of the Outer Space Treaty of 1967, which is considered to be a constitutional document that embodies all the laws governing outer space law that have been signed by all space-faring countries, since it has interpretation gaps.
For instance, while the treaty determines that no country can lay claim to any celestial body, such as the moon for instance, agreement doesn’t discuss whether derivative resources can be owned by said countries. This doesn’t mean that countries aren’t working on finding ways to extract mineral resources from outer space and transport them back to earth. In fact, they are, with some countries, including Canada, Australia, Luxembourg and the United States, having recently signed an NASA-backed initiative, dubbed the Artemis Accords.
As the race to mine resources from outer space heats up, many companies such as GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are focusing on extracting gold and other resources from the existing deposits here on planet Earth.
NOTE TO INVESTORS: The latest news and updates relating to GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are available in the company’s newsroom at http://ibn.fm/GHVNF
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