While SpaceX is currently the leading company in commoditizing space travel, a new startup is preparing to launch a prototype demonstration outer space refinery.
Space mining startup AstroForge raised $13 million in seed funding last year. The company is poised to launch their first of two launches aboard a Falcon 9 rocket.
Their goal is to test their orbital refinery and scout an asteroid for mineable resources.
The demonstration unit will be filled with an “astroid-like” material that will be incinerated into gases to separate the metals.
AstroForge also intends to explore asteroids for platinum-group metals. In addition to platinum itself, the metals in the group include palladium, rhodium, iridium, ruthenium and osmium. All of these metals have many industrial uses.
Backers of the industry are enthusiastic that extra-terrestrial and asteroid mining will grow to become a trillion industry.
Gold Prices continue a bull run for the sixth consecutive week.
Gold continues week-over-week gains. The market is keeping a close eye on this week’s Fed meeting and anticipating remarks from Chairman Powell at the end.
Inflation, interest rates, the looming debt crisis and the NATO activation of tanks and other artillery support in Ukraine weighing on traders.
Other key economic data points are likely to impact markets.
Though recent data shows that inflation bay be easing, analysts from the Wall Street Journal and others share concerns from Fed regulators that tightening of the labor market in recent years may cause prices to spike.
Uprisings in Peru Impacting Copper and Silver Output
Peru is one of largest producers of copper and silver. Ongoing protests, uprisings and riots against the current government has led to the shut down of at least one mine.
Industry analysts at mining.com report the shutdown may impact up to 30% of the countries copper (Cu) production. Silver is typically found along with copper in large deposits and is mined as a byproduct.
The largest importers of Peruvian silver are Brazil and the United States. The disruptions in Peru are likely to impact copper and silver futures as global inventories have reached record low levels.
Mining Company Issues Apology for Lost Radioactive Capsule
Mining giant Rio Tinto is on the hook for accidentally losing a capsule containing radioactive element caesium 137.
The global mining company operates an Iron Ore mine in Western Australia.
The truck arrived in Perth with the capsule missing. Authorities believe that the capsule fell off the truck during the 870 mile journey through the desert to Perth.
Cesium-137 is a radioactive isotope that is used in medical and industrial equipment.
SD Bullion Launches New 5 oz Silver at Spot Price Deal
Before the pandemic, several online bullion offered regular deals to buy silver at spot price. The silver supply chain has begun to recover.
Online bullion dealer SD Bullion has launched a special promotion to buy a 5 oz silver bar at spot price for new customers.