AstroForge Inc., a start-up focused on extracting and refining metals from asteroids, is planning to send its initial two missions into space in 2023. In April, the company will conduct a test of its method for extracting platinum from a sample of material similar to that found on asteroids. In October, the second mission will search for a suitable asteroid close to Earth to be mined.
The company aims to achieve cost-effective refining of platinum-group metals from asteroids through these missions. According to its CEO, Matthew Gialich, the company also intends to curb the high levels of carbon dioxide emissions generated by terrestrial mining of rare Earth elements, as reported by Bloomberg.
According to Gialich, who has prior experience at Virgin Orbit Holdings Inc. and Bird Global Inc., AstroForge conducts its refining process on the asteroid itself and does not bring back the material to Earth for refinement. This approach reduces waste generated during the refinement process.
Asteroid Mining
The company is based in Huntington Beach, California, and emerged from stealth mode in May 2022 when it disclosed that it had secured $13 million in seed funding, led by Initialized Capital. The company asserts that its October mission will mark the first commercial deep-space flight beyond Earth's gravitational pull, excluding one prior instance, according to TechCrunch.
Gialich said that the only other instance comparable to AstroForge's mission is the launch of Elon's Tesla by SpaceX's Falcon Heavy during its first test in 2018. However, he does not consider it a mission as it was merely launched into space and forgotten. The first launch by AstroForge will send a small, standardized satellite into low-Earth orbit as part of one of SpaceX's Transporter rideshare missions.
AstroForge's first launch will send a small, standardized satellite into low-Earth orbit as part of one of SpaceX's Transporter rideshare missions. In October, the company plans to launch its second craft to survey a near-Earth asteroid identified for future mining. This satellite will be transported by a Space Exploration Technologies Corp. rocket along with a lunar lander from another startup, Intuitive Machines. This will be Intuitive Machines' second mission to the moon, with the first one scheduled to launch as soon as the first quarter of 2023.
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Space Mission Passenger Miner
The firm plans to take advantage of Intuitive Machines' deep-space mission by sending its vehicle into lunar orbit. From there, the 100-kilogram spacecraft will venture to the targeted asteroid, which the company is not revealing yet and may not announce until after mining. The asteroid-mining startup's entry into the space industry follows the failure of the previous asteroid-mining boom, with two major companies, Planetary Resources Inc. and Deep Space Industries Inc., forming about a decade ago with the aim of mining asteroids but facing financial difficulties and ultimately being acquired and redirected to other ventures.
AstroForge will have to demonstrate the viability of its business, considering the largest amount ever collected from an asteroid at once was only 250 grams by NASA's OSIRIS-REx mission, which is currently on its way back to Earth. Gialich, AstroForge has taken lessons from the failures of Planetary Resources and Deep Space Industries.
Gialich stated that he had conversations with the former CEO of Deep Space Industries, Daniel Faber, to figure out how to make asteroid mining successful. The company is also working with advisors from Planetary Resources to choose the right asteroids for mining. Gialich believes that the significant advancements in the past 10 to 15 years, especially in the field of launch, set AstroForge apart from the previous companies. He mentioned that they now can purchase a rideshare mission to the moon.
Selecting the Best Asteroids
AstroForge's CEO, Matthew Gialich, stated that the company plans to primarily focus on building the in-space refining technology and mapping out mission trajectories. The company intends to outsource the infrastructure of its missions, with OrbAstro constructing the spacecraft and relying on companies like SpaceX for launches. The main objective of AstroForge is to bring down the cost of mining platinum-group metals to $50 per ounce from its current price of $975 per ounce by taking advantage of the higher concentration of these metals on asteroids.
Gialich also mentioned that the company has learned from the failures of previous asteroid mining companies and is working with advisers from Planetary Resources on how to select the best asteroids for mining. If the first two missions of AstroForge go as planned, the company will launch a third mission to scout the previously identified asteroid and then a fourth mission to land on it, extract and refine its metals and return to Earth.
He added that the fourth mission is slated to launch in February 2025, but acknowledges the difficulty and risk involved in space missions. A paper has been published in coordination with the Colorado School of Mines which highlights the possible concentration of metals from available asteroids.
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