Summary: Outside our atmosphere, there is an abundant source of nickel, copper, iron and other precious metals on the celestial bodies in our solar system. The Canadian Space Agency and Deltion Innovations Ltd. have begun the development of a mechanism that will be used to mine into rocks on the moon and other celestial bodies and capture samples of the rock composition on these celestial bodies. This sample is only the start of the space mining sub-industry. Many geologists believe that asteroids contain extremely high concentrations of different metals, such as nickel, iron and other precious metals. According to the article, the supply of these metals located outside our atmosphere has been mocked up all the way into the trillion-dollar
…show more content…
The estimates assume that based on the amount of metals located beyond the atmosphere, and the cost for mining these celestial bodies, that mining in space could become a multi-trillion dollar industry. However, with the current low price of nickel, an increase in supply of the metal could trigger an extreme depreciation of the market value. From a Canadian perspective, nickel mining is a massive industry in Canada that creates tens of thousands of jobs and generates a steady stream of tax revenue for the government. Depreciation in such a crucial Canadian market can be disastrous since it could cause a decrease in tax revenue for the government and major job cuts, which will increase the Canadian unemployment rate. From Canada’s perspective, space mining could damage the economy. Despite being dangerous for the Canadian economy and to the rest of the nickel mining industry, space mining could be beneficial from a consumer perspective. Countless different products incorporate nickel, including cookware, automobiles, electronics and structures. Nickel is extremely crucial in our society, and is an important metal that can strengthen and modernize infrastructure and products. However, like every other commodity, there is a price, which results in the overall cost for a consumer to buy or use a product containing nickel. Space mining, which could provide an abundance of nickel that would lower its
The estimates assume that based on the amount of metals located beyond the atmosphere, and the cost for mining these celestial bodies, that mining in space could become a multi-trillion dollar industry. However, with the current low price of nickel, an increase in supply of the metal could trigger an extreme depreciation of the market value. From a Canadian perspective, nickel mining is a massive industry in Canada that creates tens of thousands of jobs and generates a steady stream of tax revenue for the government. Depreciation in such a crucial Canadian market can be disastrous since it could cause a decrease in tax revenue for the government and major job cuts, which will increase the Canadian unemployment rate. From Canada’s perspective, space mining could damage the economy. Despite being dangerous for the Canadian economy and to the rest of the nickel mining industry, space mining could be beneficial from a consumer perspective. Countless different products incorporate nickel, including cookware, automobiles, electronics and structures. Nickel is extremely crucial in our society, and is an important metal that can strengthen and modernize infrastructure and products. However, like every other commodity, there is a price, which results in the overall cost for a consumer to buy or use a product containing nickel. Space mining, which could provide an abundance of nickel that would lower its