Deep space mine: Luxembourg Government partners with Deep Space Industries in space mining
The asteroid mining company Deep Space Industries has announced a partnership with the Luxembourg Government and the Société Nationale de Crédit et d’Investissement (SNCI), the national banking institution in Luxembourg, to develop a resource mining programme in space.
The partnership will help fund their R&D projects to use existing technology and develop it to be able to mine asteroids in space and create a supply chain of space commodities.
A low Earth orbit technology demonstration mission, testing the company’s pioneering deep space technology, will be the first project to come out of the collaboration.
Dubbed Prospector – X, the project will be crucial to the success and development of the deep space programme going forward. Following the newly formed European headquarters in Luxembourg, Deep Space Industries will support the construction of the Prospector – X spacecraft with the Interdisciplinary Centre for Security, Reliability and Trust at the University of Luxembourg as well as the company’s international and American partners.
Daniel Faber, CEO of Deep Space Industries believes the partnership with Luxembourg on this particular project will pave the way for the development of a space mining economy, citing the enthusiasm and support as the crucial factors in the project’s expansion.
“We have been impressed by Luxembourg’s tangible actions to lead the creation of an asteroid resource economy. The opportunity to partner with Luxembourg on Prospect-X allows a number of the key technologies for cosr0effective deep space operations to be rapidly flight-tested in advance of more complex missions,” he said.
Prospector-X is not the only victory for Deep Space Industries, just recently the company fielded a successful on-orbit experiment demonstrating the significance (and functionality) of autonomous operations in space resource mining.
Read the May 2016 issue of Mining Global magazine
Axora launches global challenge for digital technology
Axora is launching the world’s first international competition to discover new cost-saving digital technology for industrial companies, which can produce rapid benefits within a year.
The Metals & Mining and Oil & Gas sectors have recently experienced budget cuts of 20% on average, driven by a variety of factors including the global pandemic, slump in demand and price wars. The Axora Cost-Saving Technology Challenge aims to transform these industries by discovering innovative, digital solutions that reduce cost fast and pay for themselves, whilst achieving the same or improved productivity, health and safety and sustainability standards.
“While digital solutions can help to get work done quicker and more cost-effectively, they typically require a three-year ROI, and if there’s no flexibility in the budget, a full budget planning cycle is needed to get things moving”, said Dr. Nick Mayhew, Chief Commercial Officer, Axora.
“Yet, extra financial cost is often incurred in delaying digital projects, so customers have asked us to highlight solutions that can have an ‘in year payback’ whereby the cost spent on the solution and deployment will be more than recovered within the budget year - this accelerates the timeline and drives positive business impact, quickly.”
The Axora Cost-Saving Technology Challenge
Axora is keen to learn of any digital cost-saving innovation which: meets the 12-month payback timeframe; can be deployed in any part of the value chain including upstream, downstream or midstream oil and gas, metals processing or mining; and is ready for market. The Axora Cost-Saving Technology Challenge is open to entrepreneurs, start-ups, academics and sector leaders across the world. The competition will be judged by a panel of leading industry experts.
“We’re passionate about supporting our industries and customers through all forms of digital transformation and the cost-saving solutions we are searching for could also provide a lifeline to many mining and metals and oil and gas companies in the current economic climate,” added Dr. Mayhew.
Improving productivity, safety and sustainability
Up to ten finalists will be chosen to pitch their solutions at a digital pitch day later this year, after which Axora will validate the ROI models and vet the solutions. The winner will receive the ‘Axora Market Accelerator’ sales and marketing package worth £10,000. This includes a two-hour workshop, promotion through Axora’s thought leadership content and inclusion into its digital demand engines, providing the opportunity for the winning solution to benefit thousands of industrial companies. Entries are open until May 31. Full details of the competition including terms and conditions can be found here.
To learn more about the Axora B2B digital solutions marketplace read our feature in the latest issue of Mining Global magazine.