Planetary Resources greeted U.S. Commercial Space Launch Competitiveness Act with great happiness as this Act got signed and passed by Present Barack Obama in Nov. 25. Also known by another name, the U.S. Space Act, rules the rights of asteroid resources, probably setting off new encounter in commercial space battle. Section 5103 Act offers U.S. companies the right to sources extracted from asteroids, though the rights to asteroids are not yet given.
Originated in 2010, well-known mining company Planetary Resources appreciated on signing of the Act that will profit at its best. Eric Anderson, Co-Founder of the company, stated that "The mining law creates similar kind of framework which aided the development of vast economies. It is the only biggest property rights acknowledgement in the history."
The goal of this company is to increase natural resources of Earth such as extracting minerals, water, and different important substances from the asteroids, and further do the selling.
President and Chief Engineer of Planetary Resources Chris Lewicki said that "Many of the investors had doubts and questions regarding this issue, and we can carry on with the talks about them to expand the industry hugely along with support from U.S. law."
According to Eric Anderson, "Being the best credit of property rights, this kind of legislation ascertains similar structure which crafted big economies, and will boost the supported expansion of the space."
Professor of Air and Space Law in McGill University, Ram Jakhu said the Canadian Broadcast Company, "New law is absolutely a straight violation of this treaty. As per my viewpoint, natural resources available in the space shouldn't be permitted to be apt by anyone- private companies, states, or international associations."
Well United States has been preparing for extraction of space-based resources for many decades, and little can the international community execute to monitor such activities.