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Earth’s 1st Asteroid Mining Prospector Heads to the Launchpad

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Earth’s 1st Asteroid Mining Prospector Heads to the Launchpad

A private company is aiming to heave a microwave oven-size spacecraft toward an asteroid later this week, its goal to kick off a future where precious metals are mined around the solar system to create vast fortunes on Earth.

“If this works out, this will probably be the biggest business ever conceived of,” said Matt Gialich, the founder and chief executive of AstroForge, the builder and operator of the robotic probe.

That may sound familiar: A decade ago, news stories were aflutter about the wealth promised by asteroid mining companies. But things didn’t quite work out.

“We blossomed three or four years too early for the big gold rush of investor enthusiasm for space projects,” said David Gump, the former chief executive of Deep Space Industries, one of the earlier batch of would-be asteroid miners. Eventually the money dried up; Deep Space Industries was sold off in 2019 and never reached an asteroid.

AstroForge is betting on things being different this time around. The California company has already launched a demonstration spacecraft into Earth orbit and raised $55 million in funding. Now the company is set to actually travel toward a near-Earth asteroid in deep space.

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AstroForge’s second robotic spacecraft, called Odin, is bundled into a SpaceX Falcon 9 rocket that will also launch a privately built moon lander and a NASA-operated lunar orbiter as soon as Wednesday from Florida. About 45 minutes after the launch, Odin will separate and begin its solo journey into deep space, while the moon missions — the Athena lander from Intuitive Machines and NASA’s Lunar Trailblazer — take off on their own separate journeys.

No commercial company has ever launched an operational mission beyond the moon, and AstroForge is the first company to receive a license from the Federal Communications Commission that allows it to transmit from deep space. AstroForge will communicate with the spacecraft using undisclosed dishes in India, South Africa, Australia and the United States.

At first, AstroForge kept its target asteroid a secret, fearing competitors. But in January, the company announced the destination, an object called 2022 OB5. Mr. Gialich said he was more confident of AstroForge’s advantage.

“We’re the only one that’s actually doing anything,” he said. “Who else is preparing to go to an asteroid?”

Asteroid 2022 OB5 is small, no more than 330 feet across, about the size of a football field. AstroForge’s science team assessed the asteroid by using telescopes, including the Lowell Observatory and the Large Binocular Telescope in Arizona, to estimate its metallic content. They believe that 2022 OB5 is an M-type, a class of asteroids comprising 5 percent of known space rocks that may have a high amount of metal. The analysis of the asteroid has not yet been published.

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Stephanie Jarmak, a planetary scientist at the Harvard-Smithsonian Center for Astrophysics, said the company’s analysis was plausible.

“There are several different ways to determine whether it’s an M-type or not,” she said, including studying the asteroid’s brightness, or albedo. A higher brightness suggests the presence of more metal. She lauded the company for being more open about its target asteroid. “I thought that was really nice,” she said.

M-type asteroids are thought to be rich in metals such as iron and nickel. These could be useful as a resource for construction in space, perhaps to build new spacecraft and machinery. However, some M-types may also be rich in more valuable platinum group metals, or P.G.M.s, used in devices such as smartphones. The windfall would be huge if these could be mined in abundance and brought to Earth.

“A single one-kilometer-diameter asteroid, if it was platinum-bearing, would contain about 117,000 tons of platinum,” said Mitch Hunter-Scullion, the founder and chief executive of the Asteroid Mining Corporation in Britain. His company is taking a slower approach and plans to demonstrate technologies on the moon later this decade.

“That’s about 680 years of global supply. You’re talking about centuries of platinum demand from a single asteroid,” Mr. Hunter-Scullion said. “Even if you get 1,000 tons of platinum, you’re sitting there with the next half century of mobile phones.”

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Not everyone is convinced that so much valuable metal will be found inside M-type asteroids.

“There’s not enough P.G.M.s in asteroids to justify that as a stand-alone business,” said Joel C. Sercel, the founder and chief executive of TransAstra, a company that is developing a giant bag that could be used to grab and extract resources from asteroids in the future. The company will test a small mock-up of the technology aboard the International Space Station following a launch to the station this summer.

The legalities of mining asteroids and selling their resources remain uncertain.

In 2015, President Obama signed a law allowing asteroid resources to be sold on Earth. But no one has yet put this law to the test.

“Is AstroForge going to make a claim? Does the fact they reach this asteroid before anybody else mean nobody else can go to it?” asked Michelle Hanlon, a law professor specializing in space at the University of Mississippi. “It’s going to be interesting to see the international reaction.”

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Odin will arrive in late 2025 after a journey of about 300 days to 2022 OB5. The asteroid follows an orbit around the sun similar to Earth’s. The probe will fly past the asteroid at a distance of 0.6 miles, using two black-and-white cameras to snap pictures. Zooming by the object at thousands of miles per hour, the spacecraft will have an encounter that will last five and a half hours.

“And it’s probably only the last 10 minutes that we’re getting pictures bigger than a pixel,” Mr. Gialich said.

The goal is for these pictures to be enough to tell if the asteroid is metallic.

“Hopefully it looks shiny,” Mr. Gialich said. However, it’s very possible that any metal could be mixed into the asteroid’s soil and not be visible.

“I’m not sure how much compositional information they can get purely from images,” Dr. Jarmak, the planetary scientist, said.

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Craters on the surface may hint at hidden metal though, Mr. Gialich said, adding: “We expect to see cracking on the surface” that could be indicative of metallic content.

The spacecraft will also precisely track the asteroid’s position in space during the flyby. Doing so could allow the density of the asteroid to be calculated, based on its gravitational tug on the spacecraft. Higher density would hint at more metallic content.

Success is not guaranteed. AstroForge’s first mission, Brokkr-1, was launched into low-Earth orbit in April 2023 to test the company’s planned asteroid refining technology. But the mission encountered problems and burned up in the atmosphere. Mr. Gialich said that AstroForge had improved its technologies on the Odin spacecraft by relying on components produced in-house.

Vestri, the third mission of AstroForge, will be its most ambitious. That spacecraft, the size of a refrigerator, will be designed to land on an asteroid as soon as next year, possibly even 2022 OB5 if the metallic content is confirmed. Vestri’s landing legs would be equipped with magnets designed to stick to the surface of the asteroid and be capable of estimating how many P.G.M.s are present.

It’s unclear how successful this mission will be. “If it’s made out of solid metal it will stick,” said Benjamin Weiss, a planetary scientist at the Massachusetts Institute of Technology. However, many asteroids are known to be rubble piles, essentially collections of rocks held together loosely by gravity, such as the asteroid Bennu that was visited by NASA’s ORISIS-REx spacecraft.

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“They are barely held together,” Dr. Weiss said, meaning that the magnets might just end up pulling a few rocks away from the surface as the lander drifts away.

Only one spacecraft, the Rosetta spacecraft from the European Space Agency, has visited a suspected M-type asteroid before, a flyby of the asteroid 21 Lutetia in 2010. The presence of metal at that time was inconclusive. A much more capable mission, NASA’s $1.2 billion Psyche spacecraft, is currently on its way to an asteroid bearing the same name by 2029. Astronomers think the asteroid may be a fragment of a failed planet’s core and is rich in metal.

Results from the Odin mission’s analysis of 2022 OB5 could be a tantalizing tease for Psyche. “If it turns out it’s made of solid metal, that would support the idea that some of these larger bodies like Psyche could be the cores of differentiated bodies,” Dr. Weiss said.

Lindy Elkins-Tanton at Arizona State University, the principal investigator on Psyche and also an adviser to AstroForge, said that the opportunities afforded by commercial deep space missions like Odin are exciting, enabling small and fast missions at low cost. “It’s going to be a bit of a game-changer,” she said.

Others are more focused on what Odin means for asteroid mining in the present tense.

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“It’s probably the highest achievement in the sector so far,” Mr. Hunter-Scullion of Asteroid Mining Corporation said. Mr. Sercel of TransAstra also applauded the company.

“We’re gung-ho for AstroForge and wish them the best of luck,” he said. “We’re behind them 100 percent.”

Now there’s just the small matter of the launch and journey to the asteroid, and the hope that what Odin finds will lead to the riches long touted from asteroid mining.

“If we make it, I’m popping champagne,” Mr. Gialich said.

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As post-production work moves out of California, workers push for a state incentive

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As post-production work moves out of California, workers push for a state incentive

As film and television post-production work has increasingly left California, workers are pushing for a new standalone tax credit focused on their industry.

That effort got a major boost Wednesday night when a representative for Assemblymember Nick Schultz (D-Burbank) said the lawmaker would take up the bill.

The news was greeted by cheers and applause from an assembled crowd of more than 100 people who attended a town hall meeting at Burbank’s Evergreen Studios.

“As big of a victory as this is, because it means we’re in the game, this is just the beginning,” Marielle Abaunza, president of the California Post Alliance trade group, a newly formed trade group representing post-production workers, said during the meeting.

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The state’s post-production industry — which includes workers in fields like sound and picture editing, music, composition and visual effects — has been hit hard by the overall flight of film and TV work out of California and to other states and countries. Though post-production workers aren’t as visible, they play a crucial role in delivering a polished final product to TV, film and music audiences.

Last year, lawmakers boosted the annual amount allocated to the state’s film and TV tax credit program and expanded the criteria for eligible projects in an attempt to lure production back to California. So far, more than 100 film and TV projects have been awarded tax credits under the revamped program.

But post-production workers say the incentive program doesn’t do enough to retain jobs in California because it only covers their work if 75% of filming or overall budget is spent in the state. The new California Post Alliance is advocating for an incentive that would cover post-production jobs in-state, even if principal photography films elsewhere or the project did not otherwise qualify for the state’s production incentive.

Schultz said he is backing the proposed legislation because of the effect on workers in his district over the last decade.

“We are competing with other states and foreign countries for post production jobs, which is causing unprecedented threats to our workforce and to future generations of entertainment industry workers,” he said in a statement Thursday.

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During the 1 1/2 hour meeting, industry speakers pointed to other states and countries, including many in Europe, with specific post-production incentives that have lured work away from the Golden State. By 2024, post-production employment in California dropped 11.2%, compared with 2010, according to a presentation from Tim Belcher, managing director at post-production company Light Iron.

“We’re all an integrated ecosystem, and losses in one affect losses in the other,” he said during the meeting. “And when post[-production] leaves California, we are all affected.”

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In Palisades visit, Trump officials vow to speed up permits for fire rebuilding

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In Palisades visit, Trump officials vow to speed up permits for fire rebuilding

In a visit to Pacific Palisades on Wednesday, top White House officials vowed to take over and speed up building permitting, a core state and local function, for rebuilding after the Los Angeles wildfires.

Administrators for the Environmental Protection Agency, Lee Zeldin, and Small Business Administration, Kelly Loeffler, also held a discussion with Palisades fire victims and met with Los Angeles Mayor Karen Bass and Los Angeles County Supervisor Kathryn Barger in a closed-door meeting about how to hasten rebuilding and address issues such as insurance payouts and wildfire prevention.

“Our conversations with Mayor Bass and Supervisor Barger about accelerating the rebuilding process in Los Angeles were productive,” Zeldin said. “Administrator Loeffler and I, on behalf of President Trump, asked these local elected officials to join us in this urgent effort, and I am hopeful great progress will be made in the days and weeks ahead.”

The visit followed a Jan. 27 executive order signed by President Trump to allow victims of the Eaton and Palisades fires to go around “unnecessary, duplicative, or obstructive” state and local permitting processes.

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Instead of going through building departments, such as the city of Los Angeles for the Palisades, or the county for Altadena, builders can instead “self-certify” that they have complied with state and local health and safety standards, if they are using federal emergency funds to rebuild, the order says.

The Small Business Administration has already launched a self-certification tool online, available to applicants who have been waiting more than 60 days for a building permit.

Loeffler said the “check and balance” will come from city and county inspections that must happen before a property is certified for occupancy.

Neither official could immediately recall another instance of the federal government preempting state and local permitting processes for disaster recovery, with Zeldin noting that “nothing like [these wildfires] has ever happened before.”

The visit underscored diverging narratives about the rebuilding process in L.A. While Trump described it as a “nightmare of delay, uncertainty, and bureaucratic malaise” in his executive order, state and local officials said construction is underway and permitting is not the issue.

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“Both administrators were engaged — sharing the President’s concerns while also listening to what I am seeing on the ground in Altadena,” Barger said in a statement to The Times. “I emphasized that 53% of impacted residents have taken no action to rebuild, not because of permitting delays, but because they lack the capital to move forward — an issue exacerbated by delayed insurance payouts. Many families have not submitted plans or entered the County’s rebuilding pipeline and are now facing a serious financial crisis.”

She added that the county’s current timeline for completing permit reviews is 31 business days.

Bass, who is facing renewed scrutiny after an analysis of the Palisades fire was watered down, did not immediately respond to a request for comment about Wednesday’s meeting.

Gov. Gavin Newsom said in a post on X following the executive order, that hundreds of homes are under construction, and that permitting timelines are at least twice as fast as before the fires. He said the president continues to withhold a federal aid package that would help families rebuild.

“The Feds need to release funding, not take over local permit approval speed — the main obstacle is COMMUNITIES NOT HAVING THE MONEY TO REBUILD,” the governor said.

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Last month, on the anniversary of the fires, a bipartisan delegation of California legislators also penned a letter to Trump calling for additional federal support.

A December analysis by The Times found that permitting has gained momentum after a slow start, with the pace slower than after some disasters in the state, and faster than others.

As of Wednesday, more than 3,170 rebuilding permits have been issued in the fire areas, according to city and county dashboards.

But Zeldin used the opportunity to take jabs at Newsom, describing his approach to federal funding requests as “flawed.”

“The whole ask has been completely stepped on by the governor’s effort to campaign for president — to try to lob 11 insults a day and somehow fit in an ask for tens of billions of dollars in the middle of it,” he said. “It’s just not a good strategy.”

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He declined to say whether additional funding will come from Congress, or how much.

Some Palisades residents said they would welcome whatever support they can get. Among them was Abby Waldorf, whose parents both lost their homes in the Tahitian Terrace mobile home park during the Palisades fire.

Waldorf said mobile homes don’t qualify for many city and state recovery programs, such as mortgage relief and disaster recovery aid, so they are “most at risk of not coming back.”

“Our community is very supportive of anyone that will help us move back quickly,” she said, “and at this point we haven’t seen that happen at the city, county or state level yet, and so anyone who can come in and do the job is welcome.”

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For Disney’s board, a meticulous CEO handoff — not ‘a rigged game’ — was the imperative

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For Disney’s board, a meticulous CEO handoff — not ‘a rigged game’ — was the imperative

Casual conversation in Hollywood often drifted to a familiar question: “Will Bob extend his contract again?”

Walt Disney Co.’s board had initially set Chief Executive Bob Iger’s target retirement date for 2015. The board instead renewed his contract multiple times, then called him back in 2022 — nearly a year after he had retired — when the last leadership handoff famously unraveled.

Disney’s struggles with succession over the decades have become epic dramas filled with false starts, larger-than-life leaders reticent to go and allegations of hollow searches for a new CEO. Twenty-plus years ago, one candidate for the top job — former Ebay and Hewlett-Packard chief Meg Whitman — withdrew from the running, suggesting the fix was in.

Disney’s board at the time wanted to give Iger, a longtime ABC executive who had toiled years in the shadow of former Chief Executive Michael Eisner, a shot.

With all that history, Disney’s board recognized its imperative of choreographing a meticulous transition. Iger, 74, was ready to go, and the process to find his successor was certain to go under the microscope.

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“We had to be open — we couldn’t be questioned on it,” Disney Chairman James Gorman told The Times in an interview to shed light on what, until this week, had been a closely guarded boardroom process. “We didn’t just want to have this as a rigged game.”

This week, Disney’s board unanimously approved the selection of 54-year-old parks chief Josh D’Amaro to succeed Iger on March 18 when the company holds its annual meeting with shareholders. The switch will mark the end of an era, as Iger has been a towering presence in Hollywood for more than 20 years.

Two years of planning led up to D’Amaro’s selection. When Iger’s last successor, Bob Chapek, was ousted in November 2022, Disney’s board announced that Iger would return to serve as CEO for just two years.

But a series of high-level executive departures had thinned Disney’s executive bench. The board later acknowledged it needed additional time to plan succession and Iger’s contract was extended again, this time to December 2026.

Disney Chairman James Gorman, former chairman of Morgan Stanley, led the succession search that culminated this week.

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(Hollie Adams / Bloomberg via Getty Images)

Gorman — a former chairman and chief executive of Morgan Stanley — joined Disney’s board in the fall of 2024. He became chairman in January 2025 and succession planning began in earnest. Unlike in early 2020, when Iger was in charge of the board that tapped Chapek, this time the board formed a succession committee comprised of current and former CEOs of different firms.

The committee, led by Gorman, included General Motors Chief Executive Mary Barra, former CEO of Lululemon Athletica Calvin McDonald; and the former head of Britain’s Sky broadcasting, Sir Jeremy Darroch.

The search began with a list of about 100 potential candidates, Gorman said, including names provided by search firm Heidrick & Struggles. The group eventually culled the list to 30, he said, then narrowed it even more. They met with a few outsiders.

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“We wanted to see what was out there … but it’s always difficult to go outside for any company,” Gorman said, adding that typically happens during a crisis, such as an abrupt CEO retirement due to illness or some other unforeseen event.

“You don’t take somebody from the industrials world and plop them in a media company,” he said. “That’s just too big a lift.”

Increasing the challenge, the 102-year-old company has a distinct corporate culture — one that still pays homage to founder Walt and instills in its employees (known internally as cast members) the need to serve as guardians of Disney’s treasured characters and brands.

Any outside pick would have been a risky bet.

Four Disney executives were under evaluation. D’Amaro, television and streaming chief Dana Walden, movie chief Alan Bergman and ESPN Chairman Jimmy Pitaro were all viewed as contenders for the job.

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The board spent months sizing up strengths and weaknesses of external and internal candidates. Candidates made presentations to the board, laid out their visions for Disney’s future, received mentoring from Iger and spent hours meeting with Gorman and other succession committee members as well as the full board.

Hopefuls were questioned on their visions for the company. They were quizzed about such topics as teamwork and corporate culture.

“We wanted to know that whomever we picked beat all comers,” Gorman said. “And our people stress-tested unbelievably well. Yes, the [Disney executives] were given a huge advantage because they understand the culture, it’s a very unique culture, but it wasn’t just that.

“They were capable and they were ready,” Gorman said.

The board increasingly became comfortable with D’Amaro — who joined the company 28 years ago in Disneyland’s accounting division. For the past six years, D’Amaro has run Disney’s parks and experiences division, which now is the company’s largest business unit amid the decline of traditional television.

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Dana Walden and Josh D'Amaro.

Walt Disney Co.’s board named Josh D’Amaro, right, as the new chief executive. Dana Walden, left, who is co-chairman of Disney Entertainment, will step into the role as president and chief creative officer.

(Walt Disney Company)

The board also carved out a new role as president and chief creative officer for longtime television executive Walden, 61, who becomes the first woman to serve as Disney’s president.

Gorman said Walden, 61, was impressive.

“She’s a strong leader. She’s decisive. She’s got great creative chops,” Gorman said. “She’s worked well with Alan Bergman as co-chair of entertainment. The idea is to ensure we bring creativity to all parts of the company and in all corners of the world.”

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“A new CEO is massively, positively enabled by having their team, if they’re capable,” Gorman said. “And we are blessed with [our team] in place.”

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