Business
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.
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.
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.”
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.”
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.
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.
“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.
“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.
Business
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April 18, 2026
Business
Civil case against Alec Baldwin, ‘Rust’ movie producers advances toward a trial
Nearly two years after actor Alec Baldwin was cleared of criminal charges in the “Rust” movie shooting death, a long simmering civil negligence case is inching toward a trial this fall.
On Friday, a Los Angeles Superior Court judge denied a summary judgment motion requested by the film producers Rust Movie Productions LLC, as well as actor-producer Baldwin and his firm El Dorado Pictures to dismiss the case.
During a hearing, Superior Court Judge Maurice Leiter set an Oct. 12 trial date.
The negligence suit was brought more than four years ago by Serge Svetnoy, who served as the chief lighting technician on the problem-plagued western film. Svetnoy was close friends with cinematographer Halyna Hutchins and held her in his arms as she lay dying on the floor of the New Mexico movie set. Baldwin’s firearm had discharged, launching a .45 caliber bullet, which struck and killed her.
The Bonanza Creek Ranch in Santa Fe, N.M. in 2021.
(Jae C. Hong / Associated Press)
Svetnoy was the first crew member of the ill-fated western to bring a lawsuit against the producers, alleging they were negligent in Hutchins’ October 2021 death. He maintains he has suffered trauma in the years since. In addition to negligence, his lawsuit also accuses the producers of intentional infliction of emotional distress.
Prosecutors dropped criminal charges against Baldwin, who has long maintained he was not responsible for Hutchins’ death.
“We are pleased with the Court’s decision denying the motions for summary judgment filed by Rust Movie Productions and Mr. Baldwin,” lawyers Gary Dordick and John Upton, who represent Svetnoy, said in a statement following the hearing. “He looks forward to finally having his day in court on this long-pending matter.”
The judge denied the defendants’ request to dismiss the negligence, emotional distress and punitive damages claims. One count directed at Baldwin, alleging assault, was dropped.
Svetnoy has said the bullet whizzed past his head and “narrowly missed him,” according to the gaffer’s suit.
Attorneys representing Baldwin and the producers were not immediately available for comment.
Svetnoy and Hutchins had been friends for more than five years and worked together on nine film productions. Both were immigrants from Ukraine, and they spent holidays together with their families.
On Oct. 21, 2021, he was helping prepare for an afternoon of filming in a wooden church on Bonanza Creek Ranch. Hutchins was conversing with Baldwin to set up a camera angle that Hutchins wanted to depict: a close-up image of the barrel of Baldwin’s revolver.
The day had been chaotic because Hutchins’ union camera crew had walked off the set to protest the lack of nearby housing and previous alleged safety violations with the firearms on the set.
Instead of postponing filming to resolve the labor dispute, producers pushed forward, crew members alleged.
New Mexico prosecutors prevailed in a criminal case against the armorer, Hannah Gutierrez, in March 2024. She served more than a year in a state women’s prison for her involuntary manslaughter conviction before being released last year.
Baldwin faced a similar charge, but the case against him unraveled spectacularly.
On the second day of his July 2024 trial, his criminal defense attorneys — Luke Nikas and Alex Spiro — presented evidence that prosecutors and sheriff’s deputies withheld evidence that may have helped his defense . The judge was furious, setting Baldwin free.
Variety first reported on Friday’s court action.
Business
California’s gas prices push Uber and Lyft drivers off the road
The highest gas prices in the country are making it tougher for some gig drivers to make a living.
Gas prices have shot up amid the war in the Middle East. On average, California gas prices are the most expensive in the United States, according to data from the American Automobile Assn. The average price of regular gas in California is almost $6. The national average is a little above $4.
While Uber and Lyft drivers have concocted clever ways to cut gas consumption, they say that without some relief they will be forced to leave the ride-hailing business.
John Mejia was already struggling to make money as a part-time Lyft driver when soaring gas prices made his side hustle even harder.
“Unfortunately, it’s the economics of paying less to drivers and gas prices,” he said. “It actually is pulling people out of the business.”
Guests at The Westin St. Francis hotel get into an Uber.
(Jess Lynn Goss / For The Times)
Gig work offers drivers the freedom to work for themselves and more flexibility, but being independent contractors also means they must shoulder unexpected costs.
Ride-sharing companies say they’re trying to help, but drivers say the gas relief comes with caveats. For now, drivers say they’re being pickier about what rides they accept, cutting hours and are looking at other ways to make money.
Mejia, who started driving for Lyft more than a decade ago, said in his early days, he would sometimes make $400 in three hours. Now it takes 12 hours to rake in $200.
The San Francisco Bay Area consultant is an active member of the California Gig Workers Union, so he knows he isn’t alone. California has more than 800,000 gig rideshare drivers, according to the group, which is affiliated with the Service Employees International Union.
On social media sites such as Reddit and Facebook, gig workers have posted about how the higher gas prices are eating into their earnings. Among the tricks they are suggesting: reducing the number of times the ignition is turned on or off, avoiding traffic, working in specific neighborhoods and at times with high demand and switching to electric vehicles.
Gig drivers usually have only seconds to decide whether to accept a ride on the app, but they have become more strategic about which rides and deliveries they accept.
That means they are more likely to sit back in their cars and wait for higher fares for quick pick-up and drop-off.
“I highly recommend the ‘decline and recline’ strategy, rejecting unprofitable rides until a better one appears,” wrote Sergio Avedian, a driver, in the popular blog the Rideshare Guy.
Pedestrians cross the street in front of a Lyft and Uber driver on Wednesday. High gas prices have made it hard for gig drivers to make a living, cutting into their profits.
(Jess Lynn Goss / For The Times)
Uber, Lyft and other companies have unveiled several ways to help drivers save on gas.
Uber said drivers can get up to 15% cash back through May 26 with the Uber Pro card, a business debit Mastercard for drivers and couriers. Based on a worker’s tier, they can get up to $1 off per gallon of gas through Upside — an app that offers cash rewards — and up to 21 cents off per gallon of gas with Shell Fuel Rewards. The company also offers incentives for drivers who want to switch to electric vehicles.
“We know the price of gas is top of mind for many rideshare and delivery drivers across the country right now,” Uber said in a blog post about its gas savings efforts.
Lyft also said it’s expanding gas relief through May 26 because the company knows that the extra cost “hits hardest for drivers who depend on driving for their income.”
The company is offering more cash back, depending on the driver’s tier, for drivers who use a Lyft Direct business debit card to pay for gas at eligible gas stations. They can get an additional 14 cents per gallon off through Upside.
Drivers say the fine print on the offers dictates which card they use and where they fill up gas, making it difficult for them to save money.
“If I do the math, it’s ridiculous,” Mejia said. “They’re offering us nothing.”
Uber declined to comment, but pointed to its blog post about the gas relief efforts. Lyft also referenced the blog post and said “the gas savings were structured through rewards to maximize stackable opportunities.”
Guests at The Westin St. Francis hotel get into an Uber.
(Jess Lynn Goss / For The Times)
Gig workers have struggled with rising gas prices in the past.
In 2022, Lyft and Uber temporarily added a surcharge to their fares amid record-high gas prices following Russia’s invasion of Ukraine. This year, Uber is adding a fuel charge to its fares in Australia for roughly two months to offset the high cost of gas for drivers. Lyft said it hasn’t added a fuel charge in the U.S. or elsewhere.
Margarita Penalosa, who drives full time for Uber and Lyft in Los Angeles, started as a rideshare driver in 2017. Back then, gas was cheaper. She would easily hit her goal of making $300 in eight hours. Now she’s making just $250 after working as much as 14 hours.
Gas prices, she said, used to be less than $3 per gallon. Now some gas stations are charging more than $8 per gallon.
“Take out the gas. Take out the mileage from my car and maintenance. How much [do] I really make? Probably I get $11 for an hour,” she said.
Jonathan Tipton Meyers wants to spend fewer hours as a rideshare driver.
He already juggles multiple gigs even while driving for Uber and Lyft in Los Angeles. He’s a mobile notary and loan signing agent, a writer and performer.
Driving is “a very challenging, full-time job,” he said. “It’s very taxing and, of course, wages were just continually decreasing.”
John Mejia, a longtime Lyft and Uber driver, poses for a portrait before attending a meeting about unionizing gig drivers.
(Jess Lynn Goss / For The Times)
Even if oil continues to flow through the Strait of Hormuz, which Iran reopened Friday, it could take a while for gas prices to come down to earth, said Mark Zandi, the chief economist at Moody’s Analytics.
“There’s an old adage that prices rise like a rocket and fall like a feather,” he said. “I think that’ll apply.”
In the meantime, it will be survival of the fittest drivers. If enough of them decide to leave the apps, the ride-hailing companies could be forced to raise fares further to attract some back.
“Those who approach rideshare driving strategically, tracking expenses, choosing trips carefully, and optimizing efficiency are far more likely to weather periods of high gas prices,” wrote Avedian in the Rideshare Guy blog. “For everyone else, a spike at the pump can quickly turn rideshare driving from a side hustle into a money-losing venture.”
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