Asteroid mining targets rare metals

Asteroid mining aims to extract platinum group metals (PGMs) like platinum and palladium, which are vital for electronics and medical devices. These rare elements are scarce on Earth but abundant in certain asteroids, with concentrations potentially 100 times higher than in Earth's crust. For instance, asteroid 16 Psyche is believed to hold quintillions of dollars worth of these metals. This pursuit could alleviate resource scarcity without the environmental damage of Earth-based mining. Companies like AstroForge are developing missions, building on NASA's successful asteroid sample returns, to secure Earth's supply chain and potentially kickstart a space-based economy.