A bold new study is reshaping how scientists and entrepreneurs think about space mining. According to recent research published in Planetary and Space Science, lunar craters could contain more than a trillion dollars’ worth of platinum and other precious metals — making the Moon a more viable mining target than asteroids.
The study, led by astronomer Jayanth Chennamangalam and colleagues, estimates that at least 6,500 craters larger than one kilometer across on the Moon could harbor remnants of metal-rich asteroids. These platinum group metals (PGMs) — including platinum, palladium, rhodium, iridium and osmium — were deposited when asteroids collided with the Moon’s surface over billions of years.
This finding drastically shifts the economic calculus. Previous models suggested that fewer than a dozen near-Earth asteroids were rich enough in PGMs to be worth mining. But Chennamangalam’s team found that the Moon may contain one to two orders of magnitude more viable mining sites than accessible asteroids, especially in larger craters where asteroid material may have pooled after impact.
If even a fraction of these resources can be extracted and returned to Earth, the implications for the global precious metals market—and the jewelry industry—are massive.
However, the path from theory to treasure is anything but smooth.
Despite the promise of abundant PGMs, lunar mining faces steep technical and financial obstacles. Transporting mined materials from the Moon back to Earth remains prohibitively expensive. Researchers at the University of Alberta have emphasized that lifting heavy loads on the Moon and safely landing them on Earth would require unprecedented technology.
There’s also the matter of extraction. Because human missions would be costly and dangerous, robotic systems are the most likely candidates to do the digging. But developing autonomous, rugged and energy-efficient robots that can operate in the Moon’s harsh environment is a massive engineering challenge in itself.
Even if these hurdles are overcome, companies eager to stake a lunar claim may find themselves mired in legal limbo.
International law on lunar mining remains ambiguous. The 1966 United Nations Outer Space Treaty forbids nations from claiming sovereignty over celestial bodies, while the 1979 Moon Agreement goes even further, prohibiting property rights of any kind on the Moon. However, neither treaty offers clear guidelines for private enterprises.
The US has tried to fill the gap with its 2020 Artemis Accords, which aim to establish “safety zones” for lunar activities and protect commercial interests. Yet major space powers, such as Russia and China, have not signed on, and legal scholars warn that without a comprehensive global framework, disputes are inevitable.
As technology pushes the boundaries of what’s possible in space exploration, the race for lunar riches is only just beginning. But whether moon mining becomes a new frontier for the jewelry industry—or remains an expensive fantasy—will depend as much on policy and innovation as on what lies just beneath the Moon’s dusty surface.
Credit: The Moon's Hayn Crater photo by NASA/GSFC/Arizona State University.