Researcher ORCID Identifier

0009-0009-1226-3135

Graduation Year

2024

Date of Submission

4-2024

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Ananda Ganguly

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Terms of Use for work posted in Scholarship@Claremont.

Rights Information

© 2024 Ashwin Rhodes

Abstract

This study examines the economic viability of asteroid mining, focusing on the extraction of Platinum Group Metals (PGMs) from metallic asteroids for use on Earth. Addressing the environmental, social, political, economic, and personal incentives, the study scrutinizes the reduction in terrestrial mining impacts and labor exploitation, as well as the advancement of the green energy transition through the increased supply of essential PGMs. Critically evaluating the standard static ratio model established by Jeffrey Kargel in 1994 for asteroid valuation, this work employs Kevin Cannon’s 2023 empirical data-driven, non-linear scaling relationships for PGM concentrations. Through a novel Monte-Carlo simulation that accounts for asteroid size variability and PGM concentration uncertainty, the research provides refined estimates of asteroid economic returns. It eschews analytical assessments of retrieval costs in favor of reviewing real-world missions and prior cost analyses to propose a reasonable range of potential mission expenses. The study contributes novel methodologies to probabilistically model asteroid values across various sizes and compositions, challenging previous work that relied on outdated static ratio models and setting a new precedent for assessing the profitability of asteroid mining ventures.

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