The “potentially dangerous” asteroid mining “industry” may be a reality, but the industry has also been able to attract “a lot of money,” according to a new study.
The study by the National Science Foundation and the Institute for Energy Research found that the mining industry has generated $3.7 billion in revenue, with a whopping 80% coming from mining leases and a third coming from sales of mining products.
The mining industry is booming and the US mining sector accounts for roughly 5% of the total US GDP, but it has been struggling to compete with China, the largest buyer of US minerals.
“We found that this industry is actually very, very profitable,” said study author J. Michael Dominguez, a professor of business economics at Cornell University.
“And we found that when the industry starts producing products, it is very competitive, which is good for the country as a whole.
It allows the country to keep investing in its own industry.”
For instance, the US was able to diversify away from mining, Domingez said, and is now producing “a whole host of different minerals.”
The study found that in recent years, the mining business has created a large pool of “federal and state government contracts,” which the study calls “highly competitive” and “highly lucrative” opportunities for companies to “sell” to federal agencies and state governments.
“In addition to the federal government, there are also state governments and local governments that have gotten very involved in this industry,” Domingue said.
“In some cases, it has become very important to have contracts to develop these mines.
These contracts allow the company to control the location, and it’s an advantage.”
The most lucrative mining contracts are for leases, which can be a valuable source of revenue.
For instance, mining companies could lease mining rights in an area and then sell mining rights to the government at the same time.
“The lease industry has become incredibly profitable,” Dome said.
“But the reality is that most of these leases are really expensive to buy, because they cost so much.”
To be sure, mining does generate revenue.
The US mining industry generates more than $30 billion in annual revenue.
But the study found a huge problem with mining.
Mining leases and other types of sales contracts often require mining companies to pay taxes on profits made.
For example, the leasing industry has to pay federal and state taxes on royalties, mining fees and mining-related costs, but not other operating costs.
“There’s a whole set of laws that have to be followed,” Domes said.
The government, however, has a monopoly on the leasing business.
The federal government can use the profits to fund various government programs, like education and social programs, but these programs are largely restricted to specific mining industries.
The federal government does have a tax incentive program to encourage the leasing of mining leases.
However, the government has historically had a much lower revenue share of leasing than mining.
“If the government wants to get into mining, they have to pay for the equipment,” Duchas said.