Date of Award

Spring 2019

Degree Name

Bachelor of Science (BS)

Advisor(s)

Kevin Jackson

Abstract

This paper explores the current legal framework governing outer space and puts forth a suggested legal framework or governance structure, based on the structures that contribute to the success of deep seabed mining, in order to legally facilitate private asteroid mining. Private space exploration is a growing industry and space holds the prospects of harvesting valuable resources that may have a tremendous impact on the economy. However, private companies are deterred from fully entering into this industry given the lack of formalities pertaining to protections afforded by contemporary standards enforcing property rights and more generally, governance within this industry. After an overview of the background and importance of the topic, the paper offers a review of existing governance standards and legislation as they relate to outer space and the deep seabed. Here, evidence will be presented to show the existence of parallels between the governance structure of the two bodies, which are both international commons. This paper seeks to capitalize on these parallels and use them as a guide for suggesting a legal framework for governing private asteroid mining in outer space. The common heritage of mankind principle can apply to both the deep seabed and outer space and thus, acts as a starting point for creating the said legal framework for mining in outer space. The resulting framework includes utilizing a Fee Access Structure with a contract system for private entities as well as governmental organizations to legally allow mining, the formation of a governing body called the International Outer Space Mining Authority or IOSMA, the creation of an intergovernmental mining company, the development of economic regulations to prevent the influx of resources from adversely affecting certain markets, as well as other considerations. Furthermore, it is required that this governance structure operate within certain aspects of the existing legislation governing outer space, but also the drafting of new international agreements, compliant with international law, in order to fully implement the new governance structure. This paper will offer the private asteroid mining industry a potential legal framework or governance structure to advocate for in order to facilitate legally mining asteroids in outer space and reaping the economic benefits of doing so.

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