Luxembourg will announce an asteroid mining venture Wednesday to seek gold, platinum and other minerals from some of the 13,000 asteroids nearest earth, news reports said.
One cubic metre of an asteroid potentially contains minerals worth 1,000 billion dollars, the Luxembourg Wort newspaper reported, citing experts.
The project has reportedly been in the works since 2013. Luxembourg's Economy Minister Etienne Schneider was due to provide more information about the joint venture, which will also involve two US companies, on Wednesday.
Two potential US partners in the project are Deep Space Industries and Planetary Resources, according to the Financial Times.
In November, US President Barack Obama said that any asteroid material returned to earth by an American citizen would be the property of that person.