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Mining on Moon: Why major powers are eyeing a lunar gold rush?

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9 months ago

August 12, 2023

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Mining on Moon: Why major powers are eyeing a lunar gold rush?

Russia launched its first moon-landing spacecraft in 47 years on Friday amid a race by major powers including the United States, China and India to discover more about the elements held on the earth’s only natural satellite.

Russia said that it would launch further lunar missions and then explore the possibility of a joint Russian-China crewed mission and even a lunar base. NASA has spoken about a “lunar gold rush” and explored the potential of moon mining.

Why are major powers so interested in what is up there?

The moon, which is 384,400 km (238,855 miles) from our planet, moderates the earth’s wobble on its axis which ensures a more stable climate. It also causes tides in the world’s oceans.

Current thinking is that it was formed when a massive thing collided with earth about 4.5 billion years ago. The debris from the collision came together to form the moon.

Temperatures vary: in full Sun, they rise to 127 degrees Celsius while in darkness they plummet to about minus 173 degrees Celsius. The moon’s exosphere does not give protection against radiation from the Sun.

The first definitive discovery of water on the moon was made in 2008 by the Indian mission Chandrayaan-1, which detected hydroxyl molecules spread across the lunar surface and concentrated at the poles, according to NASA.
Water is crucial for human life and also can be a source of hydrogen and oxygen – and these can be used for rocket fuel.

Helium-3 is an isotope of helium that is rare on earth, but NASA says there are estimates of a million tonnes of it on the moon.

This isotope could provide nuclear energy in a fusion reactor but since it is not radioactive it would not produce dangerous waste, according to the European Space Agency.

Rare earth metals – used in smartphones, computers and advanced technologies – are present on the moon, including scandium, yttrium and the 15 lanthanides, according to research by Boeing.

It is not entirely clear.

Some sort of infrastructure would have to be established on the moon. The conditions of the moon mean robots would have to do most of the hard work, though water on the moon would allow for long-term human presence.

The law is unclear and full of gaps.

The United Nations 1966 Outer Space Treaty says that no nation can claim sovereignty over the moon – or other celestial bodies – and that the exploration of space should be carried out for the benefit of all countries.

But lawyers say it is unclear whether or not a private entity could claim sovereignty over a part of the moon.
“Space mining is subject to relatively little existing policy or governance, despite these potentially high stakes,” The RAND Corporation said in a blog last year.

The 1979 The Moon Agreement states that no part of the moon “shall become property of any State, international intergovernmental or non-governmental organization, national organization or non-governmental entity or of any natural person.”

It has not been ratified by any major space power.

The United States in 2020 announced the Artemis Accords, named after NASA’s Artemis moon program, to seek to build on existing international space law by establishing “safety zones” on the moon. Russia and China have not joined the accords.

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Published

24 hours ago

May 17, 2024

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

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Business

Govt jacks up power price by Rs1.47 per unit

Published

24 hours ago

May 17, 2024

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Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

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Business

Hong Kong allows China’s digital yuan to be used in local shops

Published

24 hours ago

May 17, 2024

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Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

The yuan’s use in global finance remains low, though it has shown steady increases.

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