The Outer Space Treaty and other legal obstacles could block our sci-fi future.

Imagine you start an asteroid mining company. It's tough at first. You know that profits are uncertain and, if they do ever materialize, it will be in five years at the earliest, maybe even ten. It takes a long time to find investors willing to trust you because several similar ventures with almost identical business models have already gone bust and the investment horizon is far too long for many. Nevertheless, you persevere, and you manage to convince a few investors.

You hire astronomers to identify asteroids with valuable metals such as platinum. You send unmanned probes to several near-Earth asteroids to collect samples. The first few turn out to be of little value. The costs are too high and outweigh any potential profits.

Then comes the breakthrough: You find a suitable asteroid, and you succeed in bringing platinum group metals all the way back to Earth. But then a group of countries files a lawsuit against you. They are all signatories to the so-called Moon Agreement of 1979, formally known as the "Agreement Governing the Activities of States in the Moon and other Celestial Bodies," which came into effect in 1984. The treaty applies not only to the moon, but to all celestial bodies, including asteroids.

...read more at reason.com