The Legalities Of Lunar Mining

We now know there is a substantial amount of water on the Moon, perhaps enough to mine commercially to help build an early lunar economy by supporting local operations and by exporting to low Earth orbit. Such exporting would be economical at some point because of the Moon's low gravity and lack of atmosphere, which would make transporting water from the Moon to LEO cheaper than carrying it out from Earth.

We also have good evidence that the Moon has a range of other economically viable resources. One basic problem in tapping those resources, however, is a lack of clarity in the law. The Outer Space Treaty of 1967 still governs in this area. Some space law experts read that treaty to allow the mining of resources, but who owns the stuff after it's been extracted is much less clear. That uncertainty no doubt will inhibit the flow of capital into space business. To successfully sell a product legally, the seller of that product must have the unambiguous ownership rights to that product.

The political, economic, and technological world that exists today is vastly different from the world of 1967-- likely different from any future imagined by politicians and diplomats in 1967. That different world, and the future that will develop from it, demands a new treaty that specifically guarantees the safety of investing in private space ventures, guarantees private property rights beyond Earth, and guarantees that profits made in operations beyond Earth can legally be brought back to Earth.