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April 23, 2012

Billionaires race on to mine passing asteroids

A GROUP of billionaires and adventurers will this week announce plans to mine asteroids as they pass by Earth.

The group, which includes key figures from Google and Microsoft as well as James Cameron, the director of the films Avatar and Titanic, is funding a new company, Planetary Resources, which plans to research the use of robot space mining ships.

It follows a recent study that identified 7500 suitable rocks potentially packed with valuable minerals with an estimated value of up to about pound stg. 12.4 trillion ($19.2 trillion) each.

The details have remained secret until the founders unveil their plans in Seattle today, but the consortium is understood to be seeking a "test rock" to prove extraterrestrial mining is practical and economic.

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