NASA Chief Says Rare Earth Might be Harvested From the Moon this Century

NASA administrator Jim Bridenstine explained that harvesting rare earth metals from the lunar surface is an example of how companies can profit from space exploration. "There may be a lot of platinum group metals and rare earth metals on the moon, which are very valuable on Earth," Bridenstine told "Squawk Alley" CNBC on Thursday. Bridenstine said that because of "ongoing investments in space," it would be realistic to extract these metals from the moon in the coming decades.

On the 50th anniversary of Apollo 11, NASA leaders made predictions about the future of the space industry and how it could be profitable.

Bridenstine said that because of "ongoing investments in space," it would be realistic to extract these metals from the moon in the coming decades. "Billionaires are actually investing in space and exploration, and NASA can benefit from it," Bridenstine said.

Under the guidance of the White House, the agency aims to send astronauts to the moon in 2024 under its Artemis program. NASA signed an Artemis contract with Boeing and Lockheed Martin to build its giant "space launch system" rocket and Orion capsule. In addition, SpaceX and Blue Origin are developing spacecraft that can send goods and humans to the moon. Using these private technologies, Bridenstine believes NASA will be able to achieve its current goal of "less than $20 billion" on the moon.

He emphasized that NASA wanted to be a "customer of many companies", which he often commented on. NASA is increasingly reliant on private companies, and Bridenstine believes this will help the agency put humans on the moon faster than previously expected.

“The transformation that came from Apollo is unquestioned, and it’s good for the human condition,” Bridenstine added.

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