At the end of 2016, the National Credit and Investment Institution (SNCI) founded Saam sarl and immediately invested €12 million in Planetary resources through their founded company.

This investment represented 10% of shares in Planetary Resources. However, since its founding, the company has remained in the red and there have been no new jobs created by the company.

Last weekend, the news came out that the Luxembourgish state is no longer a partner of the American company Planetary Resources.

Etienne Schneider has made a name for himself as a believe in space mining and explained that when the state initially invested, everybody was enthused by the idea. He went on to say that the fact that expectations had not been met was certainly a shame and disappointing, but part and parcel in investing in a sector as new and experimental as space mining is.

Schneider is confident that the sector will continue to grow in a formidable fashion despite Planetary Resources' setback.

Many other start ups and companies will come to Luxembourg and join the more than 100 current projects.

On Friday, Etienne Schneider will travel to Texas for a conference on space mining with specialists from the sector. Many of those specialists are already present in Luxembourg, but there will be others who may want to extend their activities to the Grand Duchy.