Google's Eric Schmidt and film director James Cameron back venture to mine in space

04-21-2012 • http://www.telegraph.co.uk, By Emma Rowley

Power players including Eric Schmidt, the Google chairman, and James Cameron, the film director, are planning to mine the final frontier: space.

They are among the backers of a new venture that will reach for the riches lying elsewhere in the solar system. Planetary Resources will be a “space exploration company to expand Earth’s resource base” according to scant information released ahead of the start-up’s launch in Seattle on Tuesday.

“The company will overlay two critical sectors – space exploration and natural resources – to add trillions of dollars to the global GDP,” was the bold claim. “This innovative start-up will create a new industry and a new definition of 'natural resources’.”

Mr Schmidt and the internet giant’s co-founder Larry Page are listed alongside Mr Cameron, the director of Titanic and Avatar, among the venture’s investors and advisers.