If the next Gold Rush is in space, Luxembourg wants to become the new California. The wealthy little country in Western Europe announced yesterday that it intends to set up legal and financial incentives to encourage the space mining industry. It's hoping to become a hub for space mining activity, reaping the economic rewards that could result.

Some asteroids contain valuable metals such as gold and platinum, while the moon and other celestial bodies contain water that could potentially be turned into rocket fuel. In 2015, the U.S. laid down the first legal groundworkto let companies mine for space resources. Luxembourg, too, will establish a regulatory framework, as well as investing in research and development for space mining technology, which is not yet ready for primetime.

"We will support the long-term economic development of new, innovative activities in the space and satellite industries as a key high-tech sector for Luxembourg," said deputy prime minister Étienne Schneider. "At first, our aim is to carry out research in this area, which at a later stage can lead to more concrete activities in space."