Congress passed H.R. 2262, a celestial “Finders Keepers” law, that grants U.S. citizens to legally claim natural resources mined in space.

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“Neither the surface nor the subsurface of the moon, nor any part thereof or natural resources in place, shall become property of any State, international intergovernmental or non-governmental organization, national organization or non-governmental entity or of any natural person.”

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“Many years from now, we will view this pivotal moment in time as a major step toward humanity becoming a multi-planetary species,” Eric Anderson, co-founder of asteroid mining company Planetary Resources, said in a press release . “This legislation establishes the same supportive framework that created the great economies of history, and it will foster the sustained development of space.” The new Space Act allows ventures to keep and sell any natural resources mined on planets, asteroids and other celestial bodies. Commercial operations could reap trillions of dollars from mining precious metals like platinum, common metallic elements such as iron, and water, the “oil of space.”“Recognizing basic legal protections in space will help pave the way for exciting future commercial space endeavors,” Congressman Posey said in a prepared statement. “Asteroids and other objects in space are excellent potential sources of rare minerals and other resources that can be used to manufacture a wide range of products here on Earth and to support future space exploration missions.”While agencies can set up private mines and legally claim any resources recovered, international law states that government nor private organisations can claim extraterrestrial land. The Moon Treaty, Article 11, 3, states Not due for renewal until 2025, the bill was unanimously passed in the Senate on Tuesday with a few changes. It will be sent to President Obama after the House of Representatives approves the changes.“I plan to schedule this bill for final approval as early as possible and look forward to the President signing this important bill into law,” House Majority Leader Kevin McCarthy said.

Jenna Pitcher is a freelance journalist writing for IGN. You can follow her on Twitter . Say hi!