The video will start in 8 Cancel

The Daily Star's FREE newsletter is spectacular! Sign up today for the best stories straight to your inbox Sign up today! Thank you for subscribing See our privacy notice Invalid Email

Physicist Michio Kaku is predicting the next gold rush will take place in outer space as teams compete to collect precious metals from asteroids.

Space rocks containing a variety of metals including iron, nickel, carbon, cobalt, platinum, rhodium and iridium are being targeted as Earth faces a metal shortage.

In his new book, Kaku has described asteroids as “flying gold mine[s] in outer space” and said these precious metals can be brought back to Earth.

Examples of valuable asteroids include one rock measuring 3,000ft across that contains $5.4 trillion worth of platinum.

(Image: GETTY)

A smaller asteroid that is approximately 100ft wide is believed to contain metals worth around $50 billion.

There are thousands of asteroids classed as near-Earth objects, but astronomers have chosen 12 that are very close and have big mining potential.

Asteroids are split into different classes: M-type, C-type and S-type.

Both M and S-types contain metals, with the M asteroids the most valuable due to the high density of precious materials inside them.

C-type asteroids could also have a mining use as they contain clay that water can be extracted from them in space.

This can then be turned into rocket propellant that could then be used to refuel rockets.

But Kaku thinks the possibility of mining is endless, with the most valuable asteroids yet to be discovered.

He said: “However, the majority of these objects have not yet been detected by us, and there are potentially billions of them.”