ASTEROID mining could be a catalyst for humans colonising other planets, according to a new study.

The space rocks are desirable targets because they can contain precious metals such as gold, silver and platinum.

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After Nasa's budget was increased back in 2018, Texas senator Ted Cruz said: "Ill make a prediction right now. The first trillionaire will be made in space."

That wasn't the first time that prediction had been made as scientists have had their sights set on the wealth that asteroids could bring for years.

There are around 9,000 asteroids that fly near Earth regularly and mining their resources could prove to be very useful for our planet.

A recent study released by market research firm Report Linker revealed that the technology created to mine these asteroids could improve spaceflight capabilities and the tech necessary for living on other planets.

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The study stated: "Asteroid mining or space mining could help start the colonization of planets where finding water would be imperative.

"Also, the water can be broken down into hydrogen (used as fuel) and oxygen (air to breathe) and water is used to help grow food, as well as protective shield from the harsh rays from the space such as UV, infrared and others."

The study also claimed that asteroid mining tech could become a good defence against any dangerous asteroids heading for Earth.

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Nasa is eyeing up a nearby asteroid that contains enough gold to make everyone on Earth a billionaire.

Psyche 16 is nestled between the orbits of Mars and Jupiter and is made of solid metal.

As well as gold, the mysterious object is loaded with heaps of platinum, iron and nikel.

In total, it's estimated that Psyche's various metals are worth a gargantuan 8,000 quadrillion.

That means if we carried it back to Earth, it would destroy commodity prices and cause the world's economy worth 59.5trillion to collapse.

What's the difference between an asteroid, meteor and comet?

Here's what you need to know, according to Nasa...

In other space news, Elon Musk will be sending three space tourists on a 10-day holiday to theInternational Space Station next year.

Lettuce has beensuccessfully grown in space.

And, the most detailed panorama ever snapped fromthe surface of Marshas been unveiled by Nasa.

What are your thoughts on space mining? Let us know in the comments...

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Space mining could lead to string of human colonies on alien planets - The Sun