The early American colonies were a financial disaster for the proprietors too.
True in the sense that this statement is so wrong that it becomes right. The early american colonies were so profitable that they caused the collapse of the Spanish economy three times because they had too much gold.
We're talking about different colonies (specifically, I was thinking of the early English colonies, most of which either failed spectacularly or kinda limped along for decades before becoming sustainable). Roanoke vanished completely. Jamestown lost 75% of its population in the first 3 years. Plymouth lost half its population in the first
six months. The 1500's are littered with failed French and British colonies in the Caribbean. The southern colonies were not initially founded to grow tobacco, but rather to harvest sassafras bark. It was only sheer dumb luck that John Rolfe had brought some tobacco seeds from the Caribbean to Jamestown, and it was only after they tried growing and harvesting tobacco that Jamestown became profitable.
My point being, it may be that asteroid mining won't be profitable for decades, but then somebody will discover that asteroids make great places to do zero-G medicine, or biotech, or high-energy physics, or something else lucrative. But they won't get that far unless a group of investors is willing to take losses early until that pivot point is reached. Governments are too fickle a source of funding. That's why I'm kinda jazzed at the prospect of a bunch of engineers and geeks with loads of money hitching up to this wagon.
I know can determine the elements on the surface of a far-away object by observing the exact wavelength of the light that reflects off of it. There are probably some other methodologies I'm missing as well.
I would've thought that for something as relatively tiny and far away as an asteroid that would be fairly difficult. And you'd only get the surface, although I guess you could hope it's the same all the way through.
No, we've done it for things as far away as planets orbiting other stars.
We've determined
atmospheres. Not crust composition. Atmospheres you can partially determine because of absorption spectra, and some educated guesses based on mass and temperature (which is its own guess based on insolation and distance). But determining the crustal composition is nearly impossible without a direct sample or (as someone suggested) spectrographic analysis of ejecta.
Up close, we could use things like ground-penetrating radar and sonar to get an idea of the mass distribution/density of the rock and make some more educated guesses about what the composition is based on knowledge of geology, but the best bet is still going to be a core sample of some kind.