The law sets the regulations that have to be passed in order for companies to engage in space mining. They will have to ask for authorization from the Luxembourg government, detailing each specific mission.
Now, this doesn’t give companies the right to claim territorial sovereignty of extraterrestrial bodies. The law merely clears who owns the resources once they arrive on the ground or are used in outer space.
According to Deputy Prime Minister and Minister of the Economy Etienne Schneider, “The legal framework we put in place is perfectly in line with the Outer Space Treaty. Our law does not suggest to either establish or imply in any way sovereignty over a territory or over a celestial body. Only the appropriation of space resources is addressed in the legal framework. Luxembourg’s new space legislation confirms the strong commitment to become a European hub for the exploration and use of space resources.”