This article discusses why the existing international framework is not ready for an anticipated rush to exploit space resources. Nation State models cannot adequately deal with issues of giving trade-able rights to exploration areas, title to space resources and provide sufficient incentives and sanctions to prevent dangerous risk taking behavior. They are also unlikely to deliver a benefit to all of mankind. It argues that Australia, with its history of involvement in space and expertise in the mining industry, should encourage a process of negotiation of international agreement to regulate space mining.