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Golden Spike space firm plans $1.4bn Moon trips

7 December 2012 Last updated at 08:12 GMT

A team of former Nasa executives has launched a private venture to send two people to the Moon for $1.4bn (£871m).

Golden Spike Company says it will use existing rocket and capsule technology, and will aim for a first launch before the end of the decade.

The firm is one of many new private firms hoping to follow the success of Space X, which has ferried cargo to the International Space Station (ISS).

Golden Spike Chairman Gerry Griffin and CEO Alan Stern explained their plans at a media conference on Thursday.