At its closest point, it will be about 27,681 km (17,200 mi) away, but scientists say there is no chance that it will hit our planet. Although this distance is less than some weather and communications satellites, it is still in fact far higher than the International Space Station, which has an orbital altitude of between 330 km (205 mi) and 410 km (255 mi).
On average, an asteroid like this is expected to pass us by approximately every 40 years, while one will actually hit the Earth once every 1,200 years.
Scientists already have a fair idea of what effect such an impact would have as in 1908, a similar sized meteor hit a remote area of Siberia, called Tunguska. In fact, on that occasion the meteor exploded just above the ground, flattening a forest area of 2150 square km (830 sq.miles), and generating a blast that was 1000 times more powerful than the Hiroshima atom bomb!