Yes, it's named for the lump of metal that once made a quick orbit of the Earth. But that's what you get when a Martian starship captain names a planet (they dubbed the other planet Tulip - go figure).
So Sputnik has one natural resource: yellow sand. It's an oxidized silicon grit very similar to the glassy sands of Earth, except it has more metal ores mixed in. And there's not as much oxygen in the atmosphere. And no carbon dioxide, either. In fact, Sputnik doesn't really have an atmosphere. It was all blasted away when a nearby start went supernova. Or maybe it was the end result of that last galactic war they had. Either way, the atmosphere's gone, and no one can tell if the shavings of metal ore were deposited by natural processes or if, instead, those shavings are all that remain of the society which lived on Sputnik in the distant past.