The Royal Mint is to have a go at a 21st-century approach to alchemy, turning electronic waste into gold.
The Royal Mint has announced plans to build a gold recovery plant in South Wales that it says will help address a growing environmental issue while creating a new source of high-quality precious metals for the business.
Using patented new chemistry created by Canadian company Excir, The Royal Mint plant will recover gold within the circuit boards of laptops and mobile phones. The unique chemistry is capable of recovering over 99% of the precious metals contained within electronic waste, selectively targeting the metal in seconds, a press statement said.
Construction of the plant begins this month. When fully operational in 2023, The Royal Mint expects to process up to 90 tonnes of UK-sourced circuit boards per week which should generate hundreds of kilograms of gold per year. In addition, the new business venture will support around 40 jobs, helping existing employees.
The company hopes the plant will open up a new revenue stream for the company. The company’s typical stock in trade is offering investment opportunities in gold, silver or platinum as well as minting commemorative coins for collectors.
Anne Jessopp, the chief executive of The Royal Mint, said the company is transforming its business for the future, expanding into areas that “complement our expertise in precious metals, champion sustainability and support employment”.
Sean Millard, the chief growth officer at The Royal Mint, said the company estimates that 99% of the UK’s circuit boards are currently shipped overseas to be processed at high temperatures in smelters.
“As the volume of electronic waste increases each year, this problem is only set to become bigger. When fully operational our plant will be the first of its kind in the world – processing tonnes of electronic waste each week, and providing a new source of high-quality gold direct[ly] to The Royal Mint,” Millard said.