Source : Procurement Leaders
The UK government has initiated a plan designed to recycle precious metals, including gold and platinum, estimated to be worth millions of pounds a year.
The UK Environment Secretary Caroline Spelman said that, currently, millions of pounds a year are being wasted as consumer goods such as laptops containing precious metals are dumped in landfill sites.
Whitehall has launched the Resource Security Action Plan to promote reuse of these commodities and to ensure UK businesses are more resilient to any changes in their supply and price.
According to Spelman, China produces over 95% of rare earth elements, with Russia and the Democratic Republic of Congo leading production of other key materials that are used in everyday technology such as mobile phones.
She claimed that the UK is one of the first countries to bring business and civil society together to attempt to prevent potential supply uncertainty by maximising recycling efforts.
Spelman said: “Businesses are already feeling the heat from uncertainty in the supply of the speciality metals used in mobile phones, medical equipment and aeroplanes.
“We’re working with business to help prepare for these risks – but there is also a multi-billion pound opportunity in the massive amount of valuable metals lost because of how we deal now with products people no longer want."
The Action Plan includes financial support of £200k for local businesses to come up with new ways of re-using or recycling precious materials.