Market-driven solutions for the supply of precious metals: from an individual's perspective
Joaquin Corbalan P/Shutterstock
by Bodo Albrecht Resource Recycling
This article was published in the September 2024 issue of "Resource Recycling." To access all printed content, please subscribe now.
As demand for electric vehicles, semiconductors, fuel cells, battery panels, medical devices, and other products and components is rising globally, so is the demand for precious metals. These metals are preferred by manufacturers of a wide variety of products due to their excellent electrical conductivity, corrosion resistance, hardness, and other various valuable properties.
On the other hand, precious metals are limited natural resources. For example, at mines in South Africa, it is not uncommon to dig 2 to 3 kilometers underground to reach the ore deposits. Many major mining companies around the world are at this stage in their life cycle. While the search for new sources of supply continues, the costs involved are very high.
Of course, the impending shortage of precious metals is an issue that should be considered not only from the perspective of supply and demand in the industry but also from the perspective that it could have devastating effects on the environment and human health. According to a research report submitted to the UK Parliament in February 2022, "Mining and ore processing consume large amounts of water, including in arid regions. Mine drainage can cause serious pollution of water systems. This industry uses more than 8% of the world's total energy each year to produce metals and is responsible for 10% of annual greenhouse gas (GHG) emissions. Humanitarian and ecological disasters have been caused by the improper storage of mining waste."
In particular, the mining of precious metals has a far smaller impact on environmental issues than some of the mining of base metals and rare earths, as methods that have been established and understood over many years are used along with high safety standards. However, a study published by the International Platinum Group Metals Association (IPA) in 2023 found that the carbon dioxide emissions from recycled precious metals are still over 90% lower than those from primary mining.
Recovery and Mining of Precious Metals
Many recoverable precious metals, such as gold, iridium, osmium, palladium, platinum, rhodium, ruthenium, and silver, are currently being discarded.
The World Health Organization (WHO) refers to waste electrical and electronic equipment (e-waste)—including computers, home appliances, medical devices, and mobile phones—as "the world's fastest-growing solid waste." However, only 17.4% of this waste has been officially recovered and recycled.
In contrast, most of the waste and used catalysts generated from industrial production around the world are sources of recoverable metals and are already being recycled.
Even a slight improvement in the ratio of precious metals recovered by various methods compared to those mined would bring enormous, diverse, and widely shared benefits. Until now, the relative complexity associated with the recovery of precious metals has meant that this process has played only a limited role in the industry's plans for acquiring the resources it needs. However, market-driven trends are beginning to change this.
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