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Britain's Royal Mint Plans To Build Plant In Wales To Extract Precious Metals

Price Target on Gold precious metals
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EDITOR'S NOTE: In another sign of how important gold and silver are and will become in these turbulent economic times, Reuters reports that “Britain's Royal Mint said on Wednesday it planned to build a plant in Wales that could reclaim hundreds of kilograms of gold and other precious metals from electronic waste such as mobile phones and laptops.” The country is partnering with Canadian start-up called Excir to pull what it hopes to be “hundreds of kilograms of precious metals.” This move illustrates how so many — from central banks to billionaire investors — are looking to protect themselves from inflation, market crashes, and other economic hardship with gold, silver, and other precious metals. 

precious metals, New two pence coins are seen at The Royal Mint, in Llantrisant, Wales, Britain, January 25, 2017. Picture taken January 25, 2017. REUTERS/Rebecca Naden

Photo: Reuters

LONDON, Oct 20 (Reuters) - Britain's Royal Mint said on Wednesday it planned to build a plant in Wales that could reclaim hundreds of kilograms of gold and other precious metals from electronic waste such as mobile phones and laptops.

Gold and silver are highly conductive and small quantities are embedded in circuit boards and other hardware, along with other precious metals.

Most of this material is never recovered, with discarded electronics often dumped in landfill or incinerated.

The more than 1,100-year old mint said it had partnered with a Canadian start-up called Excir which has developed chemical solutions to extract the metals from the circuit boards.

"It's able to selectively pull out precious metals with a high degree of purity," said Sean Millard, the mint's chief growth officer.

He said the mint was currently using the process at small scale while designing a plant that "would look to process hundreds of tonnes of e-waste per annum, generating hundreds of kilograms of precious metals".

The plant should be up and running "within the next couple of years", he said, declining to say how much it would cost.

A kilogram of gold is worth around $55,000 at current prices.

Reporting by Peter Hobson; Editing by Jan Harvey

Originally posted on Reuters.

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