The idea of the ‘circular economy’ – repurposing and reusing products – is becoming increasingly popular in the mining and metals industry. Metals can be removed from post-lifecycle smartphones, laptops and computers to be repurposed into new technology. This both reduces costs and the need to further mine metals, potentially harming the environment.
A circular economy for improved sustainability
Reusing metals – and other products, such as plastic – allows major companies to reduce their impact on the environment. In one move, they are using products that would have otherwise gone to waste, while also preventing putting more virgin plastic and metals into the environment.
Long term profit for global mining companies
The circular economy will create immense value for global mining companies by saving on the costs of mining metals. This means that they can dedicate more time and resources to the recycling and repurposing of these metals. By minimizing the usage of new materials, we can ultimately create value chains that are intricately cyclical in nature.
The circular economy brings value to the mining sector through:
- Cost savings
- Improving ESG (Environment, Social and Governance) reputation
- Providing more time for other investments and projects
Reduced costs for consumers
The cost savings will, in time, trickle down to the customers. This could also mean that consumers will be incentivised to trade in old or unused but intact smartphones for a small price so that the company can reuse it.
Regardless, there are so many digital devices that end up in our trash, it won’t take long to see the value of the circular economy in our lives and businesses.
The circular economy will ultimately both nurture the environment and save both consumers and companies costs in the long term. It’s an investment that will encourage company growth and general ESG reputation, as well as cost.
Our platform, STAMP Supply, can comprehensively track supply chains end-to-end to cultivate the circular economy. It’s backed by blockchain technology, ensuring transparency and traceability in your company supply chain. Interested in finding out more? You can read about STAMP Supply here or contact us for a demo here.