A new method of recovering gold from electronic waste is being used by the British Royal Mint

The piles of old smartphones, outdated computers and broken laptops piling up in scrapyards hold miniature mountains of gold. A new project in the UK aims to tap into this unseen wealth.

The Royal Mint, the official producer of British coins in the UK, has signed an agreement with Canadian cleantech start-up Excir to use “world-first technology” to safely recover and recycle gold and other precious metals from electronic waste (e-waste).

Circuit boards in electronic devices contain small amounts of gold in their connections due to its conductive properties, along with other useful metals such as silver, copper, lead, nickel, and aluminum.

Obtaining this metal has so far been a challenge, but the technology developed by Excir enables 99 percent of the gold trapped in e-waste to be secured in a matter of seconds.

After the circuit boards are prepared using a “unique process,” they are introduced to a patented chemical formula that selectively extracts gold in seconds. The gold-rich liquid is then processed and turned into pure gold, which can be melted down into bars. The process also has the potential to recover palladium, silver and copper.

“The Royal Mint has thrived for over 1,100 years thanks to our entrepreneurial spirit, and Excir’s technology complements our ambition to be a leader in sustainable precious metals. The chemistry is revolutionary and enables precious metals to be recovered from electronic devices in seconds. It offers huge potential for The Royal Mint and the circular economy – helping to reuse our planet’s precious resources and creating new skills in the UK,” said Sean Millard, Chief Growth Officer at The Royal Mint, in a statement.

About 22 percent of electronic waste is currently collected, properly stored, and recycled. But with new technologies like this, the scourge of scrap electronics could be eased.

An estimated 62 million tons of electronic waste are produced worldwide each year—enough to fill more than 1.5 million 40-ton trucks. As demand for electronic gadgets grows, that figure is expected to rise another 32 percent by 2030, making it the fastest-growing source of solid waste in the world.

The World Health Organization considers e-waste hazardous because it contains toxic materials and can leak toxic chemicals if not properly handled. For example, discarded electronics can pump lead and mercury into the environment, which can disrupt normal central nervous system development during pregnancy, infancy, childhood, and adolescence. Furthermore, e-waste is not biodegradable and accumulates in the environment.

Not only is this a major environmental problem, but it is also a huge waste. In total, some $57 billion to $62 billion of precious metals could be sitting in landfills and scrap yards.