The Royal Mint has inaugurated a new factory in South Wales dedicated to recovering gold from electronic waste, marking a significant shift in its operations.

Construction of the facility began in early 2022, and it is designed to process up to 4,000 tonnes of printed circuit boards (PCBs) annually, sourced from UK electronics such as phones and laptops.

This factory has the potential to yield approximately half a tonne of gold each year, valued at around £27 million ($34 million), which will be used in the Mint's luxury jewelry line.

The new facility aims to create a sustainable source of precious metals while reducing reliance on traditional mining practices.

CEO Anne Jessopp emphasized the importance of diversifying into e-waste processing to adapt to declining cash usage and to preserve jobs by transitioning staff to this new venture.

The initiative addresses the growing global issue of e-waste, which amounted to 62 million tonnes disposed of in 2022, with projections indicating a significant increase by 2030.

Utilizing patented technology from Canadian company Excir, the extraction process is energy-efficient and quick, dissolving gold from circuit boards in just four minutes.

Mark Loveridge, director at Precious Metals Recovery, highlighted that the factory employs innovative, environmentally friendly processes for gold recovery, marking a world-first in this technology.

The recovered gold is already being utilized in the Mint's luxury jewelry collection, with items priced between £275 ($350) and £110,000 ($140,000).

This new method of gold extraction is more efficient than traditional processes, which are typically energy-intensive and require high temperatures.

The facility is powered by renewable energy sources, including wind turbines and a solar farm, and aims to recycle all materials involved in the extraction process.