Gold Digger: Mining old phones for gold is looking really attractive right now
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Did you know that 1 gram of gold can be recovered from about 41 recycled mobile phones?
With the price of gold currently around $2,660 per ounce — roughly $86 per gram — there’s about $2.10 worth of gold alone in every junked device, says Sandra Wilson, ‘urban miner’ and Professor of Ecological Metal Design at University of Dundee.
“There’s an incredible difference in yield between mining metals from ore and recovering them from old devices – urban mining, if you will,” she says.
The World Gold council reckons 262 tonnes of gold was used in electronics last year.
“With gold, 1 tonne of ore will average about 6g of metal,” Professor Wilson says.
“From electronic waste, the same weight will generate more like 350g. Yet only around a fifth of global electronic waste is recycled, while in countries like India, it is more like 1.5 per cent.”
>>>Scroll down for the top gold movers over the past week>>>
MobileMuster estimates that most Australian households have at least two old unused mobiles – or an estimated 25 million countrywide .
All up, that’s $52.5m worth of gold just sitting in Australia’s collective bottom draw. Food for thought.
Could urban mining develop into a lucrative side hustle? Maybe, especially with analysts like Bell Potter’s Kevin McKay predicting that another “break out to the up-side may be imminent” for the gold price.
“A review of the technical action over the past six months shows clearly the gold price continues in a major upward trend despite suffering a $US200 correction in March 2020,” he says.
“A close above $US1,788 would be required to signal a full-scale assault on $US1,800 and perhaps ultimately a test of the 2011 all-time highs.
“The recent technical action suggests the gold price is poised and positioned to make that move sooner rather than later.”
Here’s how ASX-listed gold stocks performed for the period May 18– 22 [intraday]:
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Riversgold (ASX:RGL) jumped 150 per cent this week when well-known mining investor Tolga Kumova joined the register as part of a $1.5m cap raise.
The minnow — which has done zero fieldwork since the June quarter last year — says this cash will go towards an upcoming exploration program at its early stage Eastern Goldfields projects.
The week prior Riversgold went from 0.8c to a high of 1.3c per share on big volumes, and for no apparent reason.
The explorer told the ASX this may have been due to a potential unnamed project transaction which was subsequently not pursued.
Minnow PanTerra Gold (ASX:PGI) almost doubled its market cap on Thursday after finalising a joint venture to develop the advanced La Demajagua gold-silver deposit in Cuba.
PanTerra — chosen by the Cuban government’s mining company as a proposed 49 per cent JV partner way back in October 2018 — wants to produce ~60,000 tonnes a year of concentrate grading around 47 grams per tonne (g/t) gold and 380g/t silver for at least six years.
Torian Resources (ASX:TNR) has drilling results pending from the Mt Stirling gold camp, which is right next door to $600m market cap miner RED 5’s (ASX: RED) tenement package that hosts the King of The Hills mine.
Torian says this eight-hole drill program — first drilling the ground has seen in four years — is testing the ‘down plunge’ on a significant historical gold intercept of 35m at 2.99g/t.
The stock is up 53 per cent for the week, and 225 per cent year-to-date.