Eco Recycling Ltd Boosts Recycling Efforts Amidst Critical Mineral Push

In her budget speech on July 23, 2024, Finance Minister Nirmala Sitharaman highlighted the importance of recycling by announcing the Critical Mineral Mission. This initiative will focus on domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets.

The mission will cover technology development, skilled workforce training, EPR frameworks, and suitable financing mechanisms. Critical minerals such as lithium, copper, cobalt, and rare earth elements are essential for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics.

To support these industries, the Finance Minister proposed customs duty exemptions on 25 critical minerals and a reduction in basic customs duty on two others, aiming to boost processing and refining capabilities and secure availability for strategic sectors.

Recognising the critical role of recycling, the Indian government has significantly emphasised managing valuable resource-containing wastes such as e-waste, lithium-ion batteries, and end-of-life vehicles. Various rules have been established under the Environment Protection Act to regulate these materials, and authorised recycling facilities have been designated.

Eco Recycling Ltd, the first authorised recycling facility in India for electrical and electronic waste (e-waste), has been committed to the nation’s and Nature’s interests since 2005. To facilitate the proper handling of used equipment, the Central Government has implemented E-Waste Management and Battery Waste Management Rules, which include Extended Producer Responsibility (EPR) obligations for electrical and electronic equipment producers.

Eco Recycling Limited believes that a successful Production-Linked Incentive (PLI) Scheme relies heavily on securing an uninterrupted supply of precious and rare metals, which are most economically sourced from recycled materials like e-waste and lithium-ion batteries.

With the increasing generation of these wastes and the growing need for critical minerals, Eco Recycling Ltd (Ecoreco) has expanded its capabilities. The company recently increased its e-waste recycling capacity to 18,000 MTPA, in addition to its existing 6,000 MTPA for lithium-ion battery recycling, all funded through internal resources. Ecoreco continues to serve major global brands for e-waste recycling and EPR credits as mandated by the regulations.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.