Greentech Lead America: GTSO Resources, Green Technology
Resources’ mining subsidiary, has signed a letter of intent to acquire Global
Cellphone Buyers, an emerging U.S.-based e-waste recycling company.
Global e-waste
recycling market is predicted to grow to $1.86 billion by 2017 with a
strong compound annual growth rate (CAGR) of four percent. GTSO has plans to
grow right alongside the rapidly expanding industry, and is aggressively
targeting new partnerships and acquisitions that will increase its footprint in
the sector.
“No other electronic devices in the world are discarded
as frequently as cell phones – typically after only 18 months, on average,” said
GTSO CEO Paul Watson. “These phones contain both valuable and toxic materials
that should never end up in a landfill, and yet that’s what’s happening. The
acquisition of Global Cellphone Buyers could potentially allow GTSO to optimize
recovery of gold, lithium, rare earths and other elements from unwanted cell
phones that would otherwise end up in the trash.”
In addition to North America, GTSO Resources is
pursuing new urban mining opportunities in developing nations such as Ghana and
Chile, which often serve as dumping grounds for industrialized nations’
e-waste.
editor@greentechlead.com