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Toxic mine: Gold worth £7 billion up for grabs, but its buried under 42 million tons of e-waste

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eWaste

By NewsGram Staff Writer

A report by the United Nations University (UNU) has revealed that the amount of “e-waste” generated globally is increasing by two million tons a year and will reach 50 megatons by 2018 – with Britons among the planet’s biggest generators of hi-tech junk.

The study warns that less than 16 per cent of global e-waste is being diverted from landfill into recycling and reuse – representing the loss of an “urban mine” of potentially recyclable materials worth more than £34 billion.

Gold worth more than £7 billion is being thrown away amid the 42 million tons of electronic and electrical equipment discarded by consumers, according to United Nations experts.

Among the resources being lost annually, as millions of items from mobile phones to fridges are inadequately disposed of, are 300 tons of gold (equivalent to more than a 10th of global production in 2013) as well as 1,000 tons of silver worth £400 million and 16 megatons of steel with a value of £6.5 billion.

The UNU research found that rather than being dominated by discarded electronics such as mobile phones or computers, the majority (nearly 60 per cent) of e-waste consisted of large and small domestic appliances or office equipment.

UN under-secretary and rector of the Tokyo-based UNU, David Malone said: “Worldwide, e-waste constitutes a valuable ‘urban mine’ – a large potential reservoir of recyclable materials. At the same time, the hazardous content of e-waste constitutes a ‘toxic mine’ that must be managed with extreme care. There is a large portion of e-waste that is not being collected and treated in an environmentally sound manner.”

The report also identified Britain among the world’s most profligate producers of e-waste, ranking fifth in the weight of material discarded per inhabitant, with each Briton generating 23.5 kg each year.

The UK was also sixth worldwide in the total amount of e-waste the country generated, with some 1.5 megatons – barely 100,000 tons less than India which has 20 times the population.

The UNU report said that only one-third of e-waste in the UK is recycled through recognised schemes – a figure that must reach 85 per cent under EU rules by 2019.

Federico Magalini, a UNU researcher said, “In the UK we are seeing that the ‘lifespan’ of an electric or electronic product may be particularly short.

“We should not simply try to stop consumption to minimise the amount of waste being generated, but should instead make sure that it is properly collected and recycled. There is an opportunity to create jobs and extract those resources currently being discarded”, he added.

The fast-growing mountain of waste also contains alarming quantities of toxins, including 4,400 tons of ozone-depleting chemicals and 2.2 megatons of lead glass weighing more than the equivalent of the Empire State Building.

Heavy metals and other chemicals commonly found in electronics such as mercury, cadmium and beryllium can leach into the ground and water supplies, causing kidney and liver damage and impaired mental development.

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Google Pay Users Can Now Even Buy Gold Through the App

The petitioner has sought direction to the RBI to stop Google Pay operation in India

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The app "Google Pay" displayed on a user's Smartphone.

Aiming to make Google Pay more useful for Indian users, Google on Thursday announced its partnership with MMTC-PAMP India for buying and selling gold through the application.

MMTC-PAMP India Pvt. Ltd is an internationally recognised metal and mining service provider.

“Google Pay users would be able to buy 99.99 per cent, 24 karat gold after this partnership with India’s only LBMA accredited gold refinery,” the company said in a statement.

With this, Google Pay users can purchase gold for any value that will be stored in secure vaults on their behalf by MMTC-PAMP. The users can buy and sell the gold any time at the latest price, refreshed every few minutes, as displayed on the Google Pay app.

Google Pay.

“Gold is core to Indian culture and tradition, making India the world’s second largest consumer of gold. Keeping this in mind, we introduced gold buying and selling feature on Google Pay for millions of Indians who can buy gold right from their mobile phones,” said Ambarish Kenghe, Director-Product Management, Google Pay, India.

The announcement came as the Delhi High Court on Wednesday asked the Reserve Bank of India (RBI) and Google India Digital Services Private Limited to file a reply on a plea alleging Google Pay not being listed as an authorised operator as per a list of the ‘Payment System Operators’.

Also Read- Indians Are Willing To Share Personal Information With Their Banks, Claims Study

A division bench of Chief Justice Rajendra Menon and Justice Anup Jairam Bhambhani issued notice to the RBI and Google India Digital Services Private Limited on a PIL filed by Abhijit Mishra.

The petitioner has sought direction to the RBI to stop Google Pay operation in India. (IANS)