Ecoreco Welcomes India's Strategic Push for Recycling and Critical Mineral Management

MUMBAI, India, July 30, 2024 /PRNewswire/ -- Eco Recycling Ltd (Ecoreco) (BSE: 530643), India's pioneer in e-waste recycling, applauds the government's recent emphasis on recycling valuable resources and the establishment of a 'Critical Mineral Mission'. The company views these initiatives as crucial steps towards achieving sustainable development and securing India's strategic interests.

The Finance Minister, Nirmala Sitharaman, in her budget speech last Tuesday, emphasized the importance of recycling and declared the necessity for conservation and recycling under the 'Critical Mineral Mission'. She stated, "We will set up a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, a skilled workforce, an extended producer responsibility framework, and a suitable financing mechanism."

The finance minister also proposed exempting customs duties on 25 critical minerals and reducing the Basic Customs Duty (BCD) on two of them. She mentioned that this move would significantly boost the processing and refining of these minerals, ensuring their availability for strategic and important sectors.

Ecoreco has been at the forefront of e-waste management since 2005, operating as India's first authorized recycling facility. With a combined capacity of 7,200 MTPA and a recent expansion to 18,000 MTPA for e-waste, along with 6,000 MTPA for Li-ion battery recycling, Ecoreco is well-positioned to contribute significantly to the government's recycling goals.

Ecoreco and its Mobile App BookMyJunk has been admired by the PM Shri Narendraji Modi in his 97th Mann Ki Baat on 29th Jan 2023.

The company is already serving several global brands by providing e-waste recycling services and EPR credits as mandated by the E-waste Management and Battery Waste Management Rules.

Eco Recycling Limited has always maintained that the success of the PLI Scheme hinges on securing an uninterrupted supply of precious and rare metals. The most important and economically viable source of these metals is recycled waste, such as e-waste and Li-ion batteries.

Ecoreco believes that recycling is essential for ensuring an uninterrupted supply of these critical materials, which are vital for sectors like renewable energy, space, defense, and electronics. By recovering critical minerals from e-waste and Li-ion batteries, Ecoreco supports the government's efforts to reduce dependency on imports and strengthen India's supply chain resilience.

About Ecoreco:

Ecoreco is India's leading e-waste recycling company, committed to environmental sustainability and responsible resource management. With a strong track record and state-of-the-art facilities, Ecoreco is a trusted partner for businesses seeking to comply with EPR regulations and contribute to a circular economy. For more information, visit www.ecoreco.com.

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