Circular economy and profitability: A techno-economic analysis of precious metal recovery from waste printed circuit boards

Electronic waste, and particularly that involving waste printed circuit boards (WPCBs), represents one of the fastest growing waste streams globally, posing both environmental challenges and opportunities for valuable metal recovery. This study aims to assess the technical and economic feasibility of a modified patented process for recycling WPCBs, with a focus on evaluating both recovery performance and the investment's economic sustainability. The methodology combines a technical assessment – based on the process description and the material and energy balance for a plant capacity of 500 t/year – with an economic evaluation derived from a detailed cash flow analysis. The results demonstrate excellent recovery rates for base metals, while precious metals show lower yet still significant yields, with gold recovery approaching 80 %. In the baseline scenario, net present value (NPV) is estimated at 46.7 million €. The sensitivity analysis reveals that, depending on the price of gold, NPV ranges from 20.2 to 50.9 million €, with a break-even point at a gold price of 4148 €/kg. Sensitivity and stress testing confirm that gold price is the most critical factor, followed by metal purity and WPCB purchase costs. Nevertheless, even under adverse conditions, NPV remains positive, reinforcing the overall economic robustness of the project. The managerial implications highlight the strategic potential of WPCB recycling as a sustainable technology enhancing resource security, advancing circular economy objectives and delivering long-term competitive advantages for both industry and policymakers.