A major mobile phone recycling program is in development after the signing of a Memorandum of Understanding (MOU) between SK Networks and LS-Nikko Copper.
The MOU for ‘Resource Circulation through Recycling and Strategic Marketing Alliance’ was announced at Gildong ‘CHEOOM’ in Gangdong-gu, Seoul. The recycling program expands on the capabilities of SK Networks’ affiliate company MINTIT, which operates a network of automated used-phone sale and exchange machines.
As well as the expanded recycling program, the MOU includes an agreement to share ‘3R’ (reduce-reuse-recycle) data between the two organisations to help them increase the effectiveness of their environmental efforts.
Yoon-eui Kim, Head of ICT Business Division in SK Networks, said at the agreement ceremony, “As the synergy between the two companies has been confirmed through waste mobile phone recycling, more initiatives can be conceived to achieve both business growth and environmental value enhancement in more diverse fields,” and added, “We will together create a comprehensive collaborative plan in our pursuit of future-oriented and sustainable management.”
Mobile phone recycling is a valuable and sustainable source of rare metals that are used in the manufacturing of advanced electronics such as Palladium, which can be much more easily extracted rather than new from the earth. LS-Nikko is already engaged in large-scale recycling efforts to extract these metals, and through the deal with SK Networks and MINTIT, they can be quickly reintroduced into the supply chain.
Tae-sun Choi, Vice President and Head of the Raw Materials Division in LS-Nikko Copper commented, “Both the companies are sincerely committed to ESG (environmental-social-governance) management in their respective business areas, and this will facilitate our efforts to create synergy in the recycling industry and the development of circular economy.”
As a first operation under the MOU, SK Networks and LS-Nikko have undergone a project to recycle over 50,000 phones collected from MINTIT’s ATMs that are not fit to be resold. They further plan to increase their collection numbers of recyclable phones, as well as improving their recycling efficiency.
