2019

Circular Economy
Contents
Background ............................................................................................................................................. 2
What is the basic definition of Circular Economy? ................................................................................. 2
Wasted resources ............................................................................................................................... 2
Wasted capacities ............................................................................................................................... 2
Wasted lifecycles ................................................................................................................................ 2
Wasted embedded values .................................................................................................................. 2
Circular Economy models in the Metals and Mining industry ................................................................ 4
Downstream CE applications in Metals and Mining industry ............................................................. 5
Conclusions ............................................................................................................................................. 8
Background
The concept of the circular economy first came into picture in late 1970s. Several authors feature
the outline of the concept of Pearce and Turner. By discussing how natural resources influence the
economy by serving inputs for production and consumption. It is prejudiced by Boulding’s work,
which defines earth as a closed and circular system with limited capacity, and the economy and
environment should be in equilibrium.

Features of Circular economy are industrial strategies for waste prevention, local job
creation, resource efficiency, evaporation of the industrial economy. The traditional kind of Circular
Economy advocates practical applications to economic systems and industrial processes has changed
to include different features and aids from a variety of ideas that share the idea of closed loops.

To discourse this issue, we reflect the recognized subset relative to be suitable. It not only
improves the variety and familiarizes to diverse contexts but also allows the mixture of circular with
harmonizing strategies, because it does not recommend an inherent hierarchy between the Circular
Economy and other sustainability plans.

What is the basic definition of Circular Economy?

In simple terms, Circular Economy pursues to remove any waste in the market. When viewed from
the lens of Circular Economy, waste doesn't mention to the usual meaning of “junk,” but it refers to
any underutilization of resources or assets. There are four distinct types of waste that circular
models seek to remove. These are:
Wasted resources Material and energy that cannot effectively be renewed over time.
Wasted capacities Products and assets that are not used fully.
Wasted lifecycles Products attainment end of life hastily due to deliberate uselessness or absence
of second life choices.
Wasted embedded values Components, material, and energy not healthier from waste
watercourses.

Incredible value can be possibly appreciated by eradicating these four types of waste through the
adoption of circular business models. Accenture's research estimations the size of this new business
opportunity to be around $4.5tn of GDP globally by 2030.
It is stimulating to note that sign and acceptance of circular business models need a shift in
approach– a shift from linear take-make-waste” mindset to a multi-life-cycle “circular” mindset.
There is a robust emphasis on classifying chances to constantly citation value from resources
through business model innovation.

There are five distinct types of Circular Economy business models – (i) Circular Supply Chain,
(ii)Recovery and Recycling, (iii) Product Life Extension, (iv) Sharing Platform, and (v) Product as a
Service.
Globally, acceptance of these five business models has grown considerably in the last decade. This is
also reproduced in the Global CEO study jointly led by Accenture and United Nations Global Compact
in 2016. According to this study, one-third of the global CEOs are vigorously trying to instrument
Circular Economy models as a part of their core strategy.

Circular Economy models in the Metals and Mining industry

The CE models are appropriate across the metals value chain in varied procedures. At the upward
phases of the value chain, mining operations create waste (in the form of overload, slag, waste rock,
emissions, tailings, etc.), which can be potentially recycled and reused. Associated to this, at the
downward ingesting phases there are chances to improve the competence of solid usage through
state-of-the-art models such as product life extension shared platforms.
Downstream CE applications in Metals and Mining industry
Foremost organizations are leveraging Circular Economy models to advance asset utilization as well
as encompass the ownership of assets which let calmer gathering and retrieval.
Conclusions
We define the Circular Economy as a reformative system in which resource input and waste,
emission, and energy leakage are minimized by decelerating, concluding, and tapering material and
energy loops. This can be achieved through long-lasting design, maintenance, repair, reuse,
remanufacturing, renovating, and reprocessing. Second,we describe sustainability as the stable
addition of economic presentation, societal comprehensiveness, and environmental flexibility, to the
benefit of current and future generations.