Sustainable Production and Consumption 39 (2023) 53–62

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Sustainable Production and Consumption

journal homepage: www.elsevier.com/locate/spc

Turning waste into profit: Circular economic optimization of quartz sand

from tin mining and processing
Sulista a, *, Fadhila Achmadi Rosyid b, Arjo Prawoto Wibowo b
a
Research and Development Division, Bappeda of Kepulauan Bangka Belitung Province, 33149, Indonesia
b
Department of Mining Engineering, Bandung Institute of Technology, Jl. Ganesha No. 10, Bandung 40132, Indonesia

A R T I C L E I N F O A B S T R A C T

Editor: Dr. Maria Molinos-Senante This paper analyzes whether the mining industry can apply circular economy principles in its investment, using
two business scenarios of the circular economy. Scenario A utilizes quartz sand from tin mining residues and then
Keywords: processes it into concrete sand. Meanwhile, Scenario B is similar to Scenario A in the first stage, but the residue
Cost efficiency produced from the first stage is reprocessed to produce concrete sand. To compare the economic feasibility of
Material circularity
both scenarios, this study applies a discounted cash flow technique and an incremental analysis. Material flow
Mining waste
analysis investigates the circularity and productivity from resource utilization in every design. The two business
Resource productivity
The circular economy added value scenarios are economically viable, but Scenario B is better than Scenario A. NPV of Scenarios A and B are US$
513 thousand and US$ 322 thousand, respectively. The NPVB-A is US$ 147, whereas the IRR of Scenario A is
26.24 % and Scenario B is 34.05 %. The circularity of Scenarios A is 0.86 with a productivity of US$1.62/m3, and
the circularity of Scenario B is 0.94 with a productivity of US$1.80/m3. Therefore, Scenario B is more efficient
than that of Scenario A. Eventually, implementations of the circular economy principles in the mining industry
are possible. These results can become a consideration for investors to innovate through circular economy ap­
proaches in their mining business for sustainable production and consumption purposes.

1. Introduction increasing the ratio of resource utilization, and promoting a sustainable

The mining sector produces the intermediate product for various
industries, but often these activities leave behind valuable by-products.
The estimated waste generated is 60 billion tons per year (Kalisz et al.,
2022) and will grow by 2.2 billion tons annually by 2025 (Dinh et al.,
2022). Sustainable practices through the Circular Economy (CE) are
integrated actions as an innovation for minimizing waste (Xavier et al.,
2019). CE highlights the importance of cycling high-value and high-
quality materials in new ways (Korhonen et al., 2018), with the
motive to utilize the resources in a way efficiently (Pinchuk et al., 2019).
Maximizing the use of exploited resources can minimize environmental
damage while creating economic and social benefits (Vilaça et al., 2022)
Implementing CE contributes significantly in terms of limiting the use of
raw materials, developing feasible options for lower-grade ores,
extending the life of a resource, material, or product for future appli­
cations, and reusing into efficient materials (Tayebi-Khorami et al.,
2019). In addition, developing CE has a significant impact on solving the
problem of shortage of mineral resources and wastage of resources,
national populist economy (Zhao et al., 2012).
Kirchherr et al. (2017) drafted 114 definitions of CE which ulti­
mately concluded that CE is reducing, reusing, and recycling activities
(3R) with its objective of economic well-being and environmental
quality. In essence, 3R practices are related to the use of raw material
inputs in smaller quantities (Reduce), the utilization of products or
materials that should be wasted (Reuse), and the recycling of waste
materials (Recycle) (Boonman et al., 2023). Recent literature (Alizadeh
et al., 2023) expands the definition of CE to 4R: recovering materials in
products (Recovery), which includes the importance of design activity:
nonlinear and cyclical business models in CE practice to achieve effi­
ciency, ultimately reducing environmental pollution, bringing down
energy and material waste, driving resource sustainability, and mini­
mizing ecological impacts. There are positive correlations between cir­
cular economy, socioeconomic development, and environmental
sustainability (Stanković et al., 2021). The circular industrial measures:
reducing the amount of energy and material inputs, and saving pro­
duction costs, contribute to company efficiency and increase business

* Corresponding author at: Bappeda of Kepulauan Bangka Belitung Province, The Integrated Office Complex for the Provincial Government of Kepulauan Bangka
Belitung, Air Itam, Pangkalpinang 33149, Indonesia.
E-mail addresses: sulista.litbang@babelprov.go.id (Sulista), fadhila@office.itb.ac.id (F.A. Rosyid), arwi@itb.ac.id (A.P. Wibowo).

https://doi.org/10.1016/j.spc.2023.05.002
Received 28 February 2023; Received in revised form 28 April 2023; Accepted 2 May 2023
Available online 7 May 2023
2352-5509/© 2023 Published by Elsevier Ltd on behalf of Institution of Chemical Engineers.
Sulista et al.
surplus, in turn, grow GDP (Boonman et al., 2023). In addition, Kuo and
Chang (2021) added that the company’s involvement in recovering re­
sources from mining waste can increase the company’s financial value.
Then, many researchers research the reuse of waste generation as a
raw material, with an increasing number of studies disregarding the
business and economic perspectives of the industry in its quest to in­
crease profitability and minimize environmental impact simultaneously
(Lieder and Rashid, 2016). Like waste foundry sand has the potential as
hot mix asphalt, its economic feasibility is only assessed from the annual
costs of transportation and deposit in industrial landfills (Machado et al.,
2023), Vilaça et al. (2022) evaluated the technical performance of waste
generation, silica, as asphalt pavement layer, aggregate for paver,
mortar, and the ceramic product, and pozzolan without calculating their
feasibility, as well as Dinh et al. (2022) estimated the technical perfor­
mance of waste materials, high silica, in concrete and geopolymer
concrete. These studies address the challenge of high demand for non-
metallic minerals such as sand and clay, whose consumption increased
from 9 to 44 billion tons between 1970 and 2017 (Vilaça et al., 2022).
In contrast, a comprehensive study conducted by Suppes and Heuss-
Aßbichler (2021) sorts valuable minerals successfully through material
flow analysis in tailings storage facilities. It’s just that the study focuses
on a profitable economic project to obtain precious elements in the
extraction. Indeed, investment feasibility in the mining industry is
crucial because the mineral processing of valuable minerals from mining
waste requires high volume, investment cost, processing cost, metal
price developments, and taxation and regulation to transform into a
circular economy (Kinnunen and Kaksonen, 2019; Kinnunen et al.,
2022). However, essential things expected by applying the 3R principles
in the mining sector are maximizing the use of resources, increasing
recovery rates, minimizing waste generation, and extending the life of
resources, materials, or products (Tayebi-Khorami et al., 2019). There­
fore, these things should be emphasized in research to show that the
mining sector can implement sustainable business practices.
Ultimately, the capital-intensive mining industry is demanded to
implement sustainable production and consumption practices, espe­
cially in matters relating to mining waste. However, there are high-cost
consequences in its implementation, which conceptually can be
retrenched by circular economy business practices to the company’s
efficiency. Literature disclosure shows that mining waste has the po­
tential to be reused, and there is an economic impact produced, but it
must be worth investing in when circular economy actions are practiced
in the mining business. Therefore, this study fills the economic dimen­
sion gap by highlighting the feasibility of investing in business models
built on circular economy principles. For this purpose, the analysis re­
quires a specific location. This research takes the case in the Indonesian
Tin Islands: Bangka Belitung Islands, where there is a large amount of
quartz sand left over from tin mining and processing activities called
Pasir Kuarsa dari Sisa-Sisa Hasil Penambangan dan Pengolahan Timah or
SHPP-Tin Quartz sand in this paper.
2. Circular economy in mining industry
2.1. Circular economy in mining industry
In the mining industry, CE sustainability practices relate to resource
intensification, low-cost technology in all business processes, and recy­
cling, which will ultimately lead to significant improvements in eco­
nomic and socio-environmental outcomes (Pinchuk et al., 2019).
Kinnunen and Kaksonen (2019) state that it could relate to using
recovered metals in the products, recycling waste streams, and reducing
the amount of waste material with advanced sorting. Meanwhile,
Tayebi-Khorami et al. (2019) mention it as reuse activities through cy­
clic systems and innovative technologies by maximizing the reuse of
waste and by-products, collaborating with the manufacturing sector to
design adaptable and easy-to-repair products, marking better materials
and alloys to aid identification at the end-of-life, and allowing
54
Sustainable Production and Consumption 39 (2023) 53–62
subsequent reuse and recycling.
The current general practice of the companies is to deal with waste
generation by using it as a stockpiled material (Kinnunen and Kaksonen,
2019). While as stated by Upadhyay et al. (2021) in the mining industry,
the circular economy concept holistically is still in its infancy. The 3R
implementation, especially from the socio-economic-environmental
perspective, is still theorical such as Pinchuk et al. (2019) that present
alternatives to building eco-industrial parks on ex-mining land in which
there are industrial symbiosis, waste minimization, re-engineering and
recycling, and exchange of materials and resources between various
industries. Furthermore, Pactwa et al. (2020) conceptualize waste sites
as a place for investors to get valuable materials and for social activities,
which in turn will achieve the ultimate goal of creating jobs, creating
community social activities, and improving the landscape. There is po­
tential for tailing utilization, especially what is often mentioned as in­
dustrial symbiosis (Kinnunen et al., 2022; Vilaça et al., 2022; Rankin,
2013). However, the important thing is to evaluate the content of
valuable minerals in the mining waste to estimate a precious product
whose utilization can enhance the economic feasibility of investment
activities (Suppes and Heuss-Aßbichler, 2021).
Meanwhile, technical reports of mining operation cases have
mandatory quality standards. By revealing these cases were by Palacios
and Rodríguez (2022) that circular economy business practices are
possible to achieve in the non-metal industry, such as the Montevives
Celestine deposit, which has a high grade and technological improve­
ments. In addition, the waste of the copper mining project in Seville is
economically viable because it contains high-quality copper cathodes.
Conversely, The Penouta Sn–Ta mining waste does not fulfill the econ­
omy and technology dimensions: low price, low productivity, and low
technology. Based on the disclosure of these cases, the mining industry
cannot practice CE without an economic goal, whose main challenge is
expensive capital due to the high cost of machinery/equipment (Mar­
imuthu et al., 2021). Finally, the application of circular economy prin­
ciples is approached effectively in the mining design stage through
circular business practices, enabling companies to generate maximum
returns to achieve the zero waste target (Palacios and Rodríguez, 2022;
Upadhyay et al., 2019) (Fig. 1).
Based on the literature, the application of a circular economy is
about minimizing mining waste. Conceptually, the 3R principles in the
design of mine operations can increase productivity and efficiency but
must be feasible economically, which in turn plays a role in reducing
waste. The study takes this role with the general hypothesis that tin
mining waste: quartz sand has economic prospects for being reused
materials. The mining waste utilization with the 3R principles will in­
crease the added value of products for achieving resource efficiency, and
this is the specific hypothesis. This study is a comprehensive study on
mining waste for a circular economy regarding business scenarios and
economic analyzes to achieve the mining industry sustainability.
2.2. Quartz sand from tin mining and processing waste as concrete sand
Regarding the use of sand, GWP Consultant (2010) classified the
sand usage as specialist sand and construction aggregate. Specialist sand
usage is associated with a pure silica content for glass, ceramic, brick,
and other industries. Meanwhile, the use of sand as construction ag­
gregates is specified by the size distribution, such as the sand usage for
mortar, building sand, concrete sand, asphalt sand, and fine-grain con­
struction fillers. Parameters of physical and chemical properties are said
to be the main challenges in utilizing mining waste as building materials
(Kalisz et al., 2022). Therefore, this section emphasizes the physical and
chemical requirements of quartz sand under the requirements as the raw
material.
The Indonesian Center for Mineral and Geothermal Resources (2018)
analyzed the chemical properties of quartz sand SHP tin dominated by
SiO2 between 65.91 and 94.13 %, Fe2O3 ranging from 0.45 to 1.75 %,
and Al2O3 between 2.44 and 26.49 %. The low Si and high Fe contents
Sulista et al. Sustainable Production and Consumption 39 (2023) 53–62

and Geothermal Resources (2018), the SHPP is not under requirements

for the glass industry and would require further treatment but is feasible
for concrete sand. Based on this consideration, the study conducted was
limited to sand-concrete aggregate whose added value is relatively
lower than that of the glass industry.

3.2. Economic evaluation scenarios

There are two economic evaluation scenarios: Scenario A and Sce­

nario B, as seen in Fig. 2. Scenario A utilizes piles of SHPP‑tin quartz
sand without carrying out a recirculation process, while Scenario B
utilizes quartz san from tin’s SHPP in two stages. The waste generated
from the first stage of tin SHPP is reprocessed into concrete sand to in­
crease its volume, which can increase economic output.
As a result, there are additional costs for the Scenario B con­
cequences. These additional costs are the multi-flow pump purchasing
and fuelt, replacement of spare parts, washing and loading costs, and
labor wages.

3.3. Analysis of Discounted Cash Flow (DCF)

Analysis of Discounted Cash Flow (DCF) calculates the economic

feasibility of a project within a certain period (Stermole, 1990). In­
dicators used in this analysis are Net Present Value (NPV), Rate of Re­
turn (RoR), and Present Value Ratio (PVR). Incremental analysis is
required to compare the economic viability of two projects in different
conditions. Incremental analysis subtracts the cash flow in Scenario B
from the cash flow in Scenario A to calculate NPVB-A and PVRB-A. If
NPVB-A and PVRB-A are positive, scenario B is better than Scenario A.
On the other hand, if NPVB-A and PVRB-A are negative, Scenario A is
better than Scenario B.
Fig. 1. Circular economy in the mining business. ( )
∑t
CFi
NPV = − Io + (1)
do not meet the standard requirements for the ceramics industry i=1 (1 + r)i
requiring a minimum Si of 95 % and a minimum Fe of 0.5 % (One-Stop
Integrated Service Investment Office, 2019). Likewise, the glass industry RoR = NPV = 0 (2)
wants higher requirements: a Si content of 98.5–99.5 %, Fe between
0.001 and 0.5, and a minimum Al of 0.7 %. Meanwhile, fire-resistant NPV@i
PVR = (3)
bricks require a minimum Al content of 0.7 %. Of the three products Io + I@i
made from high silica and low impurities, tin SHP quartz sand does not
meet the standards for use as specialist sand. However, Sari et al. (2017) where:
revealed that the technical performance of SHPP-Tin quartz sand is
I0 = Investment year-0
suitable for concrete sand raw materials providing it was washed first to CFi = Cash flow in year-i
meet the standard for a silt content of <5 %. The result was confirmed by T = Mine life
Sandy et al. (2019) that it contains silica grade between 60 and 96 % r = Discount rate
with a grain size of 0.063–0.125 mm, and only by washing to reduce the NPV & >0 Indicate satisfactory investment relative to investing elsewhere
PVR at the minimum ROR
mud content, then the sand is suitable for use as concrete sand. Based on
grain size, silt content, and Si content, the quartz sand from tin mining
and processing is for the needs of concrete sand.
Sensitivity analysis is required to test the economic value of each
scenario due to changes in specified parameters. Metal price is one of the
3. Methodology economic uncertainty parameters sensitive to NPV (Dehghani et al.,
2014; Suppes and Heuss-Aßbichler, 2021). In addition, non-metal min­
3.1. Location of study eral tax incentives also affect the NPV (Esguerra et al., 2021). In this
study, two parameters, namely the selling price of the product and the
The Indonesian Center for Mineral and Geothermal Resources (2018) tax rate, are used to assess the economic sensitivity of the two.
estimated the reserve of SHPP‑tin quartz sand at around 55 million To assess the economy of a project, if the project is financed by equity
metric tons in the Central Bangka Regency, Bangka Belitung Islands and debt, it is necessary to calculate the Weighted Average Cost of
Province. It is quite a large amount because the production of in-situ Capital (WACC), which is the discount rate (Grüninger and Kind, 2013).
quartz sand in this province is only 6 million tons per year (Office of The costs of capital and debt are calculated proportionally by using the
Energy and Mineral Resources of the Bangka Belitung Islands Province, formula:
2021).
Based on the report from the One-Stop Integrated Service Investment WACC = rE*(1 − L) + rD*(1 − Tc)*L (4)
Office (2019), in general, investment study in the exploitation of quartz
sand in situ deposits to supply the glass industry market produced a
positive net present value (NPV) with a large rate of return (ROR) at 62
%. However, observing the report of the Indonesian Center for Mineral

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Sulista et al. Sustainable Production and Consumption 39 (2023) 53–62

Fig. 2. Quartz sand from tin mining and processing activities in Central Bangka Regency
Sources: Google Earth, 2022

where:
L : Leverage ratio, which is defined as market value ratio of D (debt), to the
company value, D + E,where E = equity
rE : Cost of equity
rD : Pre-tax cost of debt
Tc : Company tax rate
rf : Risk free rate
βE : Company’s equity beta
ERP : Equity Risk Premium
3.4. Material flow analysis
The core of the CE and Resource Productivity (RP) relationship is the
product life cycle transforming material inputs toward products that
improve the economy. The recirculation process in the cycle aims to
reduce inefficiencies along the production value chain, between raw
inputs and economic outputs (Ewijk, 2018).
The product life cycle is translated based on principles of Material
Flow Analysis (MFA), which can measure the clearly defined material
pathways in a given system (OECD, 2008). In this study, the purpose of
the MFA is to calculate the volumes of input and output materials that
enter the economy. RP is the monetary added value per amount of input
material (Liedtke, 2012; Wen and Meng, 2015; Ewijk, 2018). The added
value is by subtracting an economic output from operating costs, and is
also estimated by summing up surplus business, wage and salary, and
depreciation, as well as indirect tax (Statistics Indonesia, 2014). Mean­
while, circularity is by comparing the economic value of the recirculated
product and the total economic value of the product (Linder et al.,
2017).
4. Results
4.1. Macro data and assumptions for investment economic assessment
The area study of PT.WTC is about 82.50 Ha. The total reserves are
4,498,000 m3 with a thickness of 10.5 m. The mine life projection is to
start production from 2022 to 2026. The production capacity is 850,000
m3 per year with a washing process using a sluice box, which has a re­
covery rate of 91.13 % (Fadillah, 2021). The resulting product is con­
crete sand with a grain size of 0.063–0.125 mm and a maximum mud
percentage of 15 %.
The macro data and assumptions used in calculating economic
feasibility are in Appendix A. The costs in year 0, 2021, consist of
equipment investment, working capital for the first three months of
production activities, and operating costs. The total investment in Sce­
nario A is US$ 188 thousand, and Scenario B is US$ 191 thousand, 1.49
% larger than Scenario A. Investment costs are for office buildings, office
site, and workshop, purchase of a multi-flow pump set, sluice box, and
land acquisition.
The working capital in Scenario A is US$ 1098 thousand and in
Scenario B is US$ 1191 thousand, 6.64 % higher than in Scenario A.
Working capital consists of components of fuel cost (19.71 %), mining
and washing (14.26 %), electricity (0.05 %), salary and wage (2.59 %),
and administration (37.81 %).
Besides that, The operating cost of Scenario A is US$ 3422 thousand
per year while the operating cost of Scenario B is 7.68 % higher,
amounting to US$ 3692 thousand per year. These costs include mining
and washing (41.67 %), administration (40.67 %), and taxes (4.37 %),
which include land and building tax, surface water tax (PAP), personal
and corporate income tax, and salary and wage (3.24 %). In addition,
there are quartz sand tax rate and land rent, depreciation, and loan in­
terest, which are components of tax deductions.
4.2. Weighted Average Cost of Capital (WACC)
The WACC calculation is required to determine the discount rate
used in calculating investment feasibility. Based on Eq. (4) using the
supporting data in Appendix A no. 13, the resulting discount rate is
11.89 %. A ROR value >11.89 % indicates that investment in the quartz
sand business will be profitable if it continues. Conversely, if a ROR
value is lower than 11.89 %, it gas an unfavorable prospects.
4.3. Economic assessment of scenario A and scenario B
The economic calculations are in Appendices B and C. The cash flow
from Scenario A is shown in Fig. 3, while the cash flow from Scenario B is

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Sulista et al. Sustainable Production and Consumption 39 (2023) 53–62

Table 1
Incremental analysis of Scenario B against Scenario A.
Year Cash flow B – A P/f,r,n r PVB-A
(n) (US$) (US$)

0 − 2803 1.0000 0.00 % − 2803

1 − 47,922 0.8949 11.89 % − 42,830
2 130,302 0.8009 11.89 % 104,081
3 51,986 0.7167 11.89 % 37,112
4 45,096 0.6414 11.89 % 28,722
5 39,050 0.5740 11.89 % 22,267
NPV 146,599
PVR 3.21

Table 2
Sensitivity analysis of minimum price and tax incentive of 10 %.
Tax Scenario A Scenario B
schemes
Tax Price NPV Tax Price NPV
amount (US$ (US$ amount (US$ (US$
Fig. 3. Economic evaluation scenarios: A and B. (US$ per thousand) (US$ per thousand)
thousand m3) thousand m3)
per year) per year)
in Fig. 4. Scenario A shows a positive NPV of US$ 513 thousand and ROR
Tax rate 814 6.17 15 887 6.10 40
of 26.24 %. Meanwhile, Scenario B shows a positive NPV of US$ 321 of 20
thousand and a ROR of 34.05 %. The ROR figures for Scenario A and %
Scenario B are higher than the discount rate of 11.89 %, indicating that Tax rate 733 6.03 34 798 5.96 76
both scenarios are economically feasible. of 10
%
The tax rate is 20 % in the primary process and 850 6.03 34
10 % in the advanced process Scenario B
4.4. Incremental and sensitivity analyses

The incremental analysis of Scenario B against Scenario A showed
positive results, namely NPVB-A of US$ 147 and PVRB-A of 3.21, indi­
cating Scenario B is better than Scenario A. The analysis results are
shown in Table 1.
In sensitivity analysis, the price parameter entered in the cash flow
calculation is the minimum price giving the positive NPV number. In
Scenario A, the NPV is still positive when the price is lowered from US$
6.3 to 6.2/m3, with an NPV of US$ 15 thousand and ROR of 12.96 %.
Meanwhile, in Scenario B, the NPV is still positive when the price is
lowered from US$ 6.3 to 6.10/m3, with an NPV of US$ 40 thousand and
ROR of 14.60 %. In this case, the allowable price reduction for the
economic feasibility of Scenario A is 2.27 %, while Scenario B is 3.33 %.
Meanwhile, the tax rate of quartz sand is simulated to decrease from
20 % to 10 % of the total tax amount generated from the production of
quartz sand. The 10 % tax rate in Scenario A results in a minimum price
of US$ 6.03/m3, with an NPV of US$ 44 thousand and ROR of 15.02 %.
Meanwhile, the lowest price of Scenario B is US$ 5.96/m3, with an NPV
of US$ 0.1 and ROR of 16.97 %. The decrease in tax incentives to 10 %
causes a reduction in product selling prices, namely 4.65 % for Scenario
A and 5.88 % for Scenario B. The tax rate reduction can become a tax
incentive for investors.
It is necessary to know that the amount of concrete sand taxed in
Scenario A and Scenario B with tax rate of 20 %, is US$ 814 thousand per
year and US$ 887 thousand per year, respectively. However, a tax in­
centives reduction of 10 % leads to a decrease in local revenue (see
Table 2). Taxes received by Scenario A and Scenario B each fall 11 % to
US$ 733 thousand per year and US$ 798 thousand per year,
respectively. Based on these figures, it is observed that the 10 % tax
incentive in Scenario B causes the amount of tax received by local
governments to be lower than in Scenario A without tax incentives
amounting to US$ 814 thousand. Scenario A is a common scenario
applied by investors today. There will be a decrease in local revenue if
the Scenario B model with incentives is encouraged. Therefore, one
alternative is a tax incentive of 10 %, which is not simulated for the total
amount of concrete sand generated in Scenario B, but is only for the
concrete sand in the advanced processing stage of Scenario B.
The alternative for sensitivity analysis is simulated in Scenario B, in
which the primary process produces 774,000 m3 of concrete sand,
subject to a tax rate of 20 %. Meanwhile, the advanced process produces
68,000 m3 of concrete sand, subject to a tax rate of 10 %. The analysis
shows the tax obtained by the local government of US$ 850 thousand
resulting in a minimum price of US$ 6.03/m3 with an NPV of US$ 34
thousand and ROR of 14.25 %. The tax incentive generates 4.43 %
higher taxes than Scenario A without tax incentives. Therefore, this
scenario can be an alternative recommendation for the local government
to attract investors, and pursue a CE model in mining business
implementation.
4.5. Circularity (c) dan Resource Productivity (RP)
The calculation of c and RP are in Table 3. SHPP‑tin quartz sand has
not been utilized then there is no material circulation (c0) and no eco­
nomic benefit (RP0). In both scenarios, the total material inputs put into
the economy are 4,498,000 m3, with a selling price of US$ 6.31/m3 after

Fig. 4. Cash flow of Scenario A in thousand US$.

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Table 3
Calculation of circularity and resource productivity in scenario A and B.
Code Parameters Unit Scenario A Scenario B Advanced Sluice
process box

a Quartz sand m3 4,498,000 4,498,000 377,000

input
3
b Concrete m 3,873,000 4,217,000 344,000
sand output
c Price US 6.31 6.31 6.31
$/m3
d Economic million 28.37 28.37 2.38 Fig. 6. Material flow, resource productivity.
input
e Economic million 24.43 26.60 2.17
output
f Operating million 17.16 18.50 1.35
cost
g Added-value million 7.27 8.09 0.8 Sluice
boxSlu
c 0.86 0.94 0.08
ice box
RP US 1.62 1.80 0.18
$/m3

processing, the economic value of the raw material is US$ 28 million.

The concrete sand produced by Scenario A is 3,873,000 m3 with an
economic value of US$ 24.43 million. Meanwhile, the concrete sand
produced by Scenario B is 4,217,000 m3, which consists of primary
processing, the same as the material output for Scenario A, and
advanced processing of 344,000 m3. On a monetary scale, the output of
Scenario B is US$ 28.76 million, consisting of the primary processing of
US$ 26.60 million and the advanced processing of US$ 2.17 million.
Circulation (c) is calculated based on the economic ratio between
output and input. The circularity of Scenario A and Scenario B is 0.86
(cSA) and 0.94 (cSB), respectively. cSB consists of cSA and the advanced
process of the primary processing of 0.08 (ci).
Meanwhile, resource productivity depends on the added value of the
economy influenced by operating costs. Since the product life cycle
explains the total input and output of the economy as a whole, the
operating cost is the operating cost for the 0th year multiplied by the
mine life (five years). The cost of operation Scenario A and Scenario B
are US$ 17.16 million and US$ 18.50 million, respectively, with the
advanced process cost of Scenario B being US$ 1.35 million.
By calculating the margin between economic output and operating
cost, the value-added in Scenario A and Scenario B are US$ 7.27 million
and US$ 8.09 million, respectively. The added value in Scenario B is
higher because there is an additional added value from the advanced
processing of US$ 0.8 million. Therefore, RP for Scenario A and Scenario
B is US$ 1.62/m3 (RPSA) and US$ 1.80/m3 (RPSB), respectively, with RP
for the advanced processing of US$ 0.18/m3 (RPi).
Economic input-output values: c and RP on material flow, can be
observed in Figs. 5 and 6. From the two figures, it can be concluded that
Scenario B has a longer life cycle (csb = 0.96) and has higher resource
productivity (RPsb = US$ 1.80/m3) than that Scenario A (csa = 0.86;
RPsa = US$1.62/m3). Higher resource productivity indicates that
resource consumption in Scenario B is more efficient than that of Sce­
nario A. Both scenarios utilize the same amount of material input.
However, Scenario B uses more efficient operating cost inputs so it
produces a higher added value than that of Scenario A. This condition is
formulated as follows (Fig. 7):
Sluice
Sluice
Fig. 7. Material flow, resource productivity (RP), and circularity (c) of Sce­
nario B.
cSB > cSA > c0 ; RPSB > RPSA > RP0 (5)
or
c0 < cCSA < cSB ; RP0 < RPSA < RPSB (6)
5. Discussion
The research found evidence that circular economy business practice
is feasible economically in the non-metal mining industry. This is in line
with research conducted by Suppes and Heuss-Aßbichler (2021) for the
case of industrial metal mining waste which shows a positive NPV for
various scenarios but is sensitive to price changes. Two model scenarios
in this paper: Scenario A and B, fulfill the economic feasibility for in­
vestment. Then, this study is developed with a business design that
applies circular economy principles. Even though both scenarios are
equally profitable, business practice in Scenario B has a higher rate of
return on investment than that of Scenario A. The incremental analysis
strengthens the result that between the two scenario models, choose
Scenario B because it is more profitable.
The circular economy challenge is the reuse of mining waste on an
economic scale (Palacios and Rodríguez, 2022), in which costs affect the
NPV (Suppes and Heuss-Aßbichler, 2021). In the first stage of work,
investment and working capital costs and processing costs of circular
economy business practice in Scenario B are higher than that of Scenario

Fig. 5. Cash flow of Scenario B in thousand US$.

58
Sulista et al.
Fig. 8. Comparison of production operating costs in scenario A and scenario B.
A, as revealed by the data in sub-chapter 4.1. However, the processing of
concrete sand does not require complicated purification. It only needs a
low washing cost. The feasibility of this circular economy business may
show a different result for pure silica as a raw material for the glass
industry, which requires processing and refining costs five times higher
than that of concrete sand (One-Stop Integrated Service Investment
Office, 2019). Therefore, cost efficiency is the aim of a circular economy
to obtain valuable mineral elements in the mining industry. The cost
savings is in terms of retrenching energy resources (Phiri et al., 2022)
and saving operation costs: maintenance, electricity, water, employee
salary, tax, transportation, environmental, and social (Rathore and
Sarmah, 2020).
In the case of urban mining, it is possible to achieve the efficiency
goal as revealed by Zeng et al. (2022), that the cost of acquiring one ton
of copper or aluminum is lower than that of virgin mining applying
linear economic principles. Likewise, in the case of virgin mining applies
circular economy principles to obtain valuable minerals efficiently, and
achieve efficiency goals. It is shown from Scenario B requires an average
production operating cost of 4.79 US$/m3, lower than that of Scenario A
by 4.84 US$/m3 (see Fig. 8). Eventually, circular economy business
practices in the virgin mining industry in this study can create cost ef­
ficiency that benefits the company.
This study shows that the cost efficiency is directly proportional to
business performance. The sensitivity analysis of price changes shows
that the economically feasible minimum price in Scenario B is lower
than that of Scenario A, which means that the sensitivity of Scenario B to
price changes is lower. The tax sensitivity affects the economics of in­
vestment activities (Esguerra et al., 2021) and contributes to the gov­
ernment revenue.The circular economy practice of Scenario B
contributes tax higher than that of Scenario A because it produces a
larger volume of sand concrete. The higher the tax and the greater the
volume of concrete sand, the higher the government’s revenue, indi­
cating the obligation of investors to pay taxes also increases. Therefore,
appropriate tax policies are needed to promote a circular economy in the
non-metal mining industry. This case study offers a tax incentive at the
residual recovery stage in Scenario B that benefits both parties. Entre­
preneurs receive tax incentives to increase added value by processing
residue. Meanwhile, the government obtains higher taxes because of its
policy of sustainable mining practices.
The last is the level of circularity and productivity in circular econ­
omy business practices. In the energy case, the EC energy business
generates higher income than the other business alternatives mentioned
(Kiviranta et al., 2020). The added value is related to cost efficiency
because of the increase in circularity value that causes the increase in
productivity. Scenario B is more efficient and productive, which means
Scenario B utilizes resources optimally, thereby reducing waste volume.
Scenario B contributes an added value of US$ 1.80 for 1 m3 of concrete
59
Sustainable Production and Consumption 39 (2023) 53–62
sand, 11.11 % greater than Scenario A. Meanwhile, in terms of residue,
Scenario B disposes of a residue volume of 33,000 m3, much less than
Scenario A, which produces a residue volume of 377,000 m3. In short,
the reuse of residues in circular economy business practices in Scenario
B extends the life cycle, increases the added value and the resource
productivity, then results in resource efficiency while minimizing min­
ing waste.
6. Conclusion
The mining industry is a capital-intensive investment, so it is first
necessary to assess the economic feasibility of re-using leftover resources
as sources of raw materials. For this reason, quartz sand mining and
reprocessing activities are carried out based on the 3R principle which is
divided into Scenario A and Scenario B. Scenario B is designed for a
longer life cycle by further utilizing the residue that is disposed of in
Scenario A, which is still relatively large in volume.
The investment studies show SHPP in large volumes with the as­
sumptions listed, showing its economic feasibility. Both scenarios pro­
duce a positive NPV with a higher rate of return on investment than the
discount rate, which means that both scenarios can be continued.
However, PVB-A has a positive value which describes a better Scenario B
investment. The sensitivity analysis strengthens the result. The sensi­
tivity level of Scenario B to a price is 7 % lower than that of Scenario A.
In addition, the tax received by the government is 9 % greater than that
of Scenario A. With a tax incentive of 10 % on the volume of quartz
produced from the second stage in Scenario B, the tax received by the
government is still 4 % greater than that of Scenario A.
Material flow analysis calculates the circularity and productivity of
SHPP in two stages. The first stage covers the life cycle from material
loading to final washing but still leaves a lot of residues. This first stage
(Scenario A) produces a circularity of 0.86 and productivity of US$
1.62/m3. The second cycle (Scenario B) is the combination of the first
cycle and the recovered residue from the first cycle resulting in a
circularity of 0.94 and productivity of US$ 1.80/m3. The difference in
circularity and productivity shows that Scenario B has a higher recovery
rate of 9.3 % and is more efficient at 11.11 % than Scenario A. These
figures answer the statement of the specific hypothesis of this study.
This case study concludes that circular economy business practices
are feasible to be applied in the non-metal mining industry supported by
low-cost processing stages. Nevertheless, in metal mining cases that
require complicated purification steps, there is a study that is at least as
comprehensive as this study to find conclusions whose results are the
same and, or may be different. The economic feasibility calculation in­
cludes reclamation and post-mining guarantee costs. However, the
socio-environmental impacts of resource extraction activities are not
only about those but also the potential negative side that may arise
during the washing process, including appropriate social compensation.
Therefore, the problem investigation within the circular economy
framework is recommended for further research.
Declaration of competing interest
The authors declare that they have no known competing financial
interests or personal relationships that could have appeared to influence
the work reported in this paper.
Acknowledgements
The authors would like to thank PT. WTC for the data support,
enabling this research to complete well. In addition, thanks to Rusni
Budiati for helping with the translation of the original draft.
Sulista et al. Sustainable Production and Consumption 39 (2023) 53–62

Appendix A. Macro data and assumptions

Data Value Source

1. Concrete sand price of 0th year US$6.3/m3 PT. WTC, 2022

2. Inflation 1.03 % per tahun Statistics of Kepulauan Bangka Belitung (2021)
3. Escalation 0% Conservative assessment
4. Landrent (82,50 Ha) US$2.8/ha/year Government Regulation number 81 of 2019
5. Depreciation rate of building 5% Law number 7 of 2021 on Harmonization of Tax Regulations
10 %
- Permanent 12.5 %
- Non-permanent
- Tangible asset for category 3
6. Corporate income tax 22 % x net revenue before tax Law Number 7 of 2021 on Harmonization of Tax Regulations
7. Local tax for quartz sand 20 % Local Regulation of Bangka Tengah No.17 of 2015
8. Mineral Ore Benchmark Price (HPM) for US$3.5/ton Governor’s Decree No.188.44/1118/ESDM/2018
quartz sand
9. Land and Building Tax (PBB) US$84.1/m2 Ministry of Finance Regulation Number 86/PMK.03/2019, Decision of the Director
General of Taxation number KEP-93/PJ/2019
- Sale Value of Tax Object (NJOP) for building
- NJOP for earth’s surface US$1/m2
- NJOP for earth’s body beneath US$0.8/m2
10. Surface water tax (PAP) Quartz sand volume x tax rate x Regulation of Governor of Kepulauan Bangka Belitung Nnumber 49of 2017 & 30 of 2019,
NPAx water volume Governor’s Decree number.188.44/005/DPPKAD/214
- Tax rate 10 %
- Water Acquisition Value (NPA) US$0.2/m3
- Water requirement for quartz sand washing 4 m3/ton
11. Corporate Social Responsibility (CSR) 2% Local regulation of Kepulauan Bangka Belitung Number 7 of 2012
12. Average interest rates for commercial bank Statistics of Kepulauan Bangka Belitung (2022)
loans 2017–2021 9.89 %/year
10.09 %/year
- investment interest rate
- working capital interest rate
13. Weighted Average Cost of Capital (WACC) 11.89 % The calculation results
5.06 % Damodaran (2021)
- Risk free (rf) 5.98 % Damodaran (2021)
- Equity risk premium (ERP) 1.60 % Damodaran (2021)
- Country risk premium (CRP) 1.153 % Turlinda and Hasnawati (2021)
- Beta risk (β) 9.99 % Statistics of Kepulauan Bangka Belitung (2022)
- Average loan interest rate (rD) 60 %: 40 % –
- Proportion of equity dan debt (L)

Appendix B. Cash flow, NPV, ROR, PVR Scenario A

No Costs and revenues Year 0 1 2 3 4 5

Unit

1 Concrete sand m3 774,000 774,000 774,000 774,000 774,000

2 Selling price US$/m3 6.3 6.3 6.3 6.3 6.3
3 Gross income US$ 4,885,728 4,885,728 4,885,728 4,885,728 4,885,728
4 Land rent US$ 231 231 231 231 231
5 Local tax for quartz sand US$ 814,288 814,288 814,288 814,288 814,288
6 Operating cost US$ 3,526,543 3,632,339 3,741,309 3,853,548 3,969,155
7 Reclamation and post-mining activities US$ 0 16,190 8338 8588 8846
8 Loan interest rate US$ 51,775 29,454 4883 3406 1783
9 Depreciation expense US$ 4345 4345 4345 4345 4345
10 Net income before corporate income tax US$ 488,546 388,881 312,314 201,321 87,080
11 Corporate income tax US$ 107,480 85,554 68,713 44,291 19,158
12 Net income after corporate income tax US$ 381,066 303,327 243,620 157,030 67,922
13 Depreciation add-back US$ 4345 4345 4345 4345 4345
14 Salvage value US$ 0 0 0 0 41,699
15 Bank loan payment US$ 221,465 243,786 14,932 16,408 18,031
16 Reclamation and post-mining guarantees US$ 4362 13,478 24,591 0 0
17 Reimbursement of reclamation and post-mining guarantee US$ 0 16,190 8338 8588 8846
18 Working capital US$ 1098,246 0 0 0 0
19 Return on working capital US$ 0 1098,246 0 0 0
20 Capital cost US$ 188,310 0 0 0 0 0
Cash flow US$ − 188,310 − 938,662 1,164,844 216,781 153,555 104,781
NPV US$ 512,988
ROR 26.24 %
PVR 0.21

60
Sulista et al. Sustainable Production and Consumption 39 (2023) 53–62

Appendix C. Cash flow, NPV, PVR Scenario B

No Costs and revenues Year 0 1 2 3 4 5

Unit

1 Concrete sand m3 843,000 843,000 843,000 843,000 843,000

2 Selling price US$/m3 6.3 6.3 6.3 6.3 6.3
3 Gross income US$ 5,319,092 5,319,092 5,319,092 5,319,092 5,319,092
4 Land rent US$ 231 231 231 231 231
5 Local tax for quartz sand US$ 886,515 886,515 886,515 886,515 886,515
6 Operating cost US$ 3,803,882 3,917,999 4,035,539 4,156,605 4,281,303
7 Reclamation and post-mining activities US$ 0 16,190 8338 8588 8846
8 Loan interest rate US$ 55,621 31,504 78,201 3457 1810
9 Depreciation expense US$ 4695 4695 4695 4695 4695
10 Net income before corporate income tax US$ 568,146 461,957 305,573 259,000 135,691
11 Corporate income tax US$ 124,992 101,631 67,226 56,980 29,852
12 Net income after corporate income tax US$ 443,154 360,327 238,327 202,020 105,839
13 Depreciation add-back US$ 4695 4695 4695 4695 4695
14 Salvage value US$ 0 0 0 0 42,750
15 Bank loan payment US$ 239,271 268,388 15,154 16,653 18,300
16 Reclamation and post-mining guarantees US$ 4362 13,478 24,591 0 0
17 Reimbursement of reclamation and post-mining guarantee US$ 0 16,190 8338 8588 8846
18 Working capital US$ 1,190,800 0 0 0 0
19 Return on working capital US$ 0 1,190,800 0 0 0
20 Capital cost US$ 191,114 0 0 0 0 0
Cash flow US$ − 191,144 − 986,584 1,295,146 211,635 198,651 143,831
NPV US$ 321,500
ROR 34.05 %
PVR 0.34

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