Classifying Circular Mining Initiatives: A Global Review of Business Models and Geographic Trends

The mining industry generates vast amounts of waste each year, often stored in tailings ponds, waste piles, and other containment structures. Yet, this waste has the potential to become a valuable resource. A circular economic approach—built on reducing, reusing, recycling, and recovering—could greatly reduce this volume of waste while supplying environmentally friendly materials to other industries. This paper examines mining waste recycling methods and case studies, drawing conclusions from the evaluation and comparison of different recycling business models. Data collection focused on major global mining companies, from which 40 circular recycling projects were identified and catalogued for analysis. These projects were grouped into five distinct recycling methods, allowing for meaningful comparison. Analysis across geographical locations revealed that companies are more likely to invest in circular projects within jurisdictions that provide supportive incentives or require public reporting. In addition, it was found that the market capitalization is not correlated to the number of recycling initiatives run by a company. The business model framework presented in this report establishes a foundation for future industry design and implementation, offering guidance to mining companies in selecting recycling approaches best suited to the specific conditions of their operations.