GTSO Resources has agreed to buy Global Cellphone Buyers, an electronic waste recycling company, for an undisclosed amount.
The San Jose, Calif.-based mining subsidiary of Green Technology Solutions Inc. said in a news release that the acquisition of the Brooklyn, N.Y.-based Global Cellphone “could potentially allow GTSO to optimize recovery of gold, lithium, rare earths and other elements from unwanted cell phones that would otherwise end up in the trash,” according to GTSO CEO Paul Watson.
“As the prices for these minerals continue to explode, we believe acquiring this company could become a very lucrative option for GTSO,” he added.
Watson said cell phones are discarded more frequently than any other potential e-waste, lasting an average of only 18 months.