ENStarting point
Circuit board negotiations should distinguish received mass, analysed composition, contained metal and payable metal. Content estimated by appearance does not replace lot assessment. In assay-based settlement, sampling, check samples, deductions and reference prices must be defined before shipment.
Different materials, different assessments
Copper, aluminium, boards and processors help identify batch families. Appearance does not establish metal content, recoverability or settlement value.
AI-generated illustration; it does not depict an actual Circuvia batch or project.Describe the fraction to be sold
Boards from different equipment can have very different compositions. Origin, product generation, components still present and dismantling stages influence commercial interest. Visual grading can help separate groups and obtain an initial quote, but does not provide a universal gold, silver, palladium or copper content.
Record whether the lot contains whole boards, separated components, connectors or shredded material. Report foreign elements and any previous component removal. Umicore describes settlement for certain electronic scrap based on sampling and analysis, illustrating a commercial model used by a refiner. Its specific terms should not be assumed to apply to other buyers or every lot size. [1]
Assess preparation without losing valuable fractions
Removing unpaid items may improve the ratio of transported mass to value, but preparation costs money and can alter the remaining composition. Compare the whole-lot price with the expected result from separated fractions, including labour, safety controls and output destinations. Do not add revenue from a complete board to revenue from components removed from it.
Parts containing batteries or other components requiring specific handling must undergo appropriate assessment and procedures. Improvised shredding, heating or chemical treatment can create risks and compromise both the sample and the route. This article addresses commercial decisions and records; physical processing should be performed by facilities and teams equipped for the material.
Define which mass enters the calculation
Gross mass includes containers and packaging; net mass results from deducting the determined tare. Where trading uses a dry basis, moisture content and its determination method also form part of the agreement. The same load can produce different values if one participant uses wet mass and another applies content to dry mass.
Hypothetical example: a net lot of 1,000 kg has an agreed moisture content of 2%. Its dry mass is 980 kg, or 0.98 tonnes. If a metal's content is expressed in grams per dry tonne, this is the basis that must multiply the result. The operation should retain weighing records, moisture sampling and rounding criteria to avoid differences emerging only at financial settlement.
Sample to represent the lot being traded
A board hand-picked from the richest items does not represent a heterogeneous mixture. The plan must define the population, preparation, sample reduction, homogenisation and portions intended for analysis and check testing. Eurachem includes sampling and preparation in measurement uncertainty assessment, a relevant distinction when small content differences have financial effects. [2]
Agree who will witness the process, where the sample will be produced and which records will be available. If material is prepared in campaigns, define how mixing between customers is prevented and how equipment residues are reconciled. Check samples need identification, storage conditions, retention periods and rules for use. Reanalysing the same portion does not resolve originally biased sampling.
Distinguish content, recovery and payable percentage
Contained metal is an estimate of the quantity present in the analysed mass. Physical recovery describes process performance. Payable percentage is a commercial term defining the remunerated share, which may coexist with deductions and charges. These concepts can be related but are not equivalent. A contract paying for 95% of an assay does not thereby demonstrate 95% metallurgical recovery.
| Stage | Calculation | Result |
|---|---|---|
| Dry mass | 1,000 kg × 0.98 | 980 kg |
| Agreed content | Illustrative assumption | 200 g/dry t |
| Contained metal | 0.98 t × 200 g/t | 196 g |
| Payable metal | 196 g × 95% | 186.2 g |
| Gross metal value | 186.2 g × contractual price per gram | Before applicable charges |
The example is neither a typical composition nor an offer. The final calculation may include several metals, minimums, deductions or different rules for each element.
Read pricing terms and charges together
Identify the quotation source, currency, reference period and who may fix the price. A contract may use the delivery date, a period average or another expressly agreed condition. Without this information, comparing proposals mixes price risk with service remuneration. Equivalence between grams, kilograms and other units should be checked.
Map treatment, refining, sampling, analysis, logistics and storage costs and any penalties. Define what triggers each charge and whether it applies per tonne received, dry tonne, contained metal or payable metal. Exchange-rate, tax and export conditions need their own assessment by the responsible parties. Gross revenue per metal does not represent the operation's net proceeds.
Agree on dispute resolution before the test report
Results from different laboratories may differ because of preparation, method, representativeness or analytical variation. The contractual rule should establish how results are compared and when to use a retained sample or an umpire laboratory. Settlement tolerance must be defined on a technical and commercial basis, avoiding rules invented after learning which party would benefit.
Also check the scope of XRF readings. The technique measures elements under the test conditions, but an isolated surface reading of a heterogeneous board does not automatically determine the whole lot's composition. Interpretation requires a method suited to the matrix, preparation and objective. The instrument can support screening; its use in settlement depends on a demonstrated procedure accepted by the parties.
Reconcile the settlement statement
Settlement should link mass, moisture, accepted assays, payable percentages, quotations, exchange rates and charges. Recalculate each metal and check that each deduction was applied only once. Where an advance was made, separate the amount already received from the balance payable and adjustments. Retain the link between the statement and load identification.
The history makes it possible to assess whether additional separation pays off, which fractions generate differences and how long capital remains tied up. In value recovery from assets and materials, negotiation quality depends on turning an expected metal content into verifiable terms. The best advertised price loses meaning when the settlement basis remains undefined.
Sources and references
References accessed on 30 September 2026. The numbering in the text indicates the concepts supported by each source.
Circuvia corporate content to support project discussions. Methods, acceptance criteria and applicable requirements are defined within the scope of each operation.
