Ukraine's Defence Ministry gets $602K from processing gold and silver out of destroyed equipment

Ukraine’s Defence Ministry has received UAH 24.7 million (approx. US$602,439) from the processing of destroyed equipment in the first seven months of 2024.

Source: the ministry’s press office

Quote: "1,000 tonnes of scrap metal containing precious metals have been accumulated on the sites of military equipment destroyed during combat operations and in designated military units of the Armed Forces of Ukraine. 

Among the scrap metal, 100 kg of gold, 1,900 kg of silver, and 25 kg of platinum have been identified. Its processing is carried out by the Defence Ministry only through specialised private processing facilities," the statement reads.

The Defence Ministry received UAH 24.7 million from processing precious metals in the first seven months of 2024, and they plan to receive at least an additional UAH 18 million (US$439,024) by the year’s end.

"Funds from the sale of precious metals are distributed according to the National Bank’s regulations: 80% for gold and platinum metals and 50% for silver are allocated to the state budget, while the remaining 20% and 50%, respectively, stay in the Defence Ministry's special fund and are used to meet the needs of the Armed Forces," the ministry explained.

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