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Ukraine’s Defence Ministry Earns UAH 24.7 Million from Precious Metals Processing
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, as reported by the ministry’s press office.
Discovery of Precious Metals
The statement released by the ministry revealed that 1,000 tonnes of scrap metal, containing precious metals, have been accumulated from the sites of military equipment destroyed during combat operations and in designated military units of the Armed Forces of Ukraine. Among these metals, 100 kg of gold, 1,900 kg of silver, and 25 kg of platinum have been identified. The processing of this scrap metal is exclusively carried out by the Defence Ministry through specialised private processing facilities.
Financial Gains
In addition to the UAH 24.7 million already received from processing precious metals, the Defence Ministry aims to secure at least an additional UAH 18 million (US$439,024) by the end of the year 2024.
Utilization of Funds
The ministry explained that funds generated from the sale of precious metals are allocated according to the regulations set forth by the National Bank. Specifically, 80% of the funds from gold and platinum metals and 50% from silver are directed to the state budget, while the remaining percentages stay within the Defence Ministry’s special fund and are utilized to fulfill the needs of the Armed Forces.
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Additional Insight: It is interesting to note how the recycling and processing of destroyed equipment not only contribute to environmental sustainability but also generate revenue that can be instrumental in supporting the operations and needs of the Armed Forces. This innovative approach highlights the importance of leveraging available resources efficiently in the defense sector.
