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. Last Updated: 07/27/2016

Ukraine Produces Gold

KIEV -- Ukraine's National Bank received Friday the first bank gold bar produced in the former Soviet republic, describing the event as a boost for the country's gold reserves.

"This is a new piece of hope. Many Ukrainians see this gold as the start of the Ukrainian state's prosperity," said National Bank Chairman Viktor Yushchenko as he was presented with the 12.5-kilogram bar.

The bank plans to purchase about 1 ton of gold annually from the state gold producer, Ukrainski Polimetaly, Interfax quoted Yushchenko as saying.

The bar was produced from gold extracted from the Muzhievsky deposit in western Ukraine, exploitation of which began in February.