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| Sunday, 03 August 2003 |
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Gold bars found in Iraq turn out to be mostly copper WASHINGTON, Saturday (Reuters) Gold-colored bars seized by U.S. forces in Iraq appear to be melted-down shell casings made mostly of copper, rather than gold, the White House said in a report obtained on Friday. The U.S. military announced the discovery of truckloads of gold-colored bars in May. One haul was estimated to be worth as much as $500 million. Another was estimated at $100 million, though the driver of the truck said the bars were actually copper. In a report to Congress detailing U.S. reconstruction efforts, the White House budget office said 1,100 gold-colored bars were recovered in Iraq and that samples were taken to Kuwait for testing. "Analysis of the initial sampling of ingots revealed they were compromised of approximately 64 percent copper and 34 percent zinc. Consultation with metallurgists indicates the bars analyzed to date are most likely melted-down shell casings," the report said. U.S. forces also found about $800 million in U.S. dollars in Iraq. Just over $7 million could not be authenticated because the notes were wet and damaged, according to the report. But the White House budget office said the Pentagon was working with the U.S. Federal Reserve to exchange the damaged notes for "quality notes that can be utilized." |
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