A British tank collector was astounded to discover gold bars worth some $2.4 million in a derelict Chinese-made Type 69 main battle tank (MBT) that saw service with the Iraqi Army.

Nick Mead, the man who discovered the gold bars hidden inside the fuel tanks of the Type 69, is a tank collector and owner of Tanks A Lot, a company based in Northhamptonshire, a country in the East Midlands.

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Tanks A Lot says it operates over 90 military vehicles and tanks. It describes itself as the UK's major specialists in corporate entertainment and fun days. "Tanks A Lot provide the ultimate tank driving experience including a drive in a Chieftain tank ideal for corporate days, gift vouchers, birthdays, stag & hen parties, weddings, film & TV hire ... "

Mead found the Chinese-made Type 69 for sale on eBay and traded it for an Abbot self-propelled howitzer and a British Army truck.

Type 69 or ZTZ-69 is a second generation MBT that entered service with the People's Liberation Army (PLA) in 1982. A Chinese made copy of the Soviet T-55 MBT, the Type 69 is considered obsolete by today's standards.

Type 96 is the first MBT developed and built by China. China, however, sold large numbers of the cheap Type 69 to Iraq in the 1980s and to other Middle East countries.

Mead said he and his mechanic were filming the opening of the fuel tank because they had already found machine gun ammunition inside the tank and wanted video proof in case more ammunition was found.

Instead of finding more ammunition, they discovered five gold bars inside the fuel tank. The gold bars weighed some 12 pounds each and were worth an estimated $2.4 million. Mead turned over the gold bars to local authorities.

The gold is thought to have been looted from Kuwait during Iraq's invasion of that country in August 1990.

The specific model of the Type 69 sold to Iraq is the Type 69-QM, which was designated T-55B by the Iraqi Army. The Type 69-II version carries a 100 mm rifled main gun and is protected by armor reinforced with layer armor on the front glacis. The Type 69-II was produced from 1986 to 1988.

TagsType 69 main battle tank, Nick Mead, Tanks A Lot, People's Liberation Army, Gold bars