200 tonnes of long gone silver set for high-seas salvage

The Scotsman reports a British cargo ship carrying silver worth £135 million has been located deep in the North Atlantic 70 years after it was sunk by a Nazi torpedo, paving the way for the largest ever haul of precious metal from the sea bed.

Marine archaeologists from Odyssey Marine Exploration, a shipwreck salvage company based in Florida, found the SS Gairsoppa resting almost three miles beneath the surface of the Atlantic Ocean and in international waters about 300 miles off the coast of Ireland. 200 tonnes of silver stashed in its hold. Under a salvage agreement with the British government, Odyssey will be able to keep 80% of the cargo.

The Wall Street Journal reports finding sunken booty has not always been easy for Odyssey Marine Exploration which stock rose 40% on Monday. Odyssey lost a prior court decision over a find and saw shares plummet over investor fears of future challenges.

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