A publicly traded U.S.-based deep-ocean exploration company has literally discovered a boatload of silver.It’s the kind of story that brings to life the joint-stock companies of the colonial period such as the Virginia Company and the British East India that embarked on sea voyages in search of riches and paid out dividends to their shareholders.
Odyssey Marine, which trades on the Nasdaq, has confirmed it has found 200 tons of silver valued at $200 million at a shipwreck site at the bottom of the North Atlantic.
Odyssey will be able to keep 80% of the net salved value of the silver bullion recovered under the salvage agreement contract.
The shipwrecked SS Gairsoppa, a 412-foot British cargo ship that was torpedoed by a German U-boat in 1941 carrying the precious metal, was discovered 4,700 meters below the North Atlantic about 300 miles off the coast of Ireland.
“We’ve accomplished the first phase of this project – the location and identification of the target shipwreck – and now we’re hard at work planning for the recovery phase,” said Andrew Craig, Odyssey’s senior project manager.
“Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be well suited for the recovery of this silver cargo.”
Shares of Odyssey Marine were last up more than 3% on the Nasdaq.
Check out this video of the SS Gairsoppa shipwreck site.
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