Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
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.
3 Comments
Viento
I’m curious: What is the legal principle involved in Odyssey having to share any of a treasure-trove found three miles down in international waters? If Britain’s so hot on recovering this silver, why haven’t they anted up some funds to find it themselves? They’ve had seventy years to do it…
Mike Scott
The reality is that all sunken vessels belong to somebody – usually an Insurance Co who paid the original owners, but possibly the family (descendents) of the owners. In this case it would be the UK Gov as no doubt this was a wartime shipment owned by them, and not insured by a third party under the circumstances.
Few Governments will risk the tax payers cash on treasure hunting.
Wincor Group
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