A deep-sea exploratory firm said it pulled up 48 tons of silver from an Atlantic shipwreck that occurred during the Second World War, according to Bloomberg.
Odyssey Marine Exploration said its recovery includes 1,203 bars of the whitish metal, which equals 1.4 million ounces of silver that is worth about $38 million at current silver prices. The volatile metal was pulled off the British cargo ship Gairsoppa, which was sunk by a German U-boat's torpedo in February 1941.
"With the shipwreck lying approximately three miles below the surface of the North Atlantic, this was a complex operation," chief executive officer Greg Stemm with the Tampa, Florida-based exploration firm, said in a statement. "Our success on the Gairsoppa marks the beginning of a new paradigm for Odyssey in which we expect modern shipwreck projects will complement our archaeological shipwreck excavations."
At 1:49 p.m. on Wednesday, silver futures fell 0.77 percent, a 21.1 cent loss to $27.105 per troy ounce.
The amount of silver recovered thus far by Odyssey is believed to represent about one-fifth of the total silver cargo on board, the firm said in a press release.
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