A shipwreck off the southwest coast of Ireland has been found to contain the largest ever haul of precious metal at sea.

Some 200 tonnes of silver worth around €172m were discovered in the wreck of the British cargo ship SS Gairsoppa by a US exploration company, BBC News reports.

The UK merchant vessel was sunk by a German U-boat in 1941 as it was trying to reach shelter in Ireland.

Odyssey Marine, the firm responsible for the discovery, says it is now planning for the recovery of its cargo, with work expected to begin in spring next year.

"By finding this shipwreck and telling the story of its loss, we pay tribute to the brave merchant sailors who lost their lives," said the company's chief archaeologist Neil Dobson.

As per the terms of its contract with the UK Department of Transport, Odyssey Marine will get to keep 80% of the silver's value as profit.

The arrangement has been criticised for allegedly being more about "treasure hunting" than marine archaeology.
"Legitimate, professional archaeologists do not engage in the buying, selling, or valuing of artefacts," writes Mark Staniforth at The Conversation.

BBC News has more on the story HERE.