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Displaying items by tag: Bullion

“Substantial progress” is being made in the recovery of gold bullion from a ship wrecked off Donegal nearly 80 years ago, as RTÉ News reports.

Atlantic Subsea Ventures is involved in the salvage operation at the Empress of Britain, a luxury ocean liner that was requisitioned for the war effort in 1939 and targeted by the Nazis the following year.

A number of such vessels are believed to lie in the depts around Ireland, with one in recent years — the SS Gairsoppa off Galway — giving up a record 48 tonnes of silver bullion seven years ago.

The Empress of Britain, which is believed to hold as much as €500 million in gold bullion, was found in 1995 but its location in deep waters precluded any salvage expedition, until now — thanks to remote-operated technology used in the oil and gas industry.

What’s proving a bigger stumbling block for the salvage company, it says, is Ireland’s 7.5% levy on recovered cargo which must also be held for a year and a day before it can be moved on.

RTÉ News has more on the story HERE.

Published in Coastal Notes

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