Salvagers to keep share of £2.5bn treasure

The Government has signed an agreement with a US salvage firm giving up the right to gold coins worth millions of pounds from the wreck of a 17th-century British warship lost off Gibraltar.

The deal opens the way to the recovery of coins and artefacts worth up to £2.5bn that are believed to have gone down with the HMS Sussex and almost all of its 500 crew in 1694 during a violent storm.

The ship was believed to be carrying up to 10 tons of gold destined for the Duke of Savoy to buy his assistance in the Nine Years War with France.

Its whereabouts remained a mystery until the Tampa-based company Odyssey Marine Exploration recovered objects from the wreck 2,500 feet down in 2001 that led experts to believe that the ship was the 80-gun HMS Sussex. The company, which has already put more than £2m into the operation, said it would be the deepest archaeological excavation of a colonial-era shipwreck ever undertaken.

Under the public private partnership deal struck in September, Odyssey Marine Exploration will get 80 per cent of the coin proceeds up to $45m (£29m), 50 per cent from $45m to $500m and 40 per cent for anything above that. Artefacts of cultural significance will go to the Government, according to the Ministry of Defence.

The deal is likely to lead to controversy with European archaeologists firmly set against making profits from such an operation.

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebookA unique anthology of reporting and analysis of a crucial period of history
News
science
News
people
Life and Style
President Obama, one of the more enthusiastic users of the fist bump
science
Arts and Entertainment
Peter Griffin holds forth in The Simpsons Family Guy crossover episode
tv
Life and Style
Upright, everything’s all right (to a point): remaining on one’s feet has its health benefits – though in moderation
HealthIf sitting is bad for your health, what happens when you stay on your feet for a whole month?
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Agile Tester

£28000 - £30000 per annum + competitive: Progressive Recruitment: An ambitious...

Senior SAP MM Consultant, £50,000 - £60,000, Birmingham

£50000 - £60000 per annum + Benefits: Progressive Recruitment: Senior SAP MM C...

SAP BW BO

competitive: Progressive Recruitment: SAP BW BO - 6 MONTHS - LONDON London (Gr...

HSE Manger - Solar

£40000 - £45000 Per Annum: The Green Recruitment Company: Job Title: HSE Mana...

Day In a Page

A new Russian revolution: Cracks start to appear in Putin’s Kremlin power bloc

A new Russian revolution

Cracks start to appear in Putin’s Kremlin power bloc
Eugene de Kock: Apartheid’s sadistic killer that his country cannot forgive

Apartheid’s sadistic killer that his country cannot forgive

The debate rages in South Africa over whether Eugene de Kock should ever be released from jail
Standing my ground: If sitting is bad for your health, what happens when you stay on your feet for a whole month?

Standing my ground

If sitting is bad for your health, what happens when you stay on your feet for a whole month?
Commonwealth Games 2014: Dai Greene prays for chance to rebuild after injury agony

Greene prays for chance to rebuild after injury agony

Welsh hurdler was World, European and Commonwealth champion, but then the injuries crept in
Israel-Gaza conflict: Secret report helps Israelis to hide facts

Patrick Cockburn: Secret report helps Israel to hide facts

The slickness of Israel's spokesmen is rooted in directions set down by pollster Frank Luntz
The man who dared to go on holiday

The man who dared to go on holiday

New York's mayor has taken a vacation - in a nation that has still to enforce paid leave, it caused quite a stir, reports Rupert Cornwell
Best comedians: How the professionals go about their funny business, from Sarah Millican to Marcus Brigstocke

Best comedians: How the professionals go about their funny business

For all those wanting to know how stand-ups keep standing, here are some of the best moments
The Guest List 2014: Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks

The Guest List 2014

Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks
Jokes on Hollywood: 'With comedy film audiences shrinking, it’s time to move on'

Jokes on Hollywood

With comedy film audiences shrinking, it’s time to move on
It's the best of British art... but not all is on display

It's the best of British art... but not all is on display

Voted for by the British public, the artworks on Art Everywhere posters may be the only place where they can be seen
Critic claims 'I was the inspiration for Blanche DuBois'

Critic claims 'I was the inspiration for Blanche DuBois'

Blanche Marvin reveals how Tennessee Williams used her name and an off-the-cuff remark to create an iconic character
Sometimes it's hard to be a literary novelist

Sometimes it's hard to be a literary novelist

Websites offering your ebooks for nothing is only the latest disrespect the modern writer is subjected to, says DJ Taylor
Edinburgh Fringe 2014: The comedy highlights, from Bridget Christie to Jack Dee

Edinburgh Fringe 2014

The comedy highlights, from Bridget Christie to Jack Dee
Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

The woman stepping down as chair of the Heritage Lottery Fund is worried