Displaying items by tag: Bullion

30th May 2019

Salvage Firm Seeking Gold At WWII Shipwreck Appeals For Change In The Law

The Empress of Britain as seen in 1931. Nine years later it was bombed and torpedoed by the Nazis off Donegal

“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.

The massive “North Sea Giant” heading out from #killybegs #donegal in search of gold on a sunken WW11 wreck more on @rtenews @ 6 pic.twitter.com/VQeBHyfs30
— EileenMagnier (@EileenMagnier) May 28, 2019

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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Shannon Foynes Port Information

Shannon Foynes Port (SFPC) are investing in an unprecedented expansion at its general cargo terminal, Foynes, adding over two-thirds the size of its existing area. In the latest phase of a €64 million investment programme, SFPC is investing over €20 million in enabling works alone to convert 83 acres on the east side of the existing port into a landbank for marine-related industry, port-centric logistics and associated infrastructure. The project, which will be developed on a phased basis over the next five years, will require the biggest infrastructure works programme ever undertaken at the port, with the entire 83 acre landbank having to be raised by 4.4 metres. The programme will also require the provision of new internal roads and multiple bridge access as well as roundabout access.