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Wreck's $4bn treasure salvage bid
LONDON, England -- Britain has joined forces with a U.S. salvage company to retrieve what may be the biggest sunken treasure haul ever. The two sides have agreed to try to raise the nine tons of gold and silver coins which have been lying about half-a-mile deep on the bed of the Mediterranean Sea for the past 300 years. Robots will be used initially to scout the 47-metre wreck of the Royal Navy's warship HMS Sussex, which went down in stormy waters off Gibraltar in 1694 with the loss of all but two of the 500-strong crew. The ship was carrying £1 million of gold earmarked as a bribe for the Duke of Savoy against France's King Louis XIV during Britain's conflict with France. The cargo is now estimated to be worth $4 billion. The mission was a secret attempt to secure the loyalty of Britain's fickle ally in its Nine Years' War against France. Under international law the warship and its cargo is considered to be the property of its home country. The initial search by the U.S. salvage firm Odyssey Marine Exploration will start next year and take between three and six months. Experts in marine salvage and history say the public-private agreement could be a new model for locating and salvaging shipwrecks. The Florida-based firm is covering the initial costs, which could be more than $5 million, and it will claim 80 percent of the first $45 million made from selling coins from the ship. The next $455 million will be split evenly between the company and the UK Ministry of Defence (MoD). Any of the additional proceeds will be divided 60-40, with Britain getting the lion's share. If the full amount of gold is recovered it will be the largest haul in history, the Royal Navy said. An MoD team will be present on Odyssey's recovery ship to advise on the archaeological and cultural value of any artefacts such as cannons which could be found. A spokeswoman for the MoD told the UK Press Association: "It is an unusual case as it requires special technology and robots to get the treasure as the ship is too deep for divers to reach."
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