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Odyssey Marine Exploration president Mark Gordon on recovering $38 million worth of silver from a WWII shipwreck.
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Another sell -- in the markets.
So how about an alternative investment sink your money and a sunken treasure a deep ocean exploration company says has recovered 48 tons of silver.
Or 38 million dollars from -- World War II ship -- Mark Gordon if the president Odyssey marine.
Exploration thank you for being whether Smart congratulations on the fine.
That you've got this up 48 times 38 million dollars and you say 80% more is still down there.
On the ocean floor is that right.
Yeah that's right -- great to be with yet.
We've only just started the recovery here pulled up about one point four million ounces.
So far -- -- ship was reported to be carrying up to nearly seven million ounces of silver so more to go for sure.
You have -- -- when I count up I think something like 240 -- of -- 190 million left.
Why it was a ship in World War II caring so much silver was -- for treasury purposes or for industrial use.
Well it was both but largely the for treasury to fund the war so lot of -- silver was moving from India.
Back to the UK to fuel the war effort and it was so the ship was sunk by U boat.
On its way to England.
There's this they have mainly value is just the commodity of silver present an historical value that makes even worth more than the actual weight of the silver itself.
You know little bit of both this over a lot of this will be sold into the London metal exchange for bullion value.
But an element of the cargo will be reserved to be sold in collectible products and as collector pieces.
Just the bars themselves and those will certainly have a premium associated with them.
How much did you spend how many millions of dollars did it take you.
To pull out this 38 million dollars worth of silver.
You know -- have about ten to fifteen million dollars all in on this project before we're done.
But obviously pretty good return so far and that it now you get to keep only 80% of this the UK government gets 20% for haven't done nothing.
Well that's right the UK don't they actually -- the silver were acting as a sell over.
Off for them and that we -- at risk.
But to go find this -- last year.
And now the data recovery and -- this is a pretty standard commercial deal where.
The south -- we'll get 80% and the government will get 20% they -- the cargo -- on the past ten years you're sober is like five dollars an ounce ten years ago and now -- 125 dollars or so such a five X increase.
At what price do you simply let it lie down there -- -- to stop -- because they cost too much to get it in the Summers too cheap.
Well it's it's funny -- say that you -- we looked at this project when silver was at about eight.
And it really didn't make economic sense.
When so overpass fifteen dollars it started to make good economic sense right and you've got you've got this ship -- a hundred miles away from another ship that you've been taken some silver out of as well -- -- and that too.
Yeah that's right so we have a second projects being done simultaneously.
Also with the British government a ship that contained.
Up to 600000 ounces of silver so we intend to stop there on the way home and -- pick that up as well okay you're actually little NASDAQ stock -- market cap out of quarter billion or something and that 52 week range is less than two dollars and over four dollars about 360 now.
Here's your chance to tell by.
Well but you know it's my personal belief it's a great opportunity right now you know not only was this a great accomplishment for -- -- you know we recover this silver.
-- water depths greater than the Titanic nearly three miles deep.
But really the most important thing that -- what just happened here is we validated this government partnering model which I think is very important.
We -- we can monetize these recoveries very quickly yeah we significantly strengthened our balance sheet Iraq process and a great time to be investing and for the for the government 20% -- something has a lot better and a 100% enough and thank you very much Mark Gordon congratulations great story great find him.
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