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PM embarking on treasure 'Odyssey'

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Prime Minister Perry Christie

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A “world leader” in shipwreck salvaging, which was recently featured in a Discovery Channel documentary, is negotiating with the Government over conducting treasure-hunting exploration in Bahamian waters, it has confirmed to Tribune Business.

Tampa-based Odyssey Marine Exploration, which was seen by TV viewers recovering 1,218 silver bullion ingots from a World War II wreck 4,700 metres deep off the Irish coast, has met Prime Minister Perry Christie and other Bahamian government officials about conducting similar operations in the wreck-rich Bahamian waters.

Laura Barton, Odyssey’s spokesperson, confirmed in an e-mailed response following Tribune Business inquiries: “Odyssey has met with government officials in the Bahamas, and we are excited about the possibility of working with the Bahamas under an agreement similar to those we have with other governments, which could recover and preserve lost cultural heritage and provide significant potential economic value to the country.”

While Odyssey did not comment further, and the Government has made no statement on the matter, Tribune Business sources close to developments confirmed that the marine salvager/explorer has met with Prime Minister Christie on its plans.

Apart from wreck salvaging/treasure hunting, this newspaper understands that Odyssey is also dangling the prospect of mining for mineral deposits in Bahamian waters in front of Mr Christie, plus the possibility of moving its head office from Tampa to the Bahamas.

“They got the PM excited,” one source told Tribune Business. “He had one big meeting with Odyssey, and Odyssey said they wanted to mine the ocean floor. They’re talking about mining and what they can do from that.”

Odyssey’s 10-K annual report filing with the US Securities & Exchange Commission (SEC) earlier this week discloses that it owns 6.2 million shares in Neptune Minerals, a company that discovers and “commercialises high-value mineral deposits”.

The company also has a long-term lease on the RV Dorado Discovery, a research vessel created for deep-ocean mineral exploration.

The 10-K filing reveals that Odyssey is focusing on Seafloor Massive Sulphides (SMS), which contain gold, copper, zinc and other minerals; Phosphorites; and Polymetallic nodules.

The company, which describes itself as a “world leader” in deep water exploration, also has two Bahamian-domiciled subsidiaries, Odyssey Marine Management and Odyssey Marine Enterprises.

Research by Tribune Business revealed that the latter was incorporated on December 20, 2012, by Lyford Corporate Services, an arm of the Klonaris & Company law firm.

Odyssey Marine Enterprises was then last month involved in a transaction where it sold $15 million worth of shares, or a 15 per cent stake, in Oceanica Resources, a Panamanian company, involved “in the business of mineral exploration, which controls exclusive permits for offshore mineral deposits in an area...believed to feature a valuable mineral resource based on extensive exploratory activities undertaken by Odyssey.

“Preliminary resource assessments indicate that the concessions, which have been granted for a 50-year period to a wholly-owned subsidiary of Oceanica, may prove to have significant economic and strategic value.”

It is unclear if the area referenced is in Bahamian waters, although Tribune Business sources suggested Odyssey was seeking to obtain exclusive exploration rights for certain areas from the Government.

Odyssey’s entry into the Bahamian wreck salvaging market will likely pique further interest in this potentially lucrative sector for the Bahamas.

The company, though, has not avoided controversy, having been ordered by the US courts to return a significant treasure find to the Spanish government - following an incident in which the Odyssey exploration vessel was intercepted, and arrested, at sea by Madrid’s naval vessels.

Tribune Business last week reported that the Bahamas could “wipe out its national debt” if it moves to permit wreck/treasure salvaging and exploration, one executive estimating $6 million could be instantly injected into the economy if pending licence applications were approved.

Anthony Howorth, the former chairman of the Bahamas Association of Treasure Salvors (BATS), who has been assisting applicants applying for licences from the Government, said one client had pledged to spend $600,000 in the Bahamas if their plans were given the go-ahead.

Other sources familiar with the situation told Tribune Business that at least 17 applications for survey licences had been submitted to the Government - the first step in wreck/treasure exploration in Bahamian waters.

The applications were submitted after the House of Assembly, under the former Ingraham administration, passed the Antiquities, Monuments and Museums Act, and accompanying regulations, that govern how artefacts are to be recovered from Bahamian waters and the division of resulting profits.

Tribune Business understands that the Government’s plan is to issue five licences in the initial tranche of approvals, and a further five at a later date, making for a total of 10.

However, none have been approved to date, and sources close to the process are concerned about potential bureaucratic delays and red tape holding-up the process.

Mr Howorth emphasised: “All the items brought up have to be given to the Bahamian government, processed at the leaseholder’s [salvager’s] expense, and the profits after that are to be divided into the 25 per cent the Government keeps, and 75 per cent that the salvager keeps.”

Apart from the financial loss to the Government and Bahamian people, the pirating of numerous wreck sites is also depriving this nation of its culture and history.

Another source said: “This is a $100 million industry a year without question. If they [the Government] were smart, this could wipe out the national debt.”

The source pointed to the wreck of the Nuestra de Signora Maravillas, thought to have gone down with $8 billion in gold in shallow waters off Grand Bahama’s West End, plus the Capitana, believed to have sunk with an estimated $2 billion in golds and emeralds from Colombia, as to the kinds of riches thought submerged in Bahamian waters.

An idea of what the treasure/wreck salvaging industry could generate for the Bahamas, in terms of economic impact, is hinted at by a 2008 survey of what it has done for Florida.

The survey, prepared for the Mel Fisher Centre, found that state’s marine salvage sector had directly generated economic activity worth $70.9 million per annum, and some 550 jobs. Earnings produced by the sector stood at $26.2 million.

“Museums, retailing operations and the donation to Florida of more than 38,000 salvaged items of historic and cultural value have benefited Florida and its citizens, as well as citizens from across the world who have visited here,” the report said.

Comments

Balchen 11 years, 9 months ago

Might I suggest you look at the web site of the descendants of Admiral Balchen, whose wreck the HMS Victory; Odyssey are involved with.

https://sites.google.com/site/adsirjohn…

John 11 years, 9 months ago

whatevr happen to those billions that was stored in the hills of San salvador? With technology they can make a tunnel underground and take them out with no body knowing...and when you do decide to go in you will find an empty cave.

Dell 11 years, 9 months ago

Barcnen, you make an interesting point, but I'm sure the government will not allow any situation that has the potential to cause embarrassment.

Remember, the permits are basically in two parts. The first part is permission to search and locate potential Treasure wrecks, and only after all the data is submitted will they approve and grant the Salvor permission to conduct a regulated salvage. They also have the option to shut down any operation that does not comply with the rules.

In the "Search" phase hundreds of miles of ocean bottom will be surveyed by multiple vessels and the electronic data collected will be given to the Government providing them insights into the ecology and marine life in areas that have never been surveyed before. Shipwrecks of historical interest will also be plotted and the data provided for future Archaeological interests.

Yes, salvors will probably be permitted to start salvage right away at the locations of known Treasure shipwrecks such as the Marvilla.

I don't think the HMS Victory, is a very good example in this case. As far as I know there are no famous sunken Bahamian Naval ships in the Bahamas. Most Treasure ships sunk in the Bahamas, are of foreign origin.

Wrekin, (ship wreck salvage } is a Bahamian tradition that dates back over 200 years extends all the way to the Florida Keys. Let's embrace this heritage.

JOHN, I believe there is Treasure buried on land through out the Islands. The treasury of Haiti, being one of them. Any ship carrying valuables that sank within a quarter mile of shore you can bet that the survivors made every effort to salvage precious cargo and bury it on land for safe keeping. There are cave entrances at the bottom of since filled in potholes, and in sand dunes with buried treasure waiting for the lucky finder. And there were Pirate stashes, But, I understand the government has Treasure Trove laws that apply to land as well as water, so obey the law and don't get into trouble.

In my opinion the Bahamas, has a tremendous untouched resource of buried wealth, as well as unexploited natural Mineral resources.

I wish the people of the Bahamas every success in this endeavor. Dell

Archaeologist 11 years, 9 months ago

Pretty good article, except for the sentence "Apart from the financial loss to the Government and Bahamian people, the pirating of numerous wreck sites is also depriving this nation of its culture and history". What an uninformed statement, the author should fact check. This will be a financial BOOST to the Bahamas, not a loss. Deprtiving this nation of its culture and history? Are you serious? That history is laying on the bottom of the ocean, hidden under 10 feet of sand. Is the Bahamian government going to go dig it out at the cost of millions? Is there a line of archaeologists waiting to spend their money to go rescue these artifacts from the sea? It's an easy answer....NO. The only people capable of recovering and preserving this history are the private sector salvors. With them, the Bahamian people get 25% of the cultural heritage deposited in their waters, in any other scenario they get 0%, and likely have to spend their own tax dollars to go retrieve the material.

What the academic community won't tell you is that under their plan, you (the Bahamians) keep NONE of your heritage. They will hoard it away under the premise that the entire collection must remain together. A few pieces might go on display at a museum or as a tyravelling exhibit, and the rest will be boxed up and stored in a vault. Tell me how THIS plan benefits the Bahamian people? Private Salvors do some of the most accurate and modern archaeology on the planet, especially the ones being considered for leases in Bahamian waters. Academic archaeology lacks the funding to perform much real work these days. This leaves us with two choices; wait until the seas, looters, and fishing trawlers completely destroy the archaeological remains, or allow salvors to rescue, document, and preserve what is left quickly and efficiently. The first option gets you nothing, the second option gets you a lot, for absolutely nothing out of your pockets. I know plenty of wonderful Bahamians, and I know which option they would choose....

Dell 11 years, 9 months ago

Archaeologist, I think you may have misread the statement "Apart from the financial loss to the Government and Bahamian people, the pirating of numerous wreck sites is also depriving this nation of its culture and history."

I take it to mean that during the past years of the Moratorium, that without the permitting process in place, the Bahamas, has no doubt lost Millions of dollars in revenue, and just as important because the integrity of the shipwreck has been destroyed and Artifacts have been pirated without regard for archaeological data, and without government knowledge that during that time period a part of the Bahamas cultural heritage has been lost forever.with no benefit whatsoever to the Bahamian people. Dell

proudloudandfnm 10 years, 8 months ago

Bahamian treasure hunters can exploit these opportunities. Deny every single foreign application.

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