An operation to rescue a sunken ship loaded with 9.4t of gold and silver off the coast of Patagonia has been delayed.

The Polar Mist and its seven-man crew departed from Punta Quilla, Argentina, on 14 January before encountering a storm.

British insurer Lloyd’s has hired Dutch company Mammoet to recover the vessel.

The recovery cost is estimated at $3m.

Mining company Cerro Vanguardia owns seven tonnes of the cargo and Triton mining owns the remaining 2.48t.

By staff writer