The 'La Vierge du Bon Port ' One of the richest French shipwrecks never found.

[Physics guy]

Some thing you learn in treasure hunting having companies you cannot maintain the momentum to survive in what you are doing long-term. Odyssey could not survive in the long term, just hunting for shipwrecks. You have to diversify into emerging markets. Even then seabed mining contraversial and high risk.

I lost millions in undersea mining venture in new Guinea with Nautilus minerals. While undersea mineral exploration getting Oydessey income, it has not translated in a profitable venture just yet.

Ironic Oydessey is working near lihur Island where I made a fortune in shares of png gold after Being bought out by newcrest mines



Crow

Newmont bought Newcrest in 2023. Two relevant links:

Lihir - Newmont Corporation – Operations & Projects

Located on Aniolam Island in Papua New Guinea’s New Ireland Province, the Lihir mine is one of the world’s largest producing gold operations and is wholly

operations.newmont.com

Lihir Gold Project | Odyssey Marine

Odyssey is set to execute its Exploration Plan for the Lihir Gold Project that will validate and quantify the precious and base metal content of the prospective resource.

www.odysseymarine.com

 

[Crow]

Newmont bought Newcrest in 2023. Two relevant links:

Lihir - Newmont Corporation – Operations & Projects

Located on Aniolam Island in Papua New Guinea’s New Ireland Province, the Lihir mine is one of the world’s largest producing gold operations and is wholly

operations.newmont.com

Lihir Gold Project | Odyssey Marine

Odyssey is set to execute its Exploration Plan for the Lihir Gold Project that will validate and quantify the precious and base metal content of the prospective resource.

www.odysseymarine.com

Lihir Gold Limited was a gold mining company with operations in Papua New Guinea, Australia and West Africa. my connection with it was with PNG Drilling we worked site drilling into active epithermal vent. the ground rock was hot from deep seated volcanic activity. We was part of project to drill holes and pump sea water in to cool the host rock so it could be mined. The side effect doing this created steam. that was used in turn to harness electricity for the island. Lihir Gold Limited was short on funds to pay The contract Drilling company got paid in part in share. When PNG Drilling got in financial difficulties it paid it workers in parts share of Lihir Gold Limited. Most of the guys working their felt duded. For many had families to support. I was single no time I just moved on ended working for a South African that had drilling rigs operating in South America. Back then the site was virtually jungle.

The company, incorporated in Papua New Guinea in June 1995, and named Lihir as its first project was to raise capital to build the Lihir Island. BHP had shares in the project at one stage but sold out because of low gold prices around 2000. The gold mine was merged with Newcrest at the end of August 2010 (last day for trading of Lihir Gold shares was August 30, 2010). Australian economist Ross Garnaut served as Lihir's chairman from 1995 to 2010. I still had my shares from the early days.

Merger talks were first made known in April 2010, with an announcement by Newcrest. On August 23, 2010 the A$9.5 billion takeover offer by Newcrest was approved after 99.86% of Lihir Gold Shareholders voted in favour of it. The takeover received national court of Papua New Guinea approval on August 28, 2010. Shareholders could elect one of the following consideration alternatives: Mixed Consideration; Maximum Share Consideration; or Maximum Cash Consideration, for all of the LGL shares held by them at 7:00pm (Melbourne time) on 6 September 2010 (shareholders who did not make a valid election received the Maximum Share Consideration) - LGL shareholders who elected to receive Mixed Consideration received: 1 Newcrest Mining Limited ordinary share ("New Newcrest Share") for every 8.43 LGL shares; plus $0.225 cash for each LGL share - LGL shareholders who elected to receive Maximum Share Consideration received approximately: 1 New Newcrest Share for every 8.17217 LGL shares; plus $0.0833 cash for each LGL share - LGL shareholders who elected to receive Maximum Cash Consideration received approximately: $4.7161 cash for every LGL share (for the purposes of the mix and match elections, the New Newcrest Shares were valued at $37.86) we was part of group that held out in the end

The acquisition made Newcrest the world's fifth-largest gold producer with a production of 2.8 million ounces of gold (IN 2009 at the time combined production of the 2 companies) Companies goggle up companies. Many companies I worked for do not exist anymore. And now Newmount gobbled them up.

Getting back to shipwreck salvage companies the harsh reality is they only have shelf life. Odyssey has evolved away from treasure hunting int a mineral resources undersea exploration company.

Thus any treasure hunting company has a limited shelf life built around a recovery project.

Crow

 

[Crow]

The 'La Vierge du Bon Port would have its challenges as it would fought over in the courts.

Crow

 

[stupot]

Thanks for the tip.

Sadly, I will get little help off them these days. I am apparently on the nose with the French these days. The wild accusations against me are not true. They had their chance to make a deal they squandered it. They got their fingers burnt for trying to be too greedy. They had ten years to get their crap together and they didn't.

My guess they will never ever see a cent from that gold. Amigo. I am retired and I have no longer have a need of them. And they know that. And they cannot say anything without them exposing their own dodgy dealings. And in their arrogance, they thought they was the cat, and I was the mouse? But it was the mouse, that got away with the cheese!

Thanks, amigo, for the tip. I am just spending a lazy wet Saturday afternoon. Posting a thread on shipwreck hopefully interesting enough to dare people to dream a little? A next generation of treasure seeker to give the powers to be hell, following their dreams?

I have new life now. I am just slowly weaning myself off my old life. Part of me clings to the past as it was a big part of my life, But i still have at least 20 years ahead of me. I will not be waiting for god. I will be living every breathing moment enjoying the pampering comfort of a beautiful women and living the life of luxury like all old pirates should amigo. Old raggedy old crow that hit every branch on the way down when he fell out of the ugly tree. Still cannot believe how I managed to bumble my way through it all. Taking the money and run.

Crow

Your words are like rich claret my friend!

 

[releventchair]

Good point!

I cannot put odds on it. other than few silent hail Marys! An old treasure hunter once told me a faint heart never F ----- a thing.

Currents and high tidal surges remains a problem. the French ship may not have the capacity to stay over wreck sight with out dropping anchor.

There is cheap method for a vessel that size 4 44 gal drums full of concrete dropped onto the sea floor with a line with a line and bouy. having found around the wreck site and vessel anchors off the bouy's. but that is only for keeping over wreck site when its identified.

( Years ago they did similar with larger ship to keep on position with Nigrara shipwreck WW2) A chance to see some of the old skills of the old salvors still relevant today?

In perfect world you have vessel with computer controlled self positioning system.

With the ROV in the exploration of magnetic anomaly targets. Their size and compactness they with still have to be tethered to the mother ship the small vessel. During exploration stage the vessel will drifting up current from the magnetic anomaly targets.

It must be remembered the ROV is only going to be used at selected targets. A bigger problem would viability. and battery life if Rov using more power against the current. It is the current hate of all rove operators is battery life and another factor the capacity of the small vessel to be able to recharge batteries.

Its a balancing act of being cost effect and practical at the same time.

Crow

There are smallcraft trolling motors (electric) with a "spotlock" feature. Not minute of hovering above a single pearl but get you in the area you want to loiter on if the wind isn't getting a foothold.
Alas I parted with mine along with a larger boat and am back to a manual motor.
Routes could be "memorized" and returned along between waypoints.
Fancy stuff. But a mere fish finder/sonar is enough for distracting me around home waters while fishing.
Back when ; Dad watched the not exactly even midspan most expensive on the market sonar quietly, briefly ; the first time aboard and then asked me why all the fish were swimming the same direction.
(No I'm not headed for saltwater in my 12 ' boat.)