The cocaine had been dropped at a transit point in international waters, six days sailing northeast of New Zealand.

More than three tonnes of cocaine found floating in the Pacific Ocean, has been seized by the authorities in New Zealand

Police commissioner Andrew Coster said the 3.2 tonnes found were worth an estimated $323 million.

The cocaine had been dropped at a transit point in international waters, six days sailing northeast of New Zealand.

Mr Coster said the haul was equivalent to 30 years of supply in New Zealand and a year’s worth of supply in Australia.

“There is no doubt this discovery lands a major financial blow right from the South American producers through to the distributors of this product,” the commissioner said.

The size of the shipment suggested the drugs were likely destined for Australia, Mr Coster said, noting that “we know the distribution of any illicit drug causes a great amount of social harm as well as negative health and financial implications for communities, especially drug users and their families.”

The commissioner said no arrests had been made, as the police were working with international partners to further their enquiries.

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