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New Zealand recovers $500 million worth of cocaine believed to be bound for Australia

3.2 tonnes of the drug was found in international waters.

Police in New Zealand say they have recovered 3.2 tonnes of cocaine worth more than NZ$500 million (AUD$453 million).

The cocaine is believed to have been destined for Australia and was found floating in international waters.

Floats supported a net holding the haul on the ocean surface before it was recovered.

New Zealand Police Commissioner Andrew Coster says it was the "largest find of illicit drugs by New Zealand agencies by some margin".

"We have no doubt that a seizure of this scale lands a major financial blow to those involved in its trade, from producers to distributors."

Police National Organised Crime Unit head Greg Williams said the quantity of the drug was enough to supply New Zealand for 30 years, meaning there was "no way" it was destined for them.

"New Zealand is not a cocaine market...we are tiny compared to Australia."

There have been no arrests so far.

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