Australian authorities seize 70 kg of cocaine

Australian police said on Tuesday they have arrested five men after seizing 70 kilograms of cocaine allegedly imported from South America into Australia from a yacht in Queensland's Gold Coast.

The Australian Federal Police (AFP) said the arrests came after a multi-agency operation began earlier this month, targeting organized crime syndicates using yachts and similar vessels to ship cocaine to Australia through the South Pacific region.

"We believe this operation has disrupted and caused significant damage to a number of organized criminal enterprises that are seeking to profit from the high prices and demand for illegal narcotics in Australia," AFP Commander Organized Crime David Stewart said in a statement.

Australian authorities launched an investigation following a tip off provided through the UK National Crime Agency.

All five men, aged between 29 and 67, face life imprisonment.

The seized cocaine has an estimated value of 17.5 million Australian dollars (12.63 million U.S. dollars).