International drug bust nets $677 million of cocaine bound for Australia

SYDNEY (Reuters) - A joint U.S. and Australian law enforcement operation busted an international drug ring after intercepting 2.4 tonnes of cocaine aboard a vessel off the coast of South America that had been bound for Australia.

The cocaine, linked to a Mexican drug cartel, had a street value of around A$1 billion ($677 million), and was equivalent to half of Australia's estimated annual consumption, making the seizure one of the biggest that Australian police have been involved in.