Reuters is reporting that Australian authorities have seized a record 1.4 tonnes of cocaine worth A$312m from a sailing yacht heading to Australia. Six men, including five Australians, have been charged with conspiracy to import drugs.

The men could face life imprisonment, according to a joint statement from Justice Minister Michael Keenan and Immigration Minister Peter Dutton.

The seizure is 880lbs (400kg) heavier than the previous record of 2,006lbs (938kg) in Western Australia in 2001. "The interception was the result of a dogged, two and a half year, multi-agency pursuit involving the Australian Federal Police, Australian Border Force and New Zealand Customs Service," the ministers said in the statement.

Keenan said that the street value of cocaine in Australia was up to nine times more valuable than the United States. It was the second major drug bust in Australia in recent months, after police seized 500kg of cocaine in a Sydney Fish Market on Christmas.