AUTHORITIES in the South American country of Guyana say they have seized more than 8,000 pounds of cocaine found near the Venezuelan border.

The land seizure is considered the biggest in recent history, with Security Minister Robeson Benn telling reporters he estimates the drugs are worth the equivalent of £152 million.

The drugs were found in earthen pits in Guyana’s north-west region, officials said.

Police arrested one suspect and said they were looking for two more who fled the scene.

Guyana’s police and military, along with the United States Drug Enforcement Administration, are reported to have been involved in the operation.

Mr Benn said: “We are happy that we have the DEA with us sharing information and intelligence.

“Guyana is a victim of this illegal activity. We don’t produce cocaine; we don’t transit it.”

The drugs were seized in an area of jungle where police have found improvised submersible vessels hidden in recent years.