A man has died while attempting to retrieve a haul of cocaine from the Hunter River in Newcastle.

Bystanders tried to revive the suspected drug mule, who was dressed in diving gear yesterday morning.

More than 50 kilograms of the illicit substance were found near him, with an estimated street value of $20 million.

Detective Superintendent Rob Critchlow earlier told 2GB police were searching a nearby ship registered in Panama.

“It last left port in Argentina before it came to Australia,” he said.

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