Five people have been charged with trying to import $12.5 million of cocaine from Panama after authorities intercepted a container in Sydney.
Customs and Border Protection authorities examined a sea cargo container and found a number of bags containing 49 solid blocks of the drug, federal police said.
Each block weighed about one kilogram and consisted of compressed white powder which tested positive for cocaine, they said.
They estimated the value of the seized drug at $12.5 million.
After searching premises in Mount Annan, southwest of Sydney, and the southwestern suburb of Minto, police have charged five people with attempting to possess a commercial quantity of a border-controlled drug.
Hurstville Grove man Brian Black, 40, Mohamed Jomaa, 34, from Brighton Le-Sands, Minto woman Bronwyn Reely woman, 38, and William Long, 38, of Currumbin in Queensland, appeared in Sydney's Central Local Court on Thursday.
They were charged with attempting to possess a commercial quantity of a border controlled drug, and lawyers for the four said they would apply for bail on September 29.
Steven Christodoulou, 39, from Bardwell Park, was charged with the lesser offence of aiding and abetting the possession of a commercial quantity of a border controlled drug. He was due to appear in the same court later on Thursday.
Border protection NSW director Greg Corrigan said the latest seizure, of about 50kg, was smaller than a 245kg cocaine bust several weeks ago, but it was still significant.
'These are good, notable seizures,' Mr Corrigan told reporters.
'I expect to be here again soon with even more.'
Mr Corrigan said successful drug busts were disrupting criminal networks.
'Because of this seizure there's going to be a lot of unhappy people out there, and we enjoy making them unhappy,' he said.
'We're trying to disrupt them. we're effectively doing that.'