Three tanks found in the sea at Anchor Bay contained explosive material, informed sources have confirmed.
The tanks were found after a tip-off yesterday afternoon and recovered from the sea today.
The sources said the discovery consisted of explosive still in three tanks in which it was imported as well as other explosive in bags, and completed fireworks which were on the seabed. A further 18 tanks were found to be empty.
The items will be examined by forensics experts before being disposed of.
The police last week also found explosives stored illegally in a room close to the area, although the two may not be related.
The management of nearby Popeye Village in a statement said that the establishment had nothing to do with the discovery, which was not made on its property.