Police are investigating after the body of a diver was found washed up near more than 50kg of cocaine, believed to be worth $20 million, in Newcastle.

Officers made the shock discovery about 9.30am on Monday, after being called to reports of an unconscious diver on the shore at Heron road, alongside the Port of Newcastle.

Despite desperate attempts by paramedics and members of the public who commenced CPR, the man could not be revived.

According to NSW Police, a number of packages which contained more than 50kg of a white powder believed to be cocaine were located in the “immediate vicinity”.

“The cocaine has an estimated potential street value of $20 million,” police said.

A crime scene has been established, with police and Australian Border Force divers to continue searching the area today.

“An investigation is underway by Organised Crime Squad detectives, who will also be assisted by officers attached to the Australian Federal Police,” police said.

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The man is yet to be formally identified.

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