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The canister washed up on a beach at Green Head, 250 kilometres north of Perth, where it was found and reported by curious locals.
In a statement, police said they were guarding the object and treating it as hazardous until its origin could be established.
"In order to maintain the integrity of the investigation, officers from the Western Australia Police Force are currently guarding the object," the statement read.
"This measure has been taken to ensure the preservation of potential evidence and facilitate further expert examination."
originally posted by: mikell
It's been in the water for a while, probably a couple of years. I would say a rocket tank. It should be pretty easy to identify.
But the space agency said after an investigation it had concluded it was most likely from an expended third stage of a polar satellite launch vehicle.
The PSLV is a medium-lift launch vehicle operated by the Indian Space Research Organisation.