Keel corrosion

From the first photograph, it seems as if the keel joint is much higher than where this major fault lies.

A quick search this yacht was built either in Taiwan or Thailand under the control of a New Zealander.

Could the keel be in two parts that are bolted together and this joint may have had corrosion problems?

The leading edge seems to have dropped, so has the boat run aground on rocks and fractured the keel?

The smooth start of the crack is odd and then an area of massive corrosion, but aft the keel looks perfect. If the keel was in one piece, then during the casting it might have had a double pour of molten metal and an area between the 2 pours had some slag or cooling that allowed water to enter and corrode.

These are just my thoughts.

It is very difficult to judge from the limited number of low resolution photographs. Any chance of more higher detailed photos?
I have more photos, but this program tell me are so large to attach to this chat
 
Is not concrete, is coming from inside the keel, suppose to be lead, this is the cainof oxidation I got on the lead, really estrange .
I suspect what you have is iron encapsulated in a GRP keel and water has got in causing the iron to rust. It then expands and splits the GRP moulding. It is strange that there seem to be 2 lines/joins between the keel and the hull. It would be helpful to see a photo of the complete boat to get a feel for how it was constructed. I have seen many Hans Christians but not one like that. I hate to say it, but many older Taiwanese boats were very badly built once you get past the acres of teak down below (and on deck!) and the hidden problems start to show as they get older and more neglected.
 
Sorry to float an ancient tread from last week. I'm responding to Ximo, not the original starter of the tread.
From the photos, it looks like a lead keel, so I will assume it is.
It looks like there are at least 4 horizontal lines along the keel. My guess is that the lead is poured and allowed solidify in at least 5 pourings and they have not removed slag that solidified at the top of each pour. I have never participated in such a process so may be totally wrong, but let us assume this is correct for the rest of my rambling.
That largest gap in the front looks more like wear than corrosion. My guess is that the keel has snagged a chain. The chain has forced open one of the weak layers of the keel, got forced in and stuck, and subsequently the movement of the boat, by waves and tide, has made the chain "saw" this huge gap we see in the first picture, and forced the lower part down. Does this make sense?
Getting a new keep is vey expensive. If this is not av option, I would insert treaded rods from underneath to the upper most section. Drill with diameter larger than the rod up to the opening, then above with diameter of the core of the rod. You may need weld an extension to your drill bit. Let the rod make its own treads by sqeezing the lead. I was told by a boat builder that a depth 7 times the bolt diameter in lead was sufficient. I testes this myself by screwing a M18 bolt 15 cm into a lead keel. I could tighten it to 340 Nm without any sign of slip.
Then clean and fill the gaps with epoxy filler. Fair the keel and paint.
The keel to hull joint does not look so good either, so it may make sense to drop the keel, and lay it on the side for the work with installing rods. Then you can drill all the way through and put nuts in top and bottom.
If also this is not an option, put the rods diagonally across the gaps from the front. Then perhaps look for a condemned Hans Christian with a good keel.
 
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