A new Titanic could be sailing the high seas within a few years.
Australian mining magnate Clive Palmer announced plans Monday to build an ultra-modern, luxury version of the doomed ocean liner in China.
Palmer, one of the richest people in Australia with an estimated worth of more than $5 billion, said he had commissioned a state-owned Chinese company to construct Titanic II with the exact dimensions as the ill-fated original.
"It will be every bit as luxurious as the original Titanic but of course it will have state-of-the-art 21st century technology and the latest navigation and safety systems," Palmer said, according to AFP.
He said Titanic II would make its maiden voyage from England to New York in late 2016.
The news comes just two weeks after the 100th anniversary of the sinking of the Titanic, which hit an iceberg on its first voyage across the Atlantic on April 15, 1912, sending 1,500 people to their deaths.
"Titanic II will be the ultimate in comfort and luxury with on-board gymnasiums and swimming pools, libraries, high class restaurants and luxury cabins," Palmer said.
The cost of the new ship was not disclosed.
Palmer announced his Titanic plans the same day he revealed he would make a run for Australia's Parliament.
Palmer said he would seek the conservative opposition's candidacy for the seat currently held by Deputy Prime Minister Wayne Swan.
"Politics is about ideas," the billionaire told reporters. "You are not going to become rich being a politician."
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