Clive Palmer, one of Australia's richest men, has announced plans to build a 21st century version of the Titanic passenger liner that sank in the North Atlantic in 1912 after colliding with an iceberg, the BBC reported on Monday.
Palmer said he had signed a memorandum of understanding with Chinese state-owned Jinling Shipyard to construct the ship, which would be ready to set sail in 2016. The construction is expected to start at the end of next year.
"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," the BBC quoted the billionaire as saying in a statement.
The Titanic, the largest luxury ship in its time, struck an iceberg during her maiden voyage from Southampton, UK, to New York on April 15, 1912, leaving more than 1,500 people dead.
The new vessel is expected to sail from London to New York in late 2016, if everything goes according to plan.
The cost of the construction is not yet known.