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Australian billionaire plans to build new Titanic

An Australian billionaire said Monday he'll build a high-tech replica of the Titanic at a Chinese shipyard and its maiden voyage in late 2016 will be from England to New York, just like its namesake planned.

Weeks after the 100th anniversary of the sinking of the original Titanic, mining magnate Clive Palmer announced Monday he signed a memorandum of understanding with state-owned Chinese company CSC Jinling Shipyard to build the Titanic II.

"It will be every bit as luxurious as the original Titanic, but … will have state-of-the-art 21st-century technology and the latest navigation and safety systems," Palmer said in a statement. He called the project "a tribute to the spirit of the men and women who worked on the original Titanic."

Click here for the full report by USA Today and click here for a video interview of Palmer by the Sydney Morning Herald.

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