Clive Palmer
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Australian billionaire Clive Palmer to build Titanic II

30 April 2012 Last updated at 12:27 BST

Clive Palmer, one of Australia's richest men, has commissioned a Chinese state-owned company to build a 21st Century version of the Titanic.

The mining billionaire told Australian media that construction will start at the end of next year.

Mr Palmer told a press conference it would be ready to set sail in 2016, with the ship's maiden trip planned from London to New York.