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Australian billionaire plans to build a replica of the Titanic

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Australian billionaire Clive Palmer plans to build the Titanic II, a modern replica of the original Titanic, while pursing a seat in the nation's parliament.

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Clive Palmer, an Australian billionaire vying for a seat in the nation’s federal parliament, has announced his plans for building a replica of the Titanic. This new "Titanic II" will be built at approximately the same size as the original and is planned to sail from England to New York in 2016. Palmer intends for the Titanic II to be a tribute to the men and women who built the original, which was recently commemorated for the 100th anniversary of it's tragic sinking.

The new ship will be built by Chinese firm CSC Jinling Shipyard for an undisclosed amount of money. And don't worry: Palmer assures that the new vessel will employ cutting-edge navigation and safety systems in hopes that history will not repeat itself.