( CNN ) -- An Australian mining magnate has commissioned a Chinese shipyard to build a replica of the ill-fated Titanic , complete in every detail but equipped with modern technology to prevent a repeat of the original 's fateful maiden voyage 100 years ago . Clive Palmer , a Queensland mining billionaire with strong links to China , told Australian media that he had signed a memorandum of understanding with CSC Jinling Shipyard to build the ship . He said construction of the luxury cruise ship would begin next year and the ship would be ready to sail in 2016 . `` 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 , '' he said in a statement . The new vessel is due to make its maiden voyage from London to New York in late 2016 . The cost of the construction of the new vessel has not been revealed , a spokesman for Palmer told Australian media . `` Of course , it will sink if you put a hole in it , '' Palmer said at a press conference . `` It is going to be designed so it wo n't sink . But , of course , if you are superstitious like you are , you never know what could happen . '' The original Titanic -- the largest ship of its type at the time -- sank 100 years ago this month when it struck an iceberg on the night of April 15 , 1912 , on its maiden voyage from Southampton to New York . More than 1,500 people perished in the disaster , which captured the popular imagination . The ship had been vaunted as `` unsinkable . '' The mining magnate from Queensland owns a luxury resort on Australia 's Sunshine Coast and plans to build a fleet of luxury liners .
An Australian mining magnate plans to build a replica of the Titanic . Construction is to begin next year in a Chinese shipyard . The ship will be built by Italian shipbuilder Fincantieri and cost about $US1 billion ( $1.7 billion ) A new documentary on the Titanic, which was sunk off Ireland in 1912, has The Titanic sank in 1912 on its maiden voyage , leaving more than 1,500 dead .