Australian Billionaire to Build Titantic II

An Australian billionaire says he plans to build a near-perfect replica of what is perhaps the most famous ship in history: Titanic.

Clive Palmer, shown here in 2010, says his company Blue Star Line has begun plans on the new Titanic.

Palmer says the company is already in negotiations with a Chinese ship-building group to make "Titanic Two" a reality.

When it's finished, the ship will resemble the replica museum of the original cruise liner.

Palmer says that while the new Titanic will look much like the original, it will be fully-equipped with modern technology.

Palmer says the ship will make its maiden voyage from England to North America in 2016, taking the same route as the doomed ship that sank 100 years ago this month.

The company has not said how much it will spend to build the new Titanic.

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