An Australian billionaire has announced plans to build a replica of the Titanic that will make its maiden voyage from England to New York in 2016.

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

Palmer says in a statement that the new ship will be "every bit as luxurious as the original Titanic" -- but with "state-of-the-art 21st-century technology and the latest navigation and safety systems."

More than 1,500 people died in the sinking of the Titanic, which at the time was the world's largest and most luxurious ocean liner.