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Australian billionaire to build Titanic II

April 30, 2012 at 7:58 AM

BRISBANE, Australia, April 30 (UPI) -- Australian billionaire Clive Palmer says he plans to build a new Titanic that would be guaranteed not to sink.

The mining magnate announced a deal Monday with a Chinese shipyard to build Titanic II, which would sail from England to North America in late 2016.

He said the ship, which would be fitted with the latest navigation and safety systems, will be a near replica of the original Titanic that sank in 1912, 9 News Australia reported.

Palmer said design work is already under way.

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