Clive Palmer says contracts to build ship will be signed next week. Mr Palmer said he wouldn't say the ship was unsinkable - but it will have all the latest safety features.
Mining magnate Clive Palmer says Titanic II will mostly sail between Southampton and New York.
Work is due to start later this year and her maiden voyage is planned in November 2016. Our transport correspondent Mike Pearse reports.
Titanic II will sail from Southampton in third quarter of 2016. "I will spend what it takes to build it. I want to spend the money I have before I die." Said Palmer.
Clive Palmer announces go-ahead for Titanic 2 saying "I can pay for it. It will be built and history is being made. Other ships are like apartment blocks. This will be different."
Palmer says ship will mostly sail between Southampton and New York. Will be escorted by Chinese Navy from shipyard to Southampton on first ship. Our correspondent, Mike Pearse, is at the press conference in New York where the announcement is being made.
Billionaire Clive Palmer officially announces go-ahead for Titanic 2 in New York saying "I can pay for it. It will be built and today's history is being made. Other ships are like apartment blocks. This will be different. Some have offered £750,000 to be on the first trip from Southampton ."
Bob Prior from Kent is President of the British Titanic Society. He says has mixed views about the prospect of Titanic II.
Pat Lacey is a relative of the original Master of Titanic. She lives in Buckingham and says plans to build a new version of the ship are a bad idea.
An Australian billionaire, Clive Palmer, will today announce he is going ahead with plans to build a full size replica of the Titanic.
Here's an artist's impression of how the new 'Titanic II' would look.
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