Clive Palmer is a very rich man and a very big 'Titanic' fan. So the Australian mining magnate is planning on using some of his multi-billion dollar fortune to build a replica of the doomed ocean liner.

Palmer announced over the weekend that he has already commissioned a Chinese company to build a 21st Century version of the ship, which will feature the same design and specification as the original, but with modern amenities. The Titanic 2.0 will be ready to sail in 2016. The estimated cost of the project has not been made public.

As for the iceberg in the room?

"Of course it will sink if you put a hole in it,'' Mr Palmer said during a press conference when asked if he worries his Titanic would suffer the same fate as its inspiration. "It is going to be designed so it won't sink,'' he added.

We've heard that one before. In fact, somebody's already made a SyFy Original Movie about someone doing precisely this.

Over 1500 people died when the Titanic sank on April 15, 1912, making it one of the greatest maritime disasters ever.

Maybe for his next trick Palmer will build a 21st Century Hindenburg.