Story highlights An Australian mining magnate plans to build a replica of the Titanic

Construction is to begin next year in a Chinese shipyard

He says the ship will be every bit as luxurious as the original

The Titanic sank in 1912 on its maiden voyage, leaving more than 1,500 dead

An Australian mining magnate has commissioned a Chinese shipyard to build a replica of the ill-fated Titanic, complete in every detail but equipped with modern technology to prevent a repeat of the original's fateful maiden voyage 100 years ago.

Clive Palmer, a Queensland mining billionaire with strong links to China, told Australian media that he had signed a memorandum of understanding with CSC Jinling Shipyard to build the ship.

He said construction of the luxury cruise ship would begin next year and the ship would be ready to sail in 2016.

"It will be every bit as luxurious as the original Titanic but of course it will have state-of-the-art 21st century technology and the latest navigation and safety systems," he said in a statement.

The new vessel is due to make its maiden voyage from London to New York in late 2016. The cost of the construction of the new vessel has not been revealed, a spokesman for Palmer told Australian media.

JUST WATCHED Author sheds light on Titanic aftermath Replay More Videos ... MUST WATCH Author sheds light on Titanic aftermath 04:37

JUST WATCHED 100th anniversary of Titanic sinking Replay More Videos ... MUST WATCH 100th anniversary of Titanic sinking 01:24

JUST WATCHED Life in 1912 when the Titanic sank Replay More Videos ... MUST WATCH Life in 1912 when the Titanic sank 02:20

"Of course, it will sink if you put a hole in it," Palmer said at a press conference. "It is going to be designed so it won't sink. But, of course, if you are superstitious like you are, you never know what could happen.''

The original Titanic -- the largest ship of its type at the time -- sank 100 years ago this month when it struck an iceberg on the night of April 15, 1912, on its maiden voyage from Southampton to New York. More than 1,500 people perished in the disaster, which captured the popular imagination. The ship had been vaunted as "unsinkable."

The mining magnate from Queensland owns a luxury resort on Australia's Sunshine Coast and plans to build a fleet of luxury liners.