The film director James Cameron was unimpressed when he learnt of an Australian mining tycoon’s plans to build a seaworthy, life-sized replica of the Titanic.
“Frankly, if I had that much money, I’d spend it on science, but that’s just me,” said the Canadian, whose epic 1997 screen retelling of the ship’s ill-fated maiden voyage won 11 Oscars, smashed the all-time record for box office takings and made global superstars of Leonardo DiCaprio and Kate Winslet.
Clive Palmer, the mining tycoon in question, cites the film — particularly the unlikely love affair between the main characters Jack and Rose, played by DiCaprio and Winslet — as one of the inspirations for his project.
But if his dream becomes reality, he will have done more than even Cameron to resurrect the world’s most famous doomed ocean liner.
Speaking before the anniversary of the Titanic’s encounter with an iceberg on the night of April 14, 1912, Palmer said that he was used to dealing with “naysayers” who have dismissed his plans as a publicity stunt since they were first aired more than a decade ago.
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He suggested that Cameron, who was in Perth last month to promote an exhibition about his own deep sea exploits, including numerous trips to view the wreck of the Titanic, may have been motivated by professional envy — having built his own giant shell of the ship for his Mexico film set three decades ago.
“I can understand there is a bit of competitiveness, but the world is big enough for everybody,” Palmer said. “The real message of the Titanic is about love and friendship and peace.”
The pugnacious Gold Coast billionaire celebrated his 70th birthday on his $40 million superyacht, Australia, on the Brisbane River last month. A few days earlier he had convened a press conference at the Sydney Opera House to renew his vow to build a much bigger boat: Titanic II.
A slick promotional video was shown of the vessel, which he hopes will “recreate the grandeur of the original Titanic”, including the bridge, grand staircase and opulent first-class dining room that featured prominently in Cameron’s film.
Although dwarfed by many of today’s cruise liners, the Titanic II will have nine decks and be 269m long, the same as the original, which was the biggest ship yet constructed at the time.
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It will be significantly heavier, at 56,000 tonnes, and wider, having been modified to comply with modern safety standards. This includes carrying 18 fully enclosed, motorised lifeboats, each capable of carrying 250 people — or 4,500 in total, more than enough to accommodate the 2,435 passengers and 478 crew.
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Instead of coal, the Titanic II will be powered by a diesel engine, but it will feature four “smoke stacks” containing viewing platforms for passengers. They will be split into first, second and third class, who will be treated to Irish dancing every night and eat at long, communal tables. The maiden voyage will retrace the Titanic’s incomplete journey from Southampton to New York and has been earmarked for 2027.
Given the public’s enduring fascination with the Titanic, Palmer’s plans have generated great interest, but plenty of scepticism too.
He first pledged to build the Titanic II at an event at the Ritz hotel in London in April 2012, staged to coincide with the 100th anniversary of the disaster, in which about 1,500 passengers and crew died.
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The maiden voyage was earmarked for 2016, but the project was suspended in 2015 after a payment dispute between one of Palmer’s companies and the Chinese conglomerate Citic.
The launch was delayed until 2018, then 2022, by which time the global cruise industry had been devastated by Covid. With the pandemic over and the cruise industry bouncing back, Palmer said there was nothing to stop him this time. Money, he stressed, was no obstacle because his fortune had soared in recent years.
The Titanic II is expected to cost about A$1 billion, or roughly £530 million. This is within reach for Palmer, who is Australia’s fifth richest person and is estimated to be worth A$24 billion (£12.5 billion), raking in almost A$447 million in mining royalties last year.
The bulk of his fortune stems from his privately owned West Australian iron ore mining operation Mineralogy, meaning he does not have to answer to shareholders. “The reason we’ll build the Titanic is because I’ve got the money to do it,” Palmer said. “That’s what makes it certain, really.
“Now I want to move things along as quickly as possible, as I want to be around when it’s finished.”
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Critics have pointed out he has yet to secure a shipyard, but Palmer said that four shipyards, three in Europe and one in Asia, had been lined up.
He hopes to sign contracts in January and begin construction in March, and will be flying to London in June to finalise details with the Finnish ship designer Deltamarin.
Plenty of his countrymen will not want this latest venture to get off the drawing board.Mark McGowan, a former premier of West Australia, described Palmer last year as the “greediest man in Australian history” after he launched legal action against the federal government seeking A$300 billion in damages over an iron ore project.
The tycoon is also used to being told his fortune could be put to better use. Over the years he has ploughed millions of dollars into his own populist political party, the United Australia Party, whose “Make Australia Great” slogan is a variation on Donald Trump’s campaign mantra.
His main company, Mineralogy, was the biggest political donor before the last federal election in 2022, handing nearly A$117 million to the UAP, which secured a single seat in the Senate.
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Palmer campaigned against lockdowns and vaccinations throughout the pandemic, but bought up 30 million doses of the anti-malaria drug hydroxychloroquine to treat Covid, if clinical trials proved it to be effective. They did not, and the drug — also championed by Trump — was never prescribed.
By building Titanic II, Palmer said he hoped to give something back to the public, although he also expects to make a profit along the way.
“I think the Titanic is worth doing because it looks like it’s going to make a lot of people very happy,” he said. “I won’t get any more joy making an extra $50 million to $100 million a year in interest. It won’t change my life. But building the Titanic might.”
