An Australian billionaire plans to build a replica of the Titanic that he says will follow the original route of the doomed ocean liner.

Clive Palmer, who is estimated by Forbes to be worth $4.3 billion, made the announcement of the resurrected plans for Titanic II during a press conference at Sydney Opera House Wednesday, The Guardian reported.

Palmer's company, Blue Star Line, will build the 56,000-ton ship.

The 69-year-old mining magnate and former member of the Australian parliament estimated that construction of the vessel would begin early next year, though he hasn't secured a shipyard yet.

After it is completed, Titanic II will sail from Southampton, England to New York -- which is the same as the April 1912 maiden voyage of the original. The original Titanic sank during that trip after hitting an iceberg, leaving more than 1,500 people dead.

While he started and called off the Titanic II project twice before, Palmer is more confident this time around that he will see his dream become reality.

"I've got more money now," he said Wednesday, according to The Guardian.

"It's a lot more fun to do the Titanic than it is to sit at home and count my money," the billionaire added.

Palmer estimated that Titanic II would cost anywhere between $500 million and $1 billion to build -- a figure he can afford.

Palmer is currently the 731st richest person in the world and 13th in Australia, according to Forbes.

His $4.3 billion net worth is attributed to his mining company Mineralogy, which he started in 1984, and his portfolio of iron ore, thermal coal, and hydrocarbon assets.

Palmer owns iron ore tenements in Western Australia that are being mined by Hong Kong-based company Citic, Forbes reported.

According to CNN, the billionaire earns nearly half a billion dollars in mining royalties every year.

He also owns Waratah Coal and nickel refinery Queensland Nickel, though the latter shut down in 2016.

In addition to this, Palmer has a massive real estate portfolio that includes several properties around his home base on Queensland's Gold Coast.

Palmer said Wednesday that he is hiring "the best ship-builders, designers and engineers in the world" for the Titanic II project.

According to 3D renders shown to journalists and shared by the Daily Mail on social media, Titanic II would feature the same interiors and cabin layout as the original ship.

The proposed ship would have nine decks and 835 cabins and would be able to hold 2,345 passengers, according to Fox News Digital.

These include 383 first-class cabins, 201 second-class cabins, and 251 third-class rooms.

It would also feature a ballroom, swimming pool, and Turkish baths like the original vessel.

But Titanic II would come with upgrades to navigation technology and modern safety procedures.

Though it would have four smoke stacks like the coal-powered Titanic, the proposed vessel will be powered by a diesel engine.

Palmer said the ship's maiden voyage is scheduled for 2027.

"In 1912, the Titanic was the ship of dreams. For over a century Titanic's legend has been powered by mystery, intrigue, and respect for all she stood for," Palmer said, according to Fox News.

Palmer first announced his Titanic II project in 2012, but it was canceled three years later when funds ran out amid a payment dispute between Mineralogy and Citic.

The billionaire relaunched his plans for the ship in 2018, but he claimed Wednesday that the COVID-19 pandemic and cruise industry shutdowns forced him to call it off once more.

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