Australian mining tycoon unveils plans to resurrect the Titanic

Flamboyant Australian mining tycoon Clive Palmer has plans to construct a near-perfect replica of the ill-fated giant ocean liner.

The According to the New York Post Palmer announced on Wednesday he will reveal designs for the replica vessel at a lavish gala in Manhattan on 4 December, with a small contingent of political celebrities in tow including two members of the Kennedy family and New York Senator Ruth Hassell-Thompson.

Palmer is intent on re-creating the original Titanic down to the smallest detail, informing reporters in Brisbane that he and his team will "go as hard as we can to ensure that the experience of the original ship is reproduced."

All passengers will be provided with tailored period costumes to wear both during the day and at evening functions, while third-class passengers will be given stew and potatoes as on-board fare.

Yet Palmer's ambitious plans for the gala unveiling itself, let alone the ship, may prove to be a wash-up. The Post reports that the venue for the gala, the IntrepidSea Air & Space Museum, have not been informed of the private event, and that representatives for Senator Hassell-Thompson say she has merely received an invitation.

The mining magnate from Queensland made his fortune exporting Australian iron ore and coal to China where he has since amassed extensive ties with senior government officials.

This is not the first time that Palmer has launched a high-profile spending project. He purchased the football team Gold Coasted United in 2008, yet saw his license for the team revoked due to regulatory breaches.

Reports also circulated in the Australian media several months ago that Palmer had plans to resurrect dinosaurs from pre-historic DNA for the creation of a real-life Jurassic Park on Queensland's Sunshine coast.