MINING magnate Clive Palmer has told British critics of his plan to build a replica Titanic that it's "bulls***" to suggest he's simply seeking publicity.
And he's denied inappropriately making money from the 1912 tragedy that cost over a thousand lives, arguing his Titanic II will be a tribute to them.
Some 1500 people died when the original Titanic sank on its maiden voyage from Southampton to New York.
At the London launch of Titanic II the first question fired at Mr Palmer was from a reporter with Southampton's daily newspaper.
The city still mourns 550 seafarers lost on the passenger liner.
"There are some concerns, putting it bluntly, that you are making money on the back of 550 dead," the Southampton reporter said at the Ritz Hotel.
Mr Palmer replied: "I haven't made any money yet and we still may not make any money."
The Mineralogy owner went on to argue Titanic II would actually be a tribute to those who lost their lives.
"It's significant that 100 years later we should be mature enough to pay tribute to those people," he said.
"If I'm dead in 100 years time and someone wants to spend some money commemorating my life and the things I've done I'll be very happy about that."
Mr Palmer insisted many descendants of those involved with the original Titanic had expressed interest in travelling in the same cabins their relatives had stayed in.
Titanic II is due in 2016 to retrace the original ship's planned route.
When it reaches the point where the Titanic sank "it'll be very symbolic for the world", Mr Palmer said.
In a "metaphysical" sense the replica would be carrying the hopes and dreams of generations who left Europe to find a better life in the United States.
To those suggesting the whole endeavour is a hoax to generate publicity the Queenslander declared: "It's bulls***."
"We're building four (iron ore) ships now bigger than the Titanic at the shipyard.
"I'm not somebody with no money."
British Titanic Society president Bob Pryor says the people of Southampton don't believe anyone should "play around" with the name Titanic.
"The idea of sailing a replica into Southampton - down there they are absolutely horrified by the idea," Mr Pryor told AAP.
Locals are afraid there'll be an inappropriate "song and dance" when Titanic II reaches the point where the original sank.
"Mr Palmer has got to prove them wrong," Mr Pryor said.
The society president is himself excited to see a replica being built.
But the man who's made many Titanic models, including one that's 12-foot long, is sad to hear Titanic II won't have fake rivets on her hull.
"It's going to look very bare without them," Mr Pryor said.
"They are almost like a signature of the ship."
Mr Palmer on Saturday announced replica rivets weren't needed.
"We want the best technology - we don't want to appear that we've got the worst technology," he said.
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