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Russia's Alexey Mordashov takes a handy profit as he bows out of a takeover race for an Australian gold company. [ABSTRACT FROM AUTHOR]

A diamond might be forever, as the famous advertising slogan from De Beers claims, but a diamond mine certainly isn't. [ABSTRACT FROM AUTHOR]

The article describes how the fortune of Nathan Tinkler declined after gracing the cover of "Forbes Asia" magazine's annual Australia rich list issue in 2012 with an asset valued at 825 million U.S. dollars. He was expected to become a billionaire in just a few months once his Ashton Resources merged with Whitehaven Coal, but his fortune sank with the price of coal. He failed to make the 2013 list as his stake in Whitehaven took a long slide and he scrambles to fend off creditors.

The article focuses on the takeover battle waged in 2012 by chief executive Ivan Glasenberg of Switzerland-based Glencore International for miner Xstrata. The deal is expected by March 15, 2013 and the combined group will have a notional value of 92 billion U.S. dollars. Glasenberg's 8.27 % stake is estimated to worth 7.6 billion U.S. dollars. Glencore's operations in Australia and 40 other countries around the world and the personal control Glasenberg exerts over the company are also noted.

The article features the "Forbes Asia" magazine's list of Australia's 50 Richest for 2013. Despite losing some fortune due to sharp falls in iron ore and coal prices, Gina Rinehart retains the top spot and Andrew Forrest is at 5th spot. Coal magnates Nathan Tinkler and Tonyl Poli fell out of the list while Chairman James Packer of casino group Crown is at no. 3 with 6 billion U.S. dollars and gaming machine maker Lens Ainsworth returned to the list at no. 22 with 1.03 billion U.S. dollars.

The article focuses on the factors that could help entrepreneur Clive Palmer attain his ambition to become a billionaire. Palmer will start to receive royalties in 2013 after investing in the Sino Iron projects in Australia. His election to the Australian Parliament could also become one of his notable achievements. Other private and business interests of Palmer include owning a football team, tourist hotel, and coal and iron ore tenements in Queensland and Western Australia.