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Australia's iron ore royalty steps out, and up

Outspoken mining billionaire Clive Palmer appears to have failed in his bid to win a seat in the Australian parliament at last weekend’s election, but he should be satisfied with his status as a prominent member of Australia’s mining royalty – in more ways than one.

Australia's iron ore royalty steps out, and up Australia's iron ore royalty steps out, and up Australia's iron ore royalty steps out, and up Australia's iron ore royalty steps out, and up Australia's iron ore royalty steps out, and up

Piling up: The wealth of Australia's iron ore magnates is growing again

Palmer's wealth, most recently estimated by Forbes magazine at $US2.5 billion, can be found largely in an iron ore royalty he struck more than a decade ago with the Chinese company, Citic.