Whitehaven shares fell to a low of $2.74 in November but have recovered to $3.20 as of Tuesday. Mr Tinkler's Whitehaven stake is now worth $630 million. That remains well short of the total of Mr Tinkler's debts to Noonday, the Singapore arm of hedge fund Farallon Capital, which stood at about $700 million including principal and accumulated interest, as Fairfax Media reported in December. The short-term loan from Noble was secured against Mr Tinkler's 75 per cent share of a royalty paid to Oceltip Pty Ltd - at the rate of $1 per tonne of coal from the Middlemount coal mine jointly owned by Yancoal and Peabody - which is subject of a dispute with his former partner Matthew Higgins, entitled to the other 25 per cent. Mr Higgins claims the Oceltip royalty - which has a net value of $28 million to $34 million after tax, according to analysts - has not been properly accounted for. Mr Tinkler disputes the claim.