Yesterday’s deal clears Tinkler from the threat of further legal action but leaves him without any shares in the company.

Tinkler – who now lives in Singapore – no longer has any link with the Australian coal industry, except for the $1 per tonne royalty he receives from the Middlemount mine in Queensland.

Tinkler made a forced exit from the Australian coal industry last week, with his creditors forcing him to sell his 19.9% stake in Whitehaven Coal for $600 million.

He sold 10% of his shares in the New South Wales coal mining group to various parties after announcing that Farallon Capital Management had purchased the other 9.91% of the company for $2.96 per share.

Farallon also agreed to purchase an additional 1.63% from ASM Equities Fund, making it Whitehaven’s new largest shareholder.

Blackwood CEO Todd Harrington said he was pleased the matter was finally settled.

“The company can now repay our major shareholder Noble Group, whose ongoing financial support has enabled us to continue advancing exploration activities, confirming the value for all shareholders of having a major cornerstone investor,” he said.

“We can now refocus activities at the company’s flagship asset at South Pentland and use the balance of the settlement monies to further define and develop the assets of the company.”