There has been speculation around the market - some say unfounded - that before Noble Group cut a deal to sell $1.2 billion of assets to Macarthur Coal in return for a substantial stake in the coalminer, it had approached Whitehaven Coal with a similar proposition.

That would make sense given that Whitehaven last year made an unsuccessful bid for Gloucester Coal, which was later bought by Noble and will be included in the deal with Macarthur.