Waratah has made an application to the Australian Stock Exchange for admission onto the ASX.

Waratah did not say if it was planning to raise funds but has applied for official quotation of CHESS Depositary Interests (CDIs) for the shares issued with Waratah.

CDIs are a vehicle for Waratah to list its shares in Australia.

If its application is successful Waratah will be dual-listed on the TSX and ASX.

Patersons Securities coal analyst Andrew Harrington told International Longwall News it was feasible Waratah was planning to raise capital further down the track.

“I would have thought if they are issuing CDIs, and knowing Waratah has big ambitions, I would imagine they would probably seek to raise some funds,” Harrington said.

Waratah is planning to develop a new 25 million tonne per annum coal mine as well as a 500km rail and a new port, worth $A5.3 billion, in Queensland’s Galilee Basin.

Harrington said recently listed coal stocks had suffered a difficult time.

“Things have been down in the last month by 10 to 20 per cent,” he said.

“It has been a pretty difficult period for coal stocks, even though in my view the fundamentals look pretty good. The coal prices are still very high and as the dollar weakens the exporters are enjoying the benefit.”

Harrington said he believed Waratah Coal would come to Australia because, like Canada, the ASX is a heavily resources-based stock market, but with a heavier coal presence, and the coal hopeful has its asset in Australia.

“Down the track it allows them to have a broader investor base if they do want to raise capital,” Harrington said.