Spanish mining company Abenójar Tungsten has raised approximately €170 million through its London IPO to advance the El Moto tungsten-gold project in Ciudad Real, Spain. The shares were listed at 110p under the ticker ABT, valuing the company at around £522 million.
The flotation, one of the largest London mining listings in recent years, was arranged by BMO Capital Markets, Peel Hunt, Deutsche Bank and Canaccord Genuity.
Tungsten Production Targeted for 2029
Construction at El Moto began in 2026, with first commercial production targeted for Q1 2029. The project is designed to process 1 million tonnes of ore annually initially, increasing to 1.5 million tonnes by 2031.
The 2026 definitive feasibility study estimates mineral resources at 91.3 million tonnes, grading 0.38% tungsten trioxide (WO₃) and 0.41 g/t gold. Proven and probable reserves total 22.6 million tonnes, containing approximately 93,000 tonnes of WO₃ and 293,000 ounces of gold. Annual tungsten production is expected to reach around 4,227 tonnes of contained WO₃ at steady state, with an estimated processing life of 18 years.
Strategic Importance for European Supply
El Moto has been designated a Strategic Project under the EU Critical Raw Materials Act, reflecting tungsten’s importance to European industrial supply chains. Abenójar estimates that the mine could eventually supply around 20% of European tungsten demand.
The company has also secured an exclusive long-term tungsten concentrate offtake agreement with Traxys.
A separate proposed processing facility in Puertollano, intended to produce ammonium paratungstate (APT), has also received EU Strategic Project status. The plant remains under evaluation, with no final investment decision or financing commitment confirmed.
Investment and Project Economics
The project’s initial capital expenditure is estimated at approximately €211 million. The feasibility study forecasts a post-tax net present value of around €1.5 billion and an internal rate of return of approximately 62%. The development is expected to create around 400 direct jobs. Its planned operating system includes paste backfill and dry-stacked tailings to reduce the mine’s environmental footprint.
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