Spanish Miner Abenójar Eyes London IPO for Tungsten Project

Spanish mining developer Abenójar Tungsten is reportedly exploring an initial public offering in London to fund its US$241 million El Moto underground tungsten and gold project.

According to Bloomberg, the company has engaged Bank of Montreal (TSX:BMO), Deutsche Bank (NYSE:DB), and Peel Hunt to navigate the potential listing, with an official announcement expected in the coming weeks.

Founded by the García San Miguel mining family, Abenójar Tungsten officially inaugurated construction at the El Moto site last week following a 14-year preparation period. The underground operation is designed to produce 4,227 tons of tungsten concentrate annually over an initial 18-year mine life, with commercial production targeted for the first quarter of 2029.

“Above all, this is a mine for the people who live here,” CEO Gonzalo García San Miguel said during the September 18 inauguration ceremony. “Europe needs tungsten and depends almost entirely on others to obtain it. Here, in Abenójar, we have part of the answer. And this is the project of a lifetime for my family: we have come to stay.”

The European Commission designated El Moto a strategic project under the Critical Raw Materials Act in March 2025, one of only seven such projects in Spain.

Tungsten, prized for having the highest melting point of any metal, is considered as irreplaceable in aerospace manufacturing, defense systems, industrial tooling, and renewable energy technologies.

China currently controls roughly 79 percent of global tungsten mine production, refines all of its domestic concentrate, and heavily restricts exports.

A definitive feasibility study released in August projected robust economics for El Moto. Assuming tungsten prices of US$1,415 per ton and gold at US$3,500 per ounce, the operation is modeled to generate approximately US$406 million in steady-state annual earnings with an after-tax internal rate of return of 62 percent.

El Moto is designed exclusively as an underground mine utilizing paste backfill and dry-stacked tailings to minimize its environmental footprint, eliminating the need for a surface slurry pond. The operation aims for zero water discharge during production by reusing mine dewatering and treated site runoff.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.