查看配图Aerial view of Abenojar Tungsten's El Moto mine. Credit: Abenojar Tungsten.
Spain’s Abenojar Tungsten (LSE: ABT) has raised €170 million ($189.6 million) to help build its El Moto tungsten and gold project, joining London’s main market Friday as Europe seeks new sources of the critical mineral.
Abenojar priced its IPO at 110 pence per share Tuesday, when conditional trading began. The shares dropped less than 1% to 101.50 pence Friday in London to close the week 9.2% below the IPO price.
“Today marks a truly significant milestone for ABT as we join the Main Market of the London Stock Exchange,” CEO Gonzalo García San Miguel said in a statement.
The flotation comes as Western governments seek to secure supplies of tungsten, used in defence systems, aerospace components, industrial cutting tools and electronics. China dominates global production, increasing Europe’s interest in alternative sources.
Strategic supply
El Moto, in Ciudad Real in central Spain, is designed to produce about 4,227 tonnes of tungsten trioxide annually in concentrate over an initial 18-year operating life. The company estimates that output could meet up to 20% of Europe’s tungsten demand.
Construction began in June, with first production targeted for the first quarter of 2029. A 2026 feasibility study estimated initial capital costs at €211 million. The company plans to apply the IPO proceeds towards development alongside potential debt backed by export credit agencies.
“Our investors have entrusted us with their capital for one clear purpose: to build this mine,” García San Miguel said. “And that is exactly what we intend to do.”
Abenojar is also evaluating a separate plant in Puertollano to process concentrate into ammonium paratungstate, an intermediate tungsten product. The proposed facility received EU Strategic Project status in October, following El Moto’s designation in March 2025. No final investment decision has been made on the downstream plant.
The transaction is London’s largest primary fundraising for a mining IPO since Glencore’s in 2011, according to joint sponsor Peel Hunt.
The offering valued Abenojar at about £522 million, based on the 110-pence issue price.
Development priorities
The listing follows 14 years of work to advance El Moto through exploration, permitting and technical studies into construction.
“Today is not the end of our journey, it is the beginning of a new chapter,” García San Miguel said. “The IPO is not an end in itself.”
The immediate priorities are completing the underground development and the on-site concentration plant, which will produce separate tungsten and gold concentrates.
The company has signed an exclusive long-term offtake agreement with Traxys for El Moto’s tungsten production.
BMO Capital Markets and Peel Hunt acted as joint sponsors and, with Deutsche Bank, joint global coordinators. Canaccord Genuity was a joint bookrunner.