A Spanish tungsten miner is reportedly considering a London listing this year amid growing efforts across Europe to secure supplies of the critical mineral.
Abenojar Tungsten, which is developing the El Moto project in Spain, is working with Bank of Montreal, Deutsche Bank, and Peel Hunt on a potential initial public offering (IPO), according to Bloomberg.
Abenojar was established three years ago by the Garcia San Miguel mining family, which has a mining history in Spain spanning four generations.
The family has funded the development of El Moto since acquiring the project in 2012.
El Moto advances towards production
Located in Ciudad Real, El Moto represents one of Europe’s largest tungsten and gold deposits, according to Abenojar.
The project has been admitted to the European Raw Materials Alliance (ERMA) and has completed a Feasibility Study.
Released last year, the study estimated initial capital costs of €211 million ($342 million) for the project, which has since moved into construction.
A Definitive Feasibility Study (DFS) is also being finalised and is expected to be completed later this year.
El Moto is targeting first production in early 2029 and is designed for a processing capacity of 1.5 million tonnes per year.
London IPO market rebounds
A potential Abenojar IPO would add to a growing pipeline of planned UK listings in the coming months, signalling a rebound in London’s equity market.
London IPOs have raised around US$686 million ($978 million) so far this year, according to data compiled by Bloomberg.
That amount could be set to double, with mobile payments firm Airtel Money aiming to file its IPO this week. At US$800 million, this is expected to be the largest in the London market in five years.
Write to Jackson Chen at Mining.com.au
Main Image: Abenojar Tungsten
