With tungsten playing an increasingly important role in defence, advanced manufacturing and technology, Abenójar Tungsten is advancing plans to establish a major new source of European supply. Following its London Stock Exchange IPO, the company is focused on developing its El Moto tungsten and gold project in Spain towards first production in 2029.
Tungsten is a critical metal used in applications ranging from defence equipment and industrial machinery to electronics and advanced manufacturing. Yet global supply remains heavily concentrated in China, making the development of alternative sources increasingly important to Western economies.
Against this backdrop, Abenójar Tungsten (LSE:ABT) has completed its London IPO, raising approximately £142 million to support the development of its El Moto project in Ciudad Real, Spain.
In an interview with The Watch List, CEO Gonzalo García San Miguel discussed the company’s development journey, the strategic importance of tungsten and how the successful listing marks the beginning of its next phase.
El Moto: A Major European Tungsten Development
Abenójar Tungsten’s story began in 2012, when the García San Miguel family acquired the licence for the El Moto project.
Since then, the company has spent more than a decade advancing the project through exploration, drilling, permitting and technical studies. This work culminated in a definitive feasibility study in 2026, establishing the technical and economic basis for developing the mine.
The project stands out for its scale and grade, with the potential to become a significant source of tungsten outside China.
According to the company’s 2026 feasibility study, El Moto contains a total mineral resource of approximately 91.3 million tonnes, grading 0.38% tungsten trioxide (WO₃) and 0.41 grams per tonne of gold. Its proven and probable mineral reserves total approximately 22.6 million tonnes, grading 0.41% WO₃ and 0.40 grams per tonne of gold.
The project is also designated a Strategic Project under the European Union’s Critical Raw Materials Act, reflecting its potential contribution to strengthening Europe’s access to critical mineral supplies.
For Abenójar Tungsten, the opportunity extends beyond developing an individual mining operation. The company aims to establish a long-term source of tungsten that can help reduce Europe’s reliance on imported material.
London IPO Provides Capital for Development
The company’s London listing represents an important milestone after years of project development.
Abenójar Tungsten raised approximately £142 million through its IPO, providing substantial equity capital to advance El Moto towards production.
For Gonzalo García San Miguel, the listing represents the transition from preparing the project to delivering it.
During the interview, he explained that the company had spent years developing the asset and establishing the technical foundations required to move forward.
Now, with the IPO completed, the emphasis is on putting the capital raised to work.
The company is also progressing a project finance facility of approximately €120 million. At the time of the interview, García San Miguel said the facility had been agreed in principle and was expected to be signed in the following weeks.
Together, the equity proceeds and proposed project financing are intended to fund the development programme. Completion of the project financing remains an important milestone.
Construction at El Moto began in 2026, with first production targeted for the first quarter of 2029.
A Long-Life Mine with Tungsten and Gold Potential
El Moto is being developed as an underground mining operation, with processing facilities designed to produce saleable tungsten concentrate alongside a separate gold concentrate.
The 2026 definitive feasibility study outlines an initial processing capacity of up to 1.5 million tonnes of ore per year and an 18-year ore-processing life based on current mineral reserves.
At steady-state production, the project is expected to produce approximately 423,000 metric tonne units of tungsten trioxide annually.
This scale could make El Moto an important contributor to European tungsten supply. The company estimates that production at planned rates could meet approximately 20% of European demand.
The gold component provides an additional source of potential revenue alongside the project’s primary tungsten output.
The feasibility study also points to attractive projected project economics. Based on its stated commodity price assumptions, the study estimates a post-tax net present value of approximately €1.53 billion and a post-tax internal rate of return of 62%.
These figures are projections based on the study’s assumptions, rather than guaranteed financial outcomes, but they demonstrate the scale of the opportunity identified by the company.
Building Greater Security of European Supply
The strategic importance of tungsten has become increasingly apparent as governments and industries look to secure access to critical raw materials.
Its combination of hardness, density and high melting point makes tungsten valuable across a range of industrial and specialist applications, including defence, manufacturing and electronics.
However, China’s dominant position in global tungsten production has highlighted the importance of developing alternative supply sources.
Abenójar Tungsten believes El Moto can play a meaningful role in addressing this challenge by establishing a substantial production base within Europe.
The project’s strategic designation under the EU Critical Raw Materials Act reinforces that ambition, while its location in Spain provides access to established regional infrastructure and a mining workforce.
The development is also expected to deliver local economic benefits. The company anticipates creating approximately 400 direct jobs once the operation is running, alongside additional employment opportunities through contractors, suppliers and other local businesses.
An Experienced Team Focused on Delivery
Abenójar Tungsten is led by the García San Miguel family, which has a long history in the Spanish mining industry.
Gonzalo García San Miguel, a mining engineer with an MBA from IESE Business School, has overseen the development of El Moto since its early stages.
That continuity provides an important link between the project’s original conception and its current construction phase.
Speaking during The Watch List interview, García San Miguel also emphasised the alignment between the company’s leadership and its shareholders, noting that he would remain a significant shareholder following the listing.
His stated ambition is to build an efficient mining operation capable of delivering long-term value while contributing to Europe’s security of critical mineral supply.
With the IPO completed and construction underway, the company’s focus is now on executing the development programme and progressing towards its first production target.
The Next Chapter for Abenójar Tungsten
Abenójar Tungsten’s London IPO marks the culmination of years of exploration, engineering and project preparation. More importantly, it provides a platform for the next stage of development at El Moto.
The company combines a large tungsten deposit, additional gold potential, European strategic recognition and an established development programme.
With construction underway and first production targeted for 2029, investors will be watching progress on mine development, project financing and the delivery of key construction milestones.
For Abenójar Tungsten, the objective is clear: to bring El Moto into production and establish a significant new source of tungsten supply for Europe.
As demand for critical raw materials continues to shape industrial and geopolitical priorities, the development of new supply sources is becoming increasingly important. El Moto offers Abenójar Tungsten an opportunity to contribute to that shift while building a long-life mining operation in Spain.
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