7th Oct 2026 09:42
(Alliance News) - Abenojar Tungsten SA on Wednesday announced that it plans to start trading on London Stock Exchange's Main Market.
The Madrid-based developer of the El Moto project in Spain, according to the firm one of the largest and highest-grade undeveloped tungsten projects globally, expects its listing to occur in the current fourth quarter of 2026.
According to a definitive feasibility study cited by the company, the project has a post-tax net present value of around EUR1.5 billion, when long-term assuming a price of USD1,415 per metric tonne unit for tungsten and USD3,500 per ounce of gold using a foreign exchange rate of USD1.10 per euro, alongside other assumptions.
Abenojar targets first production for 2029.
The company expects to announce its final offer price later in October.
Chief Executive Officer Gonzalo Garcia San Miguel said: " When we founded ABT, our objective was clear: to develop El Moto and establish a new long-term source of tungsten supply in Europe. El Moto combines scale, grade and a long mine life, construction is already underway, and the Project has been designated a strategic project under the EU Critical Raw Materials Act.
"Our objective is to build and operate El Moto as a highly efficient, low-cost mine, capable of remaining competitive across commodity price cycles. We believe that operating discipline and cost efficiency are the foundations of long-term value creation."
Chair Roger Davey said: "Today's announcement to go public is the natural next step given the maturing stage of the company's development. The IPO will enhance the company's visibility as well as provide access to an international investor base."
By Tom Budszus, Alliance News slot editor
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