Abenójar Tungsten (ABT) is reportedly preparing for an initial public offering (IPO) in London this year. This comes after the company announced the positive results of its 2026 Definitive Feasibility Study (DFS) for the El Moto tungsten mine in Abenójar, Spain. The DFS confirmed El Moto as a long-life, high-margin operation, projecting a post-tax Internal Rate of Return (IRR) of 62% at base case prices, with an estimated upfront capital expenditure of $229.6 million (€211 million). The project is designed for an 18-year life-of-mine, processing 1.5 million tonnes per annum (Mtpa) of ore to produce approximately 422,656 tonnes (mtu) of WO₃ annually, along with a separate gold concentrate.
The El Moto mine, designated as a European Strategic Project under the EU Critical Raw Materials Act, is expected to commence construction in 2026, with first production targeted for Q1 2029. The Spanish government has approved $13.7 million (€12.6 million) in regional incentives for the project, reinforcing its strategic importance. The DFS highlights a robust economic model, with an average annual steady-state EBITDA of approximately $389 million (€357 million) and a post-tax Net Present Value (NPV) of $1.67 billion (€1.532 billion) at an 8% discount rate. The mine's C1 cash cost is estimated at $204 per tonne (mtu) and All-In Sustaining Cost (AISC) at $257 per tonne (mtu).
The company is led by the García San Miguel family, a fourth-generation mining family with a strong track record in Spain. The El Moto project aims to create around 400 local jobs and will utilize underground mining methods to extract high-grade tungsten and gold ore. The mineral reserves are estimated at 22.6 million tonnes, containing 93,000 tonnes of WO₃ and 293,000 ounces of gold. This IPO endeavor by Abenójar Tungsten aligns with Europe and the US seeking to reduce reliance on China for critical minerals like tungsten, given recent export restrictions and upcoming US defense procurement rules on non-Chinese origin tungsten materials.
