Abenójar Tungsten S.A. (ABT), a Spanish company focused on tungsten and gold mining, has revealed its intention to pursue a London Initial Public Offering (IPO) in the current year. This announcement follows the positive initial results of its 2026 Definitive Feasibility Study (DFS) for the El Moto tungsten mine in Abenójar, Ciudad Real, Spain. The DFS highlights El Moto as a long-life, high-margin operation, projecting a post-tax Internal Rate of Return (IRR) of 62% based on a tungsten price of $1,415 per metric ton unit (mtu) and a gold price of $3,500 per ounce. The project's post-tax Net Present Value (NPV) at an 8% discount rate is estimated at €1.532 billion.
El Moto is designed as an underground mine with an 18-year life-of-mine plan, processing 1.5 million tonnes per annum (Mtpa) of ore to produce both saleable tungsten concentrate and a separate gold concentrate. The mine is expected to achieve a steady-state tungsten production of 422,656 mtu annually, representing a significant portion of Europe's tungsten needs. The total initial capital expenditure is estimated at €211 million. The Spanish government has already committed €12.6 million in regional incentives for the project, recognizing its strategic importance as a European Strategic Project under the Critical Raw Materials Act (CRMA).
The DFS results position El Moto as a low-cost tungsten producer, with a C1 Cash Cost of €188 per mtu and an All-in Sustaining Cost (AISC) of €236 per mtu. Construction at the El Moto site commenced in 2026, with the first production anticipated in the first quarter of 2029. This development aligns with increasing demand for critical minerals and the strengthening spot price of tungsten, reinforcing the project's potential to enhance critical mineral supply chain resilience.
