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Abenjar Tungsten, a mining company with interests in Spain, may list a portion of its shares on the London Stock Exchange (LSE) to finance the relaunch of its Mina El Moto project in Ciudad Real. The company, controlled by the Garcia San Miguel family, is studying the option as a way to fund part of the project, which is one of seven strategic mining investments in Spain declared by the European Commission.
Potential coordinators for the potential listing include Bank of Montreal (BMO), Deutsche Bank, and Peel Hunt, a broker allied with Santander in the UK. The final decision on the listing could be made in a few weeks. The investment needed to relaunch production at El Moto is estimated at €70 million, and the company expects to start extracting metals from 2029 after the construction of the underground mine.
The choice of London as a potential venue for the listing is due to the City's traditional connection with the mining sector, as evidenced by the presence of specialized investors and bankers in the London Stock Exchange, which many firms in the industry choose to trade despite operating in other countries.
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