García San Miguel (Abenójar Tungsten): "Vamos a tener en España la mayor mina de wolframio del mundo tras China"

The Garc�a San Miguel family, renowned for their engineering expertise in mining, has launched Spain's largest tungsten mine, El Moto, in Ciudad Real. After obtaining all necessary permits and being designated a strategic project by the European Commission, the company Abenjar Tungsten began construction of the underground mine with the aim of starting production in 2029.

The mine is expected to produce the world's second-largest tungsten output, covering 20% of Europe's demand. With 80% of global tungsten production currently coming from China, the European Commission's strategic designation ensures Spain's pivotal role in securing critical metal supplies amidst China's growing resource demand. The European Commission's support and potential industrial processing plant in Puertollano further solidify Spain's position in the tungsten market.

Total investment in the mine amounts to 312 million euros, with 120 million secured from Deutsche Bank, a public grant of 12 million, and the shareholders' own funds. The remaining 200 million euros will be raised through the issuance of new shares on the London Stock Exchange, avoiding dilution of existing shareholder ownership.

The company's CEO, Gonzalo Garc�a San Miguel, emphasizes the low production costs and the potential for profitability even with declining tungsten prices. The family's long-standing mining background and the positive market reaction to the listing are key factors driving investor interest in Abenjar Tungsten.