Abenójar Tungsten’s London IPO breaks eight-year drought
Spanish miner raises $190 million to develop a major European deposit as Western nations seek alternatives to Chinese supply.
The London Stock Exchange witnessed its largest mining initial public offering since 2018 as Abenójar Tungsten (LON: ABT) raised €170 million ($190 million) in shares. The company's IPO price of 110 pence per share was met with a 3% rise to 105 pence in early trading. CEO Gonzalo García San Miguel hailed the flotation as a "truly significant milestone" for the company, joining the Main Market of the London Stock Exchange.
Strategic tungsten deposits
Abenójar is developing the El Moto project in central Spain, recognized as one of the world's largest and highest-grade undeveloped tungsten deposits. The mine and processing facility have been designated as strategic projects by the European Union, with construction underway, aiming for first commercial production in Q1 2029.
London's strategic choice
García San Miguel cited London's concentration of specialized mining investors as the reason Abenójar chose the city as the listing's primary venue. With a market capitalization of £522 million, the company is nearing the size threshold for potential FTSE 250 index inclusion, contingent on meeting additional eligibility requirements.
Looking ahead
The IPO marks the transition of Abenójar from exploration to mine construction. García San Miguel emphasized that the journey is not over but rather the beginning of a new chapter. Meeting the 2029 target will require executing plans to develop the El Moto tungsten source, which could become a vital European supplier while creating jobs and long-term economic benefits in the Castilla-La Mancha region.
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