Mina El Moto acts as a hedge on its debut on the London Stock Exchange
Spanish company Abenójar Tungsten rises 8% on its stock market debut.
Abenójar Tungsten, a Spanish mining company, rose by nearly 8% on its first day of trading on the London Stock Exchange. The company's shares debuted at 110 pence, valuing its capital at over €600 million, and reached 110 pence again after a private exchange at 101 pence earlier in the week. The company's CEO, Gonzalo García San Miguel, rang the opening bell, and the company raised €170 million from the listing, which will be used to fund the construction of its El Moto mine in Ciudad Real.
The mine's project has been declared strategic by the European Commission, as tungsten is a key component in the manufacture of armaments and heat-resistant equipment.
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