Business · Companies · 5 hrs ago
Spanish tungsten mine seeks nearly €200 million in London listing
Abenójar Tungsten is building the El Moto mine near Abenójar in Spain’s Ciudad Real province.
The underground mine contains tungsten and gold, and construction has begun after the project received its permits.
The company aims to start production in 2029 and says the mine could become the world’s second-largest tungsten producer, after China.
Tungsten is used in industries including defence and steel cutting, while China produces about 80% of the metal and controls most of its processing.
El Moto could meet 20% of European demand, according to the company, and the European Commission has designated the project strategic.
The company plans to raise nearly €200 million in London by issuing new shares to help fund a mine with a total investment cost of €312 million.
A separate processing plant near the mine is being considered, but the company says it would need European support to compete with China.
Abenójar Tungsten is seeking nearly €200 million through a London listing to help finance its El Moto tungsten mine in Spain.
The company says the mine’s total investment is €312 million and that it has arranged €120 million in financing with Deutsche Bank and received €12 million in public aid.
Construction of the underground mine has begun, with production targeted for 2029.
The project is in Abenójar, Ciudad Real, and has been designated strategic by the European Commission.
Chief executive Gonzalo García San Miguel says the mine could cover 20% of European tungsten demand.
- Who
- Abenójar Tungsten, the company developing the mine.
- What
- It is seeking nearly €200 million through a London listing to complete financing for the mine.
- When
- The article was published on 16 October 2026. Production is targeted for 2029.
- Where
- El Moto mine is in Abenójar, Ciudad Real, Spain; the planned listing is in London.
- Why
- The company wants to complete the mine’s financing. The project is intended to contribute to Europe’s tungsten supply.
This story does not have two clearly opposing sides.
Minas de Almadén discovered the El Moto deposit, which remained undeveloped.
The García San Miguel family obtained the licence to develop the mine.
Abenójar Tungsten began construction of the underground mine and prepared a London listing.
The company aims to begin production.
- Mine
- El Moto, Abenójar, Ciudad Real
- Total investment
- €312 million
- Funding arranged with Deutsche Bank
- €120 million
- Public aid
- €12 million
- Capital sought in London
- Nearly €200 million
- Target production
- 2029
What people are saying
We are going to have in Spain the largest tungsten mine in the world after China
We want to raise nearly 200 million euros on the stock market to complete the financing.
Mina El Moto will be the second-largest tungsten producer in the world, behind China, and can cover 20% of European demand.