Abenojar Tungsten started unconditional trading on the London Stock Exchange on Friday under the ticker ABT, after pricing its initial public offering at 110 pence a share and raising 170 million euros. Reuters reported it is the largest mining flotation in London by funds raised since Kazatomprom listed global depositary receipts in 2018, giving the company a market capitalisation of roughly 522 million pounds.
The money is for one asset. El Moto, near Abenojar in Ciudad Real province, Spain, is described by the company as one of the largest high grade undeveloped tungsten projects of its kind, and it is designated a strategic project under the European Union’s Critical Raw Materials Act. Its 2026 definitive feasibility study put total resources at about 91.3 million tonnes grading 0.38 percent tungsten trioxide and 0.41 grams per tonne of gold, with proven and probable reserves of about 22.6 million tonnes.
The development plan is already partly sold. In October the company signed a binding offtake of at least ten years with Traxys Europe covering all tungsten concentrate from El Moto, priced off the ammonium paratungstate index, while gold concentrate sits outside that deal. Initial development capital was estimated at about 211 million euros, with conditional senior debt terms of up to 110 million euros from Deutsche Bank, and first production is planned for 2029.
The market context explains the reception. Tungsten prices have risen sharply over two years on tight supply, and a series of tungsten developers have rushed to list this year. At about 522 million pounds, Abenojar sits close to FTSE 250 size, which would add a sixth miner to that index if it qualifies. The risk is the usual developer risk stated plainly: the IPO funds construction, not production, and the 2029 first production date and the tungsten price at that date will decide the return.