KEY POINTS
- Abenojar raised €170 million in London’s biggest mining IPO since 2018.
- The company plans to begin tungsten production at El Moto in early 2029.
- The EU has designated the mine and processing plant strategic projects.
Spanish mining company Abenojar Tungsten has raised €170 million ($190 million) through its initial public offering (IPO) on the London Stock Exchange (LSE), marking the largest mining-sector flotation in London since 2018.
The company officially began unconditional trading on the LSE’s main market on Friday, October 30, 2026, in a listing expected to support the development of its El Moto tungsten project in Spain.
The IPO represents a significant fundraising milestone for London’s mining market, which has not recorded a larger mining flotation since Kazakh uranium producer Kazatomprom raised £311 million through a listing of Global Depository Receipts in 2018.
Abenojar’s listing also comes amid growing Western efforts to secure alternative supplies of critical minerals and reduce dependence on China, which dominates global tungsten production and processing.
London Listing Attracts Mining Investors
Chief Executive Officer Gonzalo Garcia San Miguel said London was a natural choice for the company’s public listing because of its access to specialist mining investors.
He explained that the London market offered a pool of investors with the industry knowledge and long-term investment outlook required to support Abenojar’s development plans.
The company’s shares trade under the ticker symbol ABT. Conditional trading began on Tuesday after the IPO was priced at 110 pence per share, with unconditional trading commencing on Friday.
However, the shares were trading at 104 pence at 10:50 GMT on Friday, representing a decline of approximately 5.5% from the IPO price, despite earlier reports of a 2% increase during trading.
Following the fundraising, Abenojar had a market capitalisation of approximately £522 million, putting it close to the threshold for potential inclusion in the FTSE 250 index.
BMO Capital Markets and Peel Hunt served as joint sponsors and joint global coordinators for the transaction, alongside Deutsche Bank. Canaccord Genuity acted as joint bookrunner.
Abenojar is developing the El Moto tungsten project in Abenójar, Spain, which the company describes as one of the world’s largest and highest-grade undeveloped tungsten deposits.
The project is expected to become the foundation of the company’s planned mining and processing operations, with production targeted to begin in early 2029.
According to Garcia San Miguel, the company is already in the initial stages of developing a processing plant that will refine tungsten concentrate extracted from the deposit.
