Traxys Europe, Abenójar Tungsten sign offtake agreement
Traxys Group – a physical commodity trader and merchant in the metals and natural resources sectors – and Abenójar Tungsten (ABT) have signed a definitive, long-term exclusive offtake agreement for the tungsten concentrate to be produced at ABT’s El Moto tungsten project, in Spain
Under the terms of the agreement, Traxys has been appointed the exclusive offtaker for tungsten concentrate produced at El Moto for a minimum term of ten years from the start of commercial production.
Traxys will be responsible for the marketing, logistics and distribution of the concentrate to industrial consumers across the world. The company explains that pricing is market-based and linked to the internationally recognised ammonium paratungstate price index.
Traxys says tungsten is recognised by the EU and allied nations as a critical and strategic raw material, indispensable to the aerospace, defence, energy transition and precision industrial tooling sectors.
The company notes that, with China accounting for about 80% of global supply and having tightened its export controls, secure sources of tungsten from outside China have become a priority for Western industrial consumers.
El Moto has been designated a strategic project under the EU Critical Raw Materials Act and is one of the largest tungsten development projects outside of China. Construction of El Moto began this year, with first production targeted for the first quarter of 2029.
Based on its 2026 definitive feasibility study, the project is expected to produce more than 4 000 t/y of contained tungsten trioxide in concentrate at steady state.
Should ABT develop downstream processing capacity in the future, it has the flexibility to carve out certain production from the agreement to directly supply this operation.
“This long-term agreement with ABT reinforces Traxys’ commitment to securing responsibly sourced critical raw materials for our global industrial customer base.
“By partnering with a high-quality European deposit such as El Moto, we are ensuring that our customers in critical manufacturing, energy and superalloy applications have dependable, long-term access to tungsten supply from secure, stable jurisdictions such as Spain,” says Traxys CEO Mark Kristoff.
“Partnering with a leading global trading house such as Traxys provides El Moto with clear commercial validation and direct access to a global network of concentrate consumers and industrial end-users of tungsten products.
“This exclusive, long-term offtake is a cornerstone of our commercial strategy as we advance construction and financing of the project towards first production in 2029 and demonstrates to all stakeholders that El Moto will be a vital domestic pillar of Europe’s critical raw materials security,” says ABT CEO Gonzalo García San Miguel.