Spanish miner Abenojar Tungsten reports decline build progression at El Moto
Having listed on the main market of the LSE at the end of October, Spanish miner Abenojar Tungsten confirms it has gross proceeds of €170-million, or £142-million, on hand while financing efforts are underway to bring the El Moto underground tungsten/gold mine into production by the first quarter of 2029.
The company started with site works in June, with the main decline development having advanced 60 m and a water treatment pilot plant having started operating.
Phase 1 of the project’s waste rock and tailings disposal facility is underway.
Abenojar aims to conclude a finance facility agreement with Deutsche Bank in the first quarter of 2027, following a conditional credit approved term sheet having been secured in September. The company expects financial close on the El Moto project during the second quarter of 2027.
In the meantime, Abenojar will use the net proceeds of its initial public offering, together with existing cash resources, to continue construction of the mine in line with its development timeline.
El Moto is considered to be one of the largest and highest-grade undeveloped tungsten projects globally. The mine is designed to have a nameplate processing rate of 1.5-million tonnes a year to produce about 420 000 metric ton units a year of tungsten trioxide at steady state.