Mina el Moto Aims for Up to €750 Million Valuation in London IPO

✦ Meridian Analysis

Mina el Moto, operating under the name Abenjar Tungsten, is preparing a primary listing on the London Stock Exchange with the aim of raising roughly €175 million by selling about 25 % of its equity. The transaction will be executed through an offer‑public‑subscription (OPS) of new shares priced between £1.10 and £1.40, which translates to a pre‑money valuation of £525‑628 million (€624‑746 million). The family of Gonzalo García San Miguel will retain roughly 75 % of the share capital and the CEO role after the placement, while the underwriting syndicate of Peel Hunt, BMO, Deutsche Bank and Canaccord will manage the book‑building and allocation. A separate commercial agreement with Traxys Europe to sell future tungsten output has already been signed, providing an off‑take anchor for the mine’s cash‑flow. No financial sponsor is involved; the issuer is the operating company itself, and the proceeds are earmarked for construction of the mine and to fund part of the acquisition price for the mining concession. The offering is notable for the strategic importance of tungsten in Europe’s defence and battery supply chains. The European Commission has classified the project as a strategic metal initiative, reflecting the continent’s push for domestic sourcing of critical inputs. Investors will be watching the final pricing and allocation details, which have not been disclosed. Confirmation of regulatory clearances and the exact timetable for the unconditional admission on 30 October remain to be announced.

The Meridian Weekly