Abenojar Tungsten SA announced plans for an initial public offering in London, the latest overseas company to explore a UK listing.
The Spanish miner is considering selling shares on the London Stock Exchange in the fourth quarter to help fund the development of the El Moto mine in central Spain, according to a statement on Wednesday. The announcement confirms a Bloomberg News report in September.
Abenojar Tungsten was established three years ago by the Garcia San Miguel mining family to develop the El Moto tungsten and gold mine in Ciudad Real. The site is expected to begin production in early 2029 with an annual processing capacity of 1.5 million tons. The project has an estimated initial cost of €211 million ($236 million).
Tungsten has the highest melting point of any metal and is used in renewable energy, aerospace and defense industries. China currently accounts for the majority of global production, but Europe has been looking to improve domestic supplies of the rare metal.
Read more: Rwanda Tungsten Miner Eyes New York IPO as Munitions Metal Soars ·
London has been seeking to attract international companies as a way to reinvigorate its capital markets and offset the impact of an unrelenting wave of takeovers. Africa-focused payments firm Airtel Mobile Commerce NV is currently taking orders for a London IPO.
Bank of Montreal, Peel Hunt Ltd. and Deutsche Bank AG are arranging the offering.