Abenójar Tungsten announces results of El Moto 2026 Definitive Feasibility Study

Abenójar Tungsten S.A. (“ABT” or the “Company”), is pleased to announce the initial results of the the 2026 Definitive Feasibility Study (“DFS”) on the El Moto tungsten mine (“El Moto” or the “Project”) in Abenójar, Ciudad Real, Spain.  

Designated as a European Strategic Project under the EU Critical Raw Materials Act*, the El Moto tungsten mine is host to one of the largest and highest-grade undeveloped tungsten projects globally.  

ABT commenced construction on El Moto in 2026 with first production targeted for Q1 2029.  

*View full article

Highlights: 

• The preliminary results of the DFS confirm El Moto as a long-life, high-margin tungsten operation at Base Case prices* with a Post-Tax IRR of 62%; 

• El Moto is designed as an underground mining operation to extract tungsten and gold ore through a decline to surface for processing;  

• The ore processing facilities to be built on site are designed to reach the ability to process 1.5 Mtpa at full capacity;  

• The ore processing will take place over an 18-year life-of-mine (LOM) plan based on current Reserves to produce saleable Tungsten concentrate and a separate gold concentrate; 

• The DFS follows the Canadian NI 43-101 standard, a recognised international mineral reporting standard ensuring quality of processes and validation of results;  

• The Project incorporates high standards of environmental responsibility and seeks to reinforce long-lasting benefits to the region including the creation of ~400 local jobs at the operation; 

* Economic model assumes Base Case of $1,415/mtu ($141,500/t) WO3 and $3,500/oz Au 

 

• A summary of key operating and financial metrics from the DFS is presented below. 

 

	Base   Case
APT Price (US$/mtu)	$1,415
Au Price (US$/oz)	$3,500
Currency Conversion (€:US$)	1.10
Upfront Capex (€M)	211
Production Life (years)	18
Throughput (Mtpa)	1.50
WO3 Recovery Rate (%)	72%
Steady State WO3 Production (mtu)	422,656
Average Annual Steady State EBITDA (€M)	~357
C1 Cash Cost (1) |	188
AISC (€/mtu)	236
NPV 8% Post-tax (€M)	1,532
Post-tax IRR (%)	62%

1. C1 Cash Costs exclusive of freight and royalty expenses. 

 

• The Company is led by the García San Miguel family, a fourth-generation mining family with an established track record of successful construction, operation and rehabilitation of mining projects across Spain, establishing deep credibility and endorsing local stakeholder support;  

• The Spanish Government recently approved the granting of €12.6 million in regional incentives for the project. 

 

Gonzalo Garcia San Miguel, Chief Executive Officer of Abenójar Tungsten, commented: 

“El Moto is a world-class tungsten project in a tier one jurisdiction. The deposit boasts very high grade, is located close to the surface, benefits from existing regional infrastructure and is backed by a strong social licence. 

The DFS confirms the future mine as a low-cost tungsten operation, with the potential to meaningfully serve growing tungsten needs and support critical mineral supply chain resilience. The strategic importance of tungsten, as a critical component in sectors that underpin modern society, is increasingly apparent and is reflected in the current strengthening spot price.  

The economics in the DFS show a high quality project providing strong, steady state earnings for an initial 18 years of production life, which accounts for only ~25% of total resource with room for significant reserve conversion and mine plan extension. 

We are grateful to the Government for approving €12.6 million in regional incentives for our El Moto Tungsten project. Having already been designated a European Strategic Project under the Critical Raw Materials Act (CRMA), this support reinforces our commitment to sustainable mining, driving local growth and creating jobs in the region. 

We have commenced construction and look forward to bringing this project into production in 2029.” 

 

DFS Summary  

A feasibility study was completed in 2024 for the El Moto Tungsten project (the “2024 Feasibility Study”), based on the development of a tungsten concentration plant designed for a throughput of 1.5 Mtpa. The 2024 Feasibility Study established the technical basis for the project, including the process flowsheet, plant configuration, infrastructure requirements, operating assumptions, and economic assessment for a 1.0 Mtpa development scenario. 

Following further project optimisation, engineering development, and review of the project execution strategy, an updated feasibility study was undertaken in 2026 (the “DFS”). The DFS incorporates a revised project scope comprising throughput reaching 1.5 Mtpa, together with an optimised plant design and updated technical and economic assumptions. 

This DFS is based on an underground mining operation and development of the concentration plant, designed to process ore at a throughput of 1.5 Mtpa. 

The operation will mine the tungsten mineralised orebody as run-of-mine (RoM) ore through decline mining access, to produce a saleable Tungsten concentrate and gold concentrate. The ore processing will take place over an 18-year life-of-mine (LOM) plan, while mining activities extend for 20 years, including 2 years for mine preparation before the ore is processed. 

The study report follows the Canadian NI 43-101 standard, a recognised international mineral reporting standard ensuring quality of processes and validation of results by independent professionals. 

From a geological perspective, the Resource demonstrates a consistent tungsten mineralisation across the orebody with a high grade tungsten Reserve, which supports efficient bulk mining methods to be adopted. The DFS has established a global recovery of 71.5% WO3 in a concentrate with >51% WO3  with a gold by-product, with a recovery rate of 41%. 

The initial total capital cost under the DFS is €211 million, which corresponds to the works needed to enable the processing of 1.5 Mt ore per year.  The cash cost of €188/mtu and AISC of €236/mtu established in the DFS positions El Moto on a competitive basis as a low cost producer.  

 

Mineral Resources(1,2) 

Category	Tonnes (Mt)	Grade			Contained
		% WO3	g/t Au	% WO3 Eq.	kt WO3	Koz Au	kt WO3 Eq.(3)
Measured	14.1	0.43%	0.46	0.51%	62	211	72
Indicated	29.6	0.37%	0.33	0.42%	109	316	124
Total M&I	43.7	0.39%	0.38	0.45%	170	527	196
Inferred	47.6	0.37%	0.44	0.44%	176	669	209
Total	91.3	0.38%	0.41	0.44%	346	1,196	406

 

Mineral Reserves 

Category	Tonnes  (Mt)	Grade		Contained
		% WO3	g/t Au	kt WO3	Koz Au
Proven	10.6	0.43%	0.46	45	158
Probable	12.0	0.40%	0.35	48	134
Total P&P	22.6	0.41%	0.40	93	293

1. Resources are inclusive of reserves. 

1. Please note that numbers may not add up due to rounding. 

1. WO3 equivalent figures calculated at $330/mtu WO3 and $1,800/oz Au. 

 

 

About us 

Abenójar Tungsten S.A. (ABT) is building the El Moto tungsten mine in Ciudad Real, Spain, host to one of the largest and highest grade tungsten deposits globally.  

Construction commenced on the underground operation at El Moto in 2026, with first production on track for Q1 2029. Once fully operational, El Moto will produce 423,000mtu of WO₃ per year, representing a significant proportion of Europe’s tungsten needs. 

Abenójar Tungsten is led by the García San Miguel family, a fourth-generation Spanish mining family that has deep credibility and a strong social licence, having successfully built, operated and rehabilitated mining projects across Spain. El Moto, with EU CRMA Strategic Project designation, is being developed with a clear focus on establishing long-term benefits for all stakeholders. 

https://abtungsten.es/en/  

Contact: 

For media enquiries contact: abt@tavistock.co.uk