ASX-listed Energy Transition Minerals has secured ownership of the Penouta tin/tantalum/niobium mine in Galicia, Spain, through a court-enforced auction process, positioning itself at the heart of Europe’s critical minerals supply chain.

The €5.2-million (A$9.2-million) acquisition includes the mine and processing facility, with the transaction supported by a A$10-million strategic placement from key shareholder OCJ Investment (Australia).

Penouta, the only recent European producer of these critical metals, was previously operated by Strategic Minerals Spain, which entered administration in September 2024. The mine last operated in October 2024, producing tin and tantalum concentrates and holding the potential to produce niobium.

“Securing ownership of the Penouta mine is a huge opportunity for ETM,” said MD Daniel Mamadou. 

"Penouta is the only recent producer of these critical metals in Europe, making it a uniquely strategic asset. This acquisition represents a compelling entry point into a near-term production opportunity for tin, tantalum, and niobium, all of which are critical to Europe’s industrial and technological ambitions. Importantly, Penouta also stands as the only primary source of tantalum and niobium in the European Union, adding a key ethical dimension to sourcing conflict-free critical minerals. The upside for tantalum, particularly as an essential input for the semiconductor industry, further enhances the strategic value of this acquisition.”

ETM’s successful €5.2-million bid was structured to discharge both secured and unsecured creditors, with contingent payments included pending resolution of outstanding liabilities. The transaction remains subject to formal documentation, regulatory compliance, and judicial approval, with potential for appeal by unsuccessful bidders.

The deal adds a near-term production asset to ETM’s portfolio, complementing its existing critical minerals focus in Greenland and enhancing jurisdictional diversification.

Penouta’s reactivation will require re-compliance of the Section C concession to enable full-scale mining. However, the existing processing infrastructure, part of an historic €28-million investment, provides a foundation for rapid redevelopment. ETM said it was well capitalised to explore restart scenarios and sustainable development plans.