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Milford Mining Company Utah (MMCU) has received a conditional commitment from the U.S. Department of Agriculture Rural Development Business & Industry Loan Guarantee Program for $25 million in financing to support planned investments in the company’s mining and processing operations in Milford.
MMCU operates a fully permitted mining and processing complex in Beaver County producing both copper cathode and copper concentrate. The company said its eponymous mine hosts diverse minerals including tungsten, antimony and other rare earth elements, adding that there are significant untapped exploration potential across its 62,000-acre property.
The Milford mine was idled for years, but reopened under MMCU management in 2023.
The company said will invest the funds to expand its facilities, aiming to double its copper throughput by the end of next year. The expansion is anticipated to create approximately 100 new jobs in rural Utah, adding to the company’s current 180-person workforce.
The proposed 16.5-year arrangement will be privately financed through a specialist division of Kentucky-based Magnolia Bank. On completion of the financing, the investment will support capital improvements designed to modernize processing equipment, remove operational bottlenecks, improve efficiency and double the company’s production capacity, it said.
“This financing represents an important milestone for the long-term future of our operations in Utah,” MMCU chairman Roger Barris said in a news release. “…We will make significant investments that strengthen our ability to supply copper and other critical minerals to American industry. Just as importantly, we will support the creation of new jobs and continued economic opportunity.”
