Milford Mining Company Utah announced on September 9 that it received a conditional commitment from the U.S. Department of Agriculture Rural Development Business & Industry Loan Guarantee Program for $25 million in financing. The funds are intended to support planned investments in the company's mining and processing operations located in Milford, Utah.
The $25 million investment aims to expand facilities, doubling the company's copper throughput and its valuation by the end of next year. This expansion is anticipated to create approximately 100 new jobs in rural Utah, supplementing the company's existing workforce of 180 people.
The proposed 16.5-year arrangement will be privately financed through Magnolia Guaranteed Lending, a division of Kentucky-based Magnolia Bank. Subject to the satisfaction of applicable conditions and the completion of financing, the investment will support capital improvements to modernize processing equipment, remove operational bottlenecks, and improve efficiency.
U.S. Secretary of Agriculture Brooke Rollins stated that the financing demonstrates the potential for capital to strengthen American industry and support rural communities. Stan Summers, the USDA State Director for Utah, noted that the financing will help Milford Mining invest in operations and support long-term economic growth in the region.
MMCU operates a fully permitted open-pit copper mine and owns approximately 62,000 acres of contiguous land, with 90% of that land yet to be explored. In addition to copper, the mine hosts minerals including tungsten, antimony, and other rare earth elements.
The conditional commitment follows a year-long process of analysis and due diligence, including third-party appraisals and a review of the company's business plan, management, permitting, and environmental status.
