Milford Mining Company Utah has received $25 million in funding from the U.S. Department of Agriculture's Business and Industry Loan Guarantee Program to develop its mining and processing activities in the state of Utah. This funding is provided conditionally and aims to support planned investments in the company's mining and processing operations.
Details of Facilities and Development Plans
Milford Mining Company has a fully licensed mining and processing facility in Beaver County, producing copper cathodes and copper concentrate. The company has stated that the Milford mine has diverse minerals, including tungsten, antimony, and other rare elements, and has significant exploration potential on its 62,000-acre land.
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The Milford mine was inactive for years but was reactivated under Milford Mining's management in 2023. The company plans to use this loan to expand its facilities and aims to double its copper production capacity by the end of next year. This expansion is expected to create about 100 new jobs in rural Utah, adding to the company's current workforce of 180.
Economic Impacts and Future
This 16.5-year agreement is set to be financed through a specialized division of Magnolia Bank based in Kentucky. Once this funding is completed, the investment will assist in capital improvements that will modernize processing equipment, eliminate operational bottlenecks, improve efficiency, and double the company's production capacity.
Roger Barris, President of Milford Mining Company, stated in a press release: "This funding represents a significant milestone for the long-term future of our operations in Utah. We will make substantial investments that enhance our ability to supply copper and other critical minerals for the U.S. industry. Likewise, we will support the creation of new jobs and ongoing economic opportunities."
The United States is looking to strengthen its partnerships with African countries to reduce dependence on China's mineral supply chains, and this new investment could be seen as part of the U.S. overall strategy in this regard.
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