Milford Mining gets $25M funding to expand Utah facilities

Milford Mining gets $25M funding to expand Utah facilities

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 fin...