Milford Mining Secures $25M USDA Loan to Expand Copper Production and Create Jobs
Milford Mining Company Utah (MMCU) has received a conditional commitment for a $25 million loan from the U.S. Department of Agriculture's Rural Development Business & Industry Loan Guarantee Program. The funding will support facility expansion, doubling copper throughput by the end of next year and creating approximately 100 new jobs in rural Utah. The financing is part of a broader effort to strengthen domestic critical minerals supply chains under President Trump’s administration. The loan will be privately financed through Magnolia Guaranteed Lending, with proceeds used for modernizing equipment and removing operational bottlenecks at the company's fully permitted mining site. MMCU also produces tungsten, antimony, and rare earth elements on its 62,000-acre property. USDA Secretary Brooke Rollins highlighted the importance of supporting rural businesses to enhance economic independence and strengthen American industry. The loan follows a year-long due diligence process involving third-party appraisals and detailed assessments.
Topics: Critical Minerals Job Creation Mining Rural Development