USDA guarantees $25M loan to grow Milford Mining in Utah
A federal loan guarantee will help the Beaver County copper producer double output and add about 100 jobs by 2027, extending a rapid turnaround since its 2024 restart.
The U.S. Department of Agriculture is guaranteeing a $25 million loan to Milford Mining Company Utah (MMCU) to expand its copper mining and processing operation in Milford, a deal the agency says will create roughly 100 new jobs and double the mine’s copper throughput by the end of 2027.
USDA Rural Development Utah State Director Stan Summers announced the financing September 9 through the agency’s Business and Industry Guaranteed Loan Program, which backs private lending to rural businesses in communities of fewer than 50,000 people. The 16.5-year loan will be privately funded through Magnolia Guaranteed Lending, a division of Kentucky-based Magnolia Bank, and remains subject to closing conditions. MMCU said the capital will modernize processing equipment, eliminate operational bottlenecks and increase overall production capacity at its Beaver County complex.
