$25 million loan will bolster America’s domestic critical minerals supply
MILFORD, Utah, Sept. 9, 2026 /PRNewswire/ — Milford Mining Company Utah (MMCU) announced today that it 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, Utah. MMCU will invest the funds to expand its facilities, doubling the company’s copper throughput and its valuation 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.
“USDA is proud to support the future of rural communities. This $25 million dollar financing demonstrates what is possible when we put capital to work in rural communities, strengthen American industry, and support the hardworking men and women who power our economy,” said U.S. Secretary of Agriculture Brooke Rollins. “Milford Mining represents the kind of homegrown American enterprise that creates opportunity, strengthens local economies, and helps advance our nation’s domestic mineral supply chains. Under President Trump’s leadership, USDA is committed to ensuring rural businesses have the resources they need to grow, create jobs, and compete. This investment is a win for Utah and a win for American economic strength and independence.”
The proposed 16.5-year arrangement will be privately financed through Magnolia Guaranteed Lending, a specialist division of Kentucky-based Magnolia Bank, a USDA-approved lender. Subject to the satisfaction of applicable conditions and completion of the financing, the investment will support capital improvements designed to modernize processing equipment, remove operational bottlenecks, improve efficiency and double the company’s production capacity.
“We are proud to support investments that create economic opportunity and strengthen communities across rural Utah,” said Stan Summers, USDA State Director for Utah. “This financing will help Milford Mining invest in its operations, create new jobs and support long-term economic growth in the region. I would like to thank President Donald Trump, USDA Secretary Brooke Rollins, and our hard-working employees who helped to make this game-changing opportunity happen. USDA is proud to work alongside our private-sector partners to provide them with access to capital.”
MMCU is an established copper producer operating a fully permitted mining and processing facility. Beyond its existing production, MMCU’s mine hosts diverse minerals that also include precious metals such as tungsten, antimony and other rare earth elements. With significant untapped exploration potential across its expansive 62,000-acre property, MMCU combines the stability of current production with a multi-commodity growth pipeline, making it one of the few U.S. operations able to deliver copper today while preparing for the future.
“This financing represents an important milestone for the long-term future of our operations in Utah,” said Roger Barris, chairman of MMCU. “With the support of Magnolia Guaranteed Lending and the USDA loan guarantee program, we will make significant investments that strengthen our ability to supply copper and other critical minerals to American industry. Just as importantly, we will support the creation of new jobs and continued economic opportunity.”
MMCU’s operations align with the Trump Administration’s executive order to increase domestic mineral production. The conditional commitment follows a year-long process of rigorous analysis and due diligence, including third-party appraisals and extensive review of the company’s business plan, management, permitting, environmental status and detailed assessment of the planned expansion.
About Milford Mining Company Utah MMCU is an established, fully permitted open-pit copper mine in Milford Utah currently employing 180 workers. The company owns approximately 62,000 acres of contiguous land, with 90% of the land yet to be explored. MMCU represents one of the only domestic copper restarts in the United States in decades, having successfully reactivated operations at one of the highest-grade copper mines in the country.
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SOURCE Milford Mining Company Utah
