Milford Mining Secures $25M USDA-Backed Loan to Double Utah Copper Output
Milford, Utah – September 15, 2026 -- Milford Mining Company Utah (MMCU) has received a conditional commitment for $25 million in financing under the USDA Rural Development Business & Industry Loan Guarantee Program, funds it will use to double copper throughput and valuation by the end of next year.
USDA-backed loan targets facility expansion and job creation
The 16.5-year financing arrangement will be privately funded through Magnolia Guaranteed Lending, a division of Kentucky-based Magnolia Bank and a USDA-approved lender. MMCU plans to use the capital to modernize processing equipment, remove operational bottlenecks and double production capacity at its Milford, Utah facility. The expansion is expected to create approximately 100 new jobs, adding to the company's current 180-person workforce.