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.
Company holds 62,000 acres with multi-commodity potential
MMCU operates a fully permitted open-pit copper mine and processing facility, described as one of the few domestic copper restarts in the United States in decades. Beyond copper, the company's property hosts tungsten, antimony and other rare earth elements, with 90% of its 62,000-acre land position still unexplored.
Financing follows year-long federal due diligence process
The conditional commitment followed a year of review including third-party appraisals and assessments of MMCU's business plan, management, permitting, environmental status and expansion plans. U.S. Secretary of Agriculture Brooke Rollins said the financing reflects USDA's commitment to strengthening domestic mineral supply chains, while USDA Utah State Director Stan Summers said the deal will support long-term economic growth in the region.
MMCU Chairman Roger Barris said the financing marks a milestone for the company's long-term operations in Utah, enabling investments to strengthen copper and critical mineral supply to American industry. The deal aligns with a Trump Administration executive order aimed at increasing domestic mineral production.