Milford Mining Company Utah has secured a conditional commitment for a $25 million loan to fund capital improvements at its operations in Milford, Utah. The proposed 16.5-year arrangement will be privately financed through Magnolia Guaranteed Lending, a specialist division of Magnolia Bank, backed by a U.S. Department of Agriculture loan guarantee.

Completion of the financing and the release of funds remain subject to the satisfaction of applicable conditions. Once finalised, the capital will be deployed to modernise processing equipment, remove operational bottlenecks, improve efficiency, and double the company's copper throughput and valuation by the end of next year. The expansion is expected to create approximately 100 new jobs in rural Utah, adding to the operation's existing 180-person workforce.

The company operates an open-pit copper mine on approximately 62,000 acres of contiguous land, with about 90% of the property remaining unexplored. Beyond its primary copper output, the deposit hosts mineral resources including tungsten, antimony, and rare earth elements.

The financing follows activity within the surrounding district, where Hawk Resources Limited reported drill results at the Cactus project, intersecting 72.9 metres at 0.36% copper and 2.0 ppm silver from 18 metres below surface.

“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.”

Roger Barris, chairman of MMCU

Read the full announcement: Milford Mining Secures USDA-Backed Financing to Advance Utah's Critical Minerals Production