(Salt Lake City, Sept. 9, 2026) – U.S. Department of Agriculture Rural Development Utah State Director Stan Summers today announced the agency is awarding a $25 million loan guarantee to Milford Mining Company Utah (MMCU) to support a copper mining and processing operation in Milford.
“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.”
“We are proud to support investments that create economic opportunity and strengthen communities across rural Utah,” said Summers. “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, Agriculture 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 the capital.”
The investment will stimulate additional economic activity and create new employment opportunities in the Milford community while strengthening the company’s operations and long‑term presence in Utah. It is expected to generate around 100 new jobs, supporting local workers and families and reinforcing Utah’s expanding role in producing materials essential to American manufacturing, infrastructure, and national security. MMCU operates a copper mining and processing complex in Beaver County, supplying minerals vital to domestic manufacturing and supply chains.
“This financing represents an important milestone for the long-term future of our operations in Utah,” said MMCU Chairman Roger Barris. “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.”
The funding is provided through USDA’s Business and Industry Guaranteed Loan Program in partnership with Magnolia Bank. This program helps rural businesses by increasing access to business capital and thereby improving the economic health of rural communities.
For more information on USDA Rural Development investments in rural America, visit the Rural Data Gateway. The Rural Data Gateway is an online tool that strengthens USDA Rural Development partnerships with rural people, entrepreneurs, government officials and Congress by making RD’s investment data accessible to the public. Learn more online at rd.usda.gov and follow us on X at @RD_Utah.
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