- Rio Tinto Kennecott agreed to loan $5 million to Milford Mining Company.
- The loan supports copper production, crucial for defense and renewable technologies.
- Utah Gov. Spencer Cox supports reducing reliance on China for critical minerals supply.
MILFORD, Beaver County — The Beehive State is continuing to advance its copper mining efforts, with Rio Tinto Kennecott last week announcing an agreement with Milford Mining Company.
Under the three-year agreement, Kennecott will loan $5 million to Milford Mining Company to support the resumption of the mine's operations and the delivery of copper concentrate from the Milford mine to Kennecott's Salt Lake City smelter.
Designated as a critical mineral in 2023 by the U.S. Department of Energy, copper is a vital resource for manufacturing defense technologies, powering artificial intelligence applications and modernizing the electric grid. Additionally, it's crucial for electric vehicles, wind turbines and other renewable energy technologies.
The $5 million loan from Kennecott is part of Milford Mining's expansion, which it announced in March.
The expansion will include scaling current operations, exploring new sites adjacent to the existing mine, investing in extraction technologies and enhancing existing infrastructure. In addition, the company is actively seeking partnerships with universities in Utah to develop its artificial intelligence mining platform and offer apprenticeship programs that support workforce development for future generations.
Milford Mining CEO Brendan Moseley said the loan will ensure the local community "continues to play a crucial part in supporting America's critical minerals effort and fully benefits from the prevailing bullish pricing in the buoyant U.S. copper market."
The move to help boost domestic production of copper and, in turn, a critical mineral, is likely music to Utah Gov. Spencer Cox's ears.
*This* is one of many reasons we were the first governor-led trade mission to Canada in 2025 and focused specifically and intentionally on critical minerals. We are too reliant on China for far too many of those minerals and processing—but together with our closest friends and… https://t.co/oiJDw5qM4Apic.twitter.com/pkg0vYGRlA
— Spencer Cox (@SpencerJCox) April 11, 2025
Throughout his governorship, Cox has often stressed the importance of lessening the U.S. reliance on China when it comes to the supply of critical minerals. It shouldn't be a surprise, either, given the essential nature of critical minerals for much of today's modern technology that has helped transform Utah into a national tech and business hub.
"We cannot rely on China and countries in Africa that are controlled mostly by China for our critical minerals. It's a huge mistake," Cox said in 2022 when Kennecott announced it was beginning the process of recovering tellurium. "It gives our adversaries far too much leverage. We're already seeing what's happened when we allow someone like Vladimir Putin to be in charge of the energy needs of the world."
Nate Foster, Kennecott's managing director, agrees with Cox's sentiment.
"This agreement marks a significant step forward for metal and mineral production in Utah," Foster said in a statement. "The delivery of copper from the Milford Mine to our smelter will keep copper in the U.S., supporting a secure supply chain and increasing domestic copper production. This new partnership will also create a positive impact on both the local and national economies."
