SALT LAKE CITY — Rio Tinto Kennecott announces a new 3-year agreement with Milford Mining Company. Under the agreement, Rio Tinto Kennecott will loan $5 million to Milford Mining Company to support Milford Mining’s restart of its Central Utah-based mining operations and the delivery of copper concentrate from Milford Mine to Kennecott’s Salt Lake City smelter. This agreement will help boost the domestic production of both copper and critical minerals.
The loan is part of Milford Mining’s recently announced expansion, which will include growing operations, exploring new sites adjacent to its existing mine, investing in new technology and improving current infrastructure. Copper is an essential element, playing a major role in everything from electrical and plumbing systems to consumer electronics and defense. The mine is a significant part of the Milford community and Beaver County in central Utah. This partnership will help create job opportunities and contribute to the local economy.
“This agreement marks a significant step forward for metal and mineral production in Utah,” said Nate Foster, Managing Director, Rio Tinto Kennecott. “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.”
Brendan Moseley, CEO of Milford Mining, added: “Milford Mining Company Utah is pleased to partner with Rio Tinto Kennecott via the immediate delivery of our copper concentrate, ensuring the local Milford 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.”
Rio Tinto has been a producer and supplier of critical minerals in United States for over 150 years. Its Kennecott smelter is one of just two operating in the U.S., uniquely positioning Rio Tinto to produce many of the critical minerals the country needs. Currently, Rio Tinto Kennecott produces about 20 percent of the U.S. refined copper supply annually. From renewable energy technologies to smartphones to electric vehicles and appliances, copper is an essential mineral critical to modern life and is fundamental to building and powering a stronger America.