Milford Mining gets Rio Tinto Kennecott’s help in restarting operation, supplying copper concentrate
Rio Tinto Kennecott has announced a new three-year agreement with Milford Mining Co. in Beaver County.
Under the agreement, Rio Tinto will loan $5 million to Milford Mining to help in the restart of its Central Utah-based mining operations in order to resume delivery of copper concentrate from Milford Mine to Kennecott’s Salt Lake City smelter.
The agreement will help boost the domestic production of both copper and critical minerals, Rio Tinto Kennecott said in its announcement.
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. 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, Rio Tinto said.
“This agreement marks a significant step forward for metal and mineral production in Utah,” said Nate Foster, managing director of 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.”
“Milford Mining Co. 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,” said Brendan Moseley, CEO of Milford Mining.
Rio Tinto has been a producer and supplier of copper and other critical minerals in the United States for over 150 years. Its Kennecott smelter is one of just two operating in the U.S. Currently, Rio Tinto Kennecott produces about 20 percent of the U.S. refined copper supply annually.