Today, the Utah Governor’s Office of Economic Opportunity awarded Milford Mining a post-performance tax reduction for its expansion in Beaver County. The corporate incentive is part of the state’s Rural Economic Development Tax Increment Financing (REDTIF) program.
As part of the agreement, Milford Mining projects to add 160 new, high-paying jobs and invest $20,000,000 in rural Utah during the next five years.
“Utah’s rich mineral resources are a significant draw for companies seeking a supportive environment that values responsible and sustainable mining practices,” said Ryan Starks, executive director of the Utah Governor’s Office of Economic Opportunity. “Utah offers a skilled workforce, excellent infrastructure, and proximity to key markets, making it a prime destination for mining ventures. We’re pleased to welcome Milford Mining’s expanding operations to the state.”
Milford Mining, a dynamic and innovative operator in the mining industry, is dedicated to sustainable resource extraction and responsible environmental practices. With a rich history spanning several decades, it prioritizes the well-being of the communities in which it operates, consistently delivering high-quality minerals to meet global demands. The operations in Milford, Utah, specializing in copper ore mining, will involve a flotation mill and a solvent extraction-electrowinning (SX-EW) process, allowing the production of copper concentrate, which includes gold and silver, as well as pure copper cathode. Milford Mining’s commitment to new technology and best-in-class safety measures ensures an efficient operation and a safe working environment while minimizing the environmental footprint.
“Western Beaver County has historically been a location containing high-grade minerals,” said Darin Malchus, vice president of Milford Mining. “Never before has copper been so important to the nation’s energy systems as it is currently. Utah’s cooperation with the mining community, combined with access to local talent were significant factors in Milford Mining’s decision to commence operations in the state. We would like to thank the Utah Governor’s Office of Economic Opportunity for support of this project.”
“The revitalization of the mining industry in Beaver County heralds us back to our beginnings as a county and to our first economic boom in the mid-1800s,” said Jen Wakeland, strategic development director for Beaver County. “A far cry from those early days of mining, Milford Mining will bring invigorated processes, updated technologies, and will hire some of the best workforce to manage the resources produced by the mine. As the mining tradition in our county moves forward, we are thrilled to endorse and encourage Milford Mining.”
“We join GOEO in welcoming Milford Mining to Utah,” said Scott Cuthbertson, president and CEO of EDCUtah. “We’re pleased to see the company’s commitment to innovation and community well-being, both of which align with the values of rural Utah.”
Tax Credit Projections
|New state tax revenue:
|REDTIF new state tax credit:
Learn more about the state’s post-performance REDTIF program here.