A long-dormant copper mine in Beaver County, Utah resumed operations earlier this year under new ownership.
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It was closed in 2019 amid a slump in the price of the metal due to trade war fears. But in 2023, Milford Mining acquired it and began hiring workers, according to a recent Fox 13 report.
The company has struck a deal to sell its copper to Rio Tinto Kennecott — operator of the Bingham Canyon mine and the Magna smelter — signalling confidence in the price of the metal staying high.
From dormancy to revival
Brendan Moseley, the CEO of Milford Mining, told Fox 13 the mine’s reserves can support production for eight to nine more years, and the company is planning an expansion to increase capacity.
"It’s fantastic for rural Utah. We are currently about 105 full-time and direct employees, plus another 35 to 45 contractors. As we progress towards our expansion which we announced in April, we’ll continue to hire more construction workers," he said.
In May, Deseret News reported that Milford Mining has so far invested $40 million to modernize its mining facilities and plans to invest $200 million for the expansion.
"This investment is projected to create more than 1,000 new jobs over the next 10 years in Beaver County, offering vital economic opportunities for rural Utahns," said the report.
The project aligns with broader U.S. efforts to secure domestic sources of critical minerals and reduce dependency on imports.
The mine’s reopening shows how rural communities can benefit from favorable market conditions and trade policies. As the demand for copper rises, similar sites across the country could be reopened.
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Why demand for copper is surging
This month the price of copper reached record highs after President Trump announced a 50% tariff on copper imports beginning August 1.
Copper —the “metal of electrification” – has many industrial and everyday uses. It is also critical for the transition to clean energy.
"That’s the electrification of the automobile industry. There is a massive need for more electricity in data centers. You hear a lot on the federal level about more manufacturing. Whether it’s copper wire, whether it’s plumbing, electronics, or electric cars. Copper is critical in everything we touch as humans," said Nate Foster, the managing director for Rio Tinto Kennecott, to Fox 13.
According to the International Energy Agency, the demand for copper is set to surge as countries look to expand their electricity networks, and the current copper mine project pipeline points to a 30% supply deficit by 2035. In other words, demand is expected to far outpace supply.
A similar report by S&P Global found that achieving the Net-Zero Emissions by 2050 goals will translate into copper demand surging by over 82% from 2021 to 2035.
The demand is driven primarily by the transition to cleaner vehicles and the broader electrification of the economy. Electric vehicles alone use up to four times more copper than their internal‑combustion engine vehicles. Similarly, wind turbines, solar farms, and data centers require extensive wiring and cabling.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
