Greater Commercial Lending completes $25m in financing for copper mining company in Utah

Lisbon Valley Mining Co., a copper mining company in Utah, has secured a $25 million loan from Greater Commercial Lending (GCL), a provider of government-guaranteed loans to under-served and rural communities.

The loan, backed by the U.S. Department of Agriculture (USDA) through the Business & Industry Loan Program, will be used to improve copper mine operations, procure heavy equipment, and refinance existing debt.

The financing will also benefit the U.S. renewable energy sector, as copper is a key metal for various electrical systems, such as solar and wind power, and electric vehicles. Copper production is expected to face a future shortage, making the continued mining of this resource vital for the U.S. economy’s transition to green energy.

Jeremy Gilpin, president of Greater Commercial Lending, said the financing signifies their commitment to fostering economic growth in under-served communities and contributing to essential industries for a sustainable future.

George Shaw, CEO at Lisbon Valley Mining Co., said the funding marks a significant moment for their company and the local community, as it enables them to reinvigorate their operations and supply copper, a critical component for advancing sustainable energy solutions.

The financing structure includes participation by Community Bank & Trust – West Georgia. The project is expected to create about 90 new jobs and preserve 101 existing jobs in the rural area.