Greater Commercial Lending Completes $25 Million in Financing for Copper Mining Company in Utah
USDA-Guaranteed Loan Will Help Bolster Local Community and Promote Renewable Energy Systems
RENO, Nev., Feb. 14, 2024 /PRNewswire/ -- Greater Commercial Lending (GCL), which provides government-guaranteed loans to businesses and organizations in under-served and rural communities, has completed $25 million in financing for Lisbon Valley Mining Co., which mines copper within La Sal, in Utah's Lisbon Valley, an extensive mineral district for copper and other resources.
The financing, backed by the U.S. Department of Agriculture (USDA) through the Business & Industry Loan Program, represents an important step in both revitalizing the region's economy and empowering Lisbon Valley Mining Co., a key employer in the rural community. The loan will be used to strengthen copper mine production by allocating funds towards working capital and procurement of heavy equipment, as well as refinancing existing debt.
The government-guaranteed loan will also help contribute to the success of the U.S. renewable energy sector. Copper, a vital metal for various electrical systems, plays a pivotal role in the U.S. economy's transition to green, renewable energy, including solar and wind power, as well as electric vehicles.
"We are pleased to support Lisbon Valley Mining Co. in their mission to expand and enhance copper mining operations," said Jeremy Gilpin, president of GCL. "This financing signifies our commitment to fostering economic growth in under-served communities while contributing to essential industries crucial for a sustainable future."
"This government-guaranteed funding, thanks to GCL, marks a significant moment for our company and the local community," said George Shaw, CEO at Lisbon Valley Mining Co. "It enables us to not only reinvigorate our operations but also contribute to the essential supply of copper, a critical component in advancing sustainable energy solutions. With copper production indicating a future shortage, the continued mining of this resource from all available sources is paramount to the success of the U.S. economy's transition to new sources of renewable energy."
The financing structure includes participation by Community Bank & Trust – West Georgia. The project is expected to generate approximately 90 new job opportunities, along with the preservation of 101 existing jobs.
About Greater Commercial Lending
Greater Commercial Lending (GCL) is a credit organization that brings together banks, credit unions and other lenders to provide U.S. government-guaranteed loans to businesses and initiatives in rural and under-served markets throughout the U.S. and its territories. It helps finance key infrastructure services, like power, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), which guarantee loans, to arrange credit at favorable terms. GCL's network of lenders includes nearly 200 banks, credit unions and other financial institutions.
Lisbon Valley Mining Co.
Lisbon Valley Copper Corp. mines copper within Utah's Lisbon Valley, an extensive mineral district which includes commercial mining of copper, potash and uranium as well as natural gas production. The Company's current proven and probable reserves support a project life of more than twenty years.
Copper is a critical metal used in the global economy's transition to green, renewable energy including solar and wind power as well as the transition from combustible engine vehicles to electric vehicles.
Lisbon Valley Copper Corp. is committed to safely mining the copper resources within its permitted areas of operation and fulfilling its role as an environmental steward of the Lisbon Valley through its careful management of the surrounding natural environment in coordination with its regulatory partners.
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SOURCE Greater Commercial Lending
