The Utah Senate moved Senate Bill 187, as amended, toward third reading after lengthy floor discussion about a proposed state-backed loan to support critical-mineral production and processing in Utah.

Senator Stevenson, the sponsor, said the U.S. Geological Survey had identified about 50 critical minerals and commodities the country underproduces and described urgency after foreign supply disruptions. He said the bill allows use of accumulated interest from a previously borrowed CIB (Community Impact Board) fund to make a loan to a company that would begin production within months.

"There is a company that is prepared to open a mine within 2 months ... What this bill does is it, there's and after a deep look, we found some money that ... we borrowed, from the CIB fund ... What this does is it takes some of the interest off of that money, and it allows us to use that in a loan to a company that will begin instant production within 2 months," Stevenson said. He described the loan as about $11,000,000, repaid over seven years with drawdowns in the first three years, and said the company is American-owned and permitted to open the feldspar mine.

Senator Escamilla asked whether the $11 million loan would be for a single company or open via an RFP; Stevenson said it was "really for 1 company." Escamilla also asked whether the recipient would be American owned; Stevenson answered it is American-owned and operating in Utah.

Senator Hinkins added that the loan would support not only mining but relocation of processing equipment from Canada to Millard County, creating a local processing capability that would serve as collateral and marketable asset if the company failed.

The sponsor moved that SB 187, as amended, be placed on the third-reading calendar. The clerk recorded 27 yea votes, 0 nays, and 2 absences.

Why it matters: The proposal would deploy state-held funds to support critical-mineral production and in-state processing capacity, with the stated aims of addressing national supply vulnerabilities and capturing economic returns for state beneficiaries.

Votes at a glance: SB 187 — Moved to third-reading calendar; recorded tally: 27 yea, 0 nay, 2 absent.

Next steps: SB 187 was advanced to third reading; the loan structure and any procurement details will be determined in later stages or accompanying administrative implementation.