McEwen Inc. (NYSE: MUX) (TSX: MUX) has announced the planned retirement of Chief Operating Officer William Shaver, marking the end of a career spanning more than 55 years in the mining industry, including the past four years at McEwen. Shaver will remain on the board of McEwen Copper, which is 46.3% owned by McEwen. In conjunction with his retirement, the company has promoted Channa Kumarage to vice president of operations, Kevin Bromfield to vice president of development projects, and Zahir Jina to vice president of permitting, government relations and sustainability. These appointments are strategically focused on production, mine construction, and permitting as the company works toward its goal of producing 250,000-300,000 gold equivalent ounces annually by 2030.
The leadership transition comes at a pivotal time for McEwen as it seeks to expand its gold and silver production while advancing its large copper development project. The company's gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina. Additionally, McEwen is reactivating its gold-silver El Gallo Mine in Mexico. These operations are expected to play a crucial role in achieving the targeted production increase.
Beyond its precious metals operations, McEwen holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina. The project is designed to be one of the world's first regenerative copper mines and aims to be carbon neutral by 2038. The feasibility study results were announced in a press release dated October 7, 2025. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million, or US$7.67 per share.
The company has also recently purchased a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world. This technology is believed to be poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers in this niche.
Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability and share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
These leadership changes and strategic initiatives underscore McEwen's commitment to operational excellence and long-term growth. The promotions of Kumarage, Bromfield, and Jina are expected to bring fresh perspectives and expertise to their respective roles, ensuring the company remains on track to meet its ambitious production targets. As the mining industry evolves, McEwen is positioning itself to capitalize on emerging opportunities while maintaining a focus on sustainability and shareholder value.
