McEwen Inc. (NYSE: MUX) (TSX: MUX) has announced the planned retirement of Chief Operating Officer William Shaver, who has spent over 55 years in the mining industry, including the past four years at McEwen. Shaver will remain on the board of McEwen Copper, a subsidiary in which McEwen holds a 46.3% interest. In conjunction with his retirement, the company has promoted three executives to senior leadership positions to drive its operational and development objectives.
Channa Kumarage has been appointed vice president of operations, Kevin Bromfield as vice president of development projects, and Zahir Jina as vice president of permitting, government relations and sustainability. These appointments are strategic, focusing on production, mine construction, and permitting as McEwen works toward its goal of producing 250,000-300,000 gold equivalent ounces annually by 2030. The company's mines are located in prolific mineral-rich regions across the Americas, including the Cortez Trend in Nevada, the Timmins district in Ontario, Flin Flon in Manitoba, and the Deseado Massif in Argentina. McEwen is also reactivating its El Gallo Mine in Mexico.
A key component of McEwen's future growth is its 46.3% interest in McEwen Copper, which owns the advanced-stage Los Azules copper development project in San Juan province, Argentina. This 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 on October 7, 2025. Based on the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million, or US$7.67 per share. This copper project could significantly benefit from the global transition to renewable energy and electric vehicles, which are expected to drive copper demand.
McEwen has also diversified into mining technology by purchasing a 27.3% stake in Paragon Advanced Labs Inc., a company deploying PhotonAssay units worldwide. This technology is poised to become the new industry standard for assaying precious and base metals, and Paragon aims to be a leading service provider. This investment could provide McEwen with a competitive edge in efficient and accurate mineral analysis.
The leadership changes come as McEwen positions itself to achieve its production targets and enhance shareholder value. 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. His objective is to build MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
These promotions signal a renewed focus on operational efficiency and project development. With Shaver's retirement, the new leadership team will be instrumental in navigating the challenges of mine construction and permitting, which are critical for meeting the 2030 production goal. The company's strategic investments in copper and advanced assaying technology further underscore its commitment to long-term growth.
For more details, visit the full press release at https://ibn.fm/58acL and the company's newsroom at https://ibn.fm/MUX.
