McEwen Inc. (NYSE: MUX) (TSX: MUX) announced the planned retirement of Chief Operating Officer William Shaver, who has spent more than 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% stake. The company also 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 aligned with the company's goal of producing 250,000–300,000 gold equivalent ounces annually by 2030.
The leadership transition comes at a critical time for McEwen as it advances its portfolio of gold, silver, and copper assets across the Americas. Shaver's departure marks the end of an era, but the company is positioning itself for future growth by elevating internal talent with deep operational and project development expertise. Kumarage, Bromfield, and Jina will be responsible for overseeing production, mine construction, and permitting—key areas that will determine the company's ability to meet its ambitious production targets.
McEwen operates gold and silver mines in Nevada, Ontario, Manitoba, and Argentina, and is also reactivating its El Gallo Mine in Mexico. Beyond its precious metals operations, the company holds a significant interest in McEwen Copper, which owns the Los Azules copper project in Argentina. The project is designed to be one of the world's first regenerative copper mines and aims to be carbon neutral by 2038. According to the latest financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million, or US$7.67 per share.
The company's strategic focus on copper is underscored by its recent investment in Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay technology, which McEwen believes could become the new industry standard for assaying precious and base metals. This move diversifies McEwen's exposure beyond mining operations into cutting-edge technology that could streamline operations across the sector.
Chairman and Chief Owner Rob McEwen, who has invested over US$250 million personally and takes a salary of $1 per year, remains committed to building shareholder value. His objective is to increase profitability, share value, and eventually implement a dividend policy, as he did while building Goldcorp Inc. The leadership changes are part of that broader strategy, ensuring the company has the right team in place to execute its growth plans.
The promotions signal a vote of confidence in the internal leadership pipeline and a commitment to continuity as the company navigates the complexities of expanding production and developing major projects. With a clear focus on operational excellence and sustainable development, McEwen is positioning itself to meet the challenges of the evolving mining landscape.
For more information, visit the company's newsroom at https://ibn.fm/MUX.
