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 last four years with the company. Shaver will remain on the board of McEwen Copper, a subsidiary in which McEwen holds a 46.3% stake.
In conjunction with Shaver's retirement, McEwen has promoted three executives to key positions: 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 advances toward its goal of achieving annual gold equivalent production of 250,000 to 300,000 ounces by 2030.
The leadership changes come at a pivotal time for McEwen, which operates gold and silver mines 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 Santa Cruz, Argentina. The company is also reactivating its gold-silver El Gallo Mine in Mexico.
Beyond its precious metals operations, McEwen holds a significant interest in McEwen Copper, which owns the large, long-life, 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 for Los Azules 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.
In addition to its mining assets, McEwen recently acquired a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units worldwide. This technology is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be a leading service provider.
Chairman and Chief Owner Rob McEwen has personally invested over US$250 million in the company and takes a salary of $1 per year, aligning his interests with shareholders. His objective is to build MUX's profitability and share value, ultimately implementing a dividend policy, as he did while building Goldcorp Inc.
These leadership changes are expected to provide the operational and strategic focus needed to meet the company's ambitious production targets. The promotions of Kumarage, Bromfield, and Jina reflect McEwen's commitment to strengthening its management team in key areas of operations, development, and sustainability. The retirement of Shaver, who has been a cornerstone of the company's operational leadership, marks a transition but also an opportunity for fresh perspectives to drive future growth.
For investors, these developments signal McEwen's dedication to advancing its projects and achieving its 2030 goals. The company's dual focus on gold and silver production, coupled with its significant copper development project, positions it to benefit from diverse commodity markets. The leadership promotions are a proactive step to ensure the company has the right expertise in place to execute its growth strategy.
More information about the full press release can be found at https://ibn.fm/58acL.
