McEwen Inc. (NYSE: MUX) (TSX: MUX) has announced the planned retirement of Chief Operating Officer William Shaver after 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 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 operational footprint spans prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district in 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, ensuring a diversified pipeline of production assets.
McEwen Copper, in which McEwen holds a 46.3% interest, owns the advanced-stage Los Azules copper development project in San Juan province, Argentina. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million (US$7.67 per share). The Los Azules project is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038, with its feasibility study results announced in a press release dated October 7, 2025. This project represents a significant long-term growth opportunity for McEwen as global demand for copper rises.
In addition to its core mining assets, McEwen recently purchased a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company 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. This strategic investment aligns with McEwen's commitment to innovation and operational efficiency.
McEwen's 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, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
The leadership changes and strategic initiatives underscore McEwen's commitment to achieving its production targets and enhancing shareholder value. The company's focus on operational excellence, sustainable practices, and technological advancement positions it well for future growth in the mining sector.
