McEwen Inc. (NYSE: MUX) (TSX: MUX) 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, which is 46.3% owned by McEwen. The company has simultaneously 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 leadership changes come as McEwen focuses on production, mine construction, and permitting to achieve its goal of producing 250,000 to 300,000 gold equivalent ounces annually by 2030. The appointments align with the company's strategic priorities, ensuring that the necessary expertise is in place to drive growth and operational excellence. The move is part of a broader effort to enhance shareholder value and meet long-term production objectives.
McEwen's portfolio includes gold and silver mines in Nevada, Ontario, Manitoba, and Argentina, as well as the reactivated El Gallo Mine in Mexico. The company also holds a 46.3% interest in McEwen Copper, which owns the advanced-stage Los Azules copper development project in 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 aims to be carbon neutral by 2038.
In addition, McEwen recently acquired a 27.3% stake in Paragon Advanced Labs Inc., a company deploying PhotonAssay units worldwide, a technology that McEwen believes is poised to become the new industry standard for assaying precious and base metals. This investment aligns with McEwen's focus on innovation and efficiency in mining operations.
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 and share value, with the ultimate goal of implementing a dividend policy, as he did while building Goldcorp Inc. McEwen's leadership changes are a clear signal of the company's commitment to operational excellence and long-term growth.
For more information on McEwen's latest updates, visit their newsroom at https://ibn.fm/MUX.
