McEwen promoted three executives to operations, development and permitting roles as COO William Shaver retires after a 55-year mining career. The company is targeting 250,000-300,000 GEOs by 2030.
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McEwen Inc. (NYSE/TSX: MUX) said Chief Operating Officer William Shaver will retire after more than 55 years in mining, including the last four at the Toronto-based gold and silver producer. Shaver co-founded Dynatec Corp. in 1980, which became one of North America's largest mining contractors. He will stay on the board of McEwen Copper, a 46.3%-owned subsidiary.
Chairman Rob McEwen called Shaver a partner since the Red Lake Mine at Goldcorp. The company named the new ramp at its Stock Mine in Timmins the William Shaver Ramp.
McEwen promoted three executives to fill the gap. Channa Kumarage becomes Vice President of Operations, overseeing the company's active mines. He previously served as Director of Technical Services and brought the Froome mine at the Fox Complex into production. Kumarage has a decade of engineering experience and is a licensed Professional Engineer in Ontario.
Kevin Bromfield was promoted to Vice President of Development Projects. He will lead construction and engineering on three projects: Grey Fox at the Fox Complex in Timmins, the Tartan Mine Project in Flin Flon, Manitoba, and Lookout Mountain/Windfall at the Gold Bar Mine Complex in Nevada. Bromfield holds a B.Sc. in Mining Engineering from Queen's University and an MBA from Ivey.
Zahir Jina becomes Vice President of Permitting, Government Relations and Sustainability. He spent 15 years advancing mining projects through provincial, state and federal approvals, including as lead author of the Environmental Effects Review for IAMGOLD's Côté Gold Project while at SLR Consulting. Jina is a certified Environmental Professional and Project Management Professional.
The promotions come as McEwen targets 250,000 to 300,000 gold-equivalent ounces by 2030. The company said current production, mine construction and permitting are the three keys to reaching that goal. Vice-Chairman Ian Ball will work closely with the three new appointees.
McEwen owns a 46.3% stake in McEwen Copper, which holds the Los Azules copper project in Argentina's San Juan province. That stake carried an implied value of US$456 million after the subsidiary's October 2024 financing. Since then, copper prices are up about 50%, the company completed a feasibility study at $4.35/lb, and Los Azules won approval under Argentina's Large Investment Regime (RIGI), which improves project economics. McEwen also holds a 1.25% net smelter royalty on Los Azules. Using a recent copper spot price of $6.50/lb, the royalty is projected to generate roughly $584 million from the initial case and $860 million from a potential Nuton extension, for combined undiscounted pre-tax cash flow around $1.4 billion.
McEwen recently bought 27.3% of Paragon Advanced Labs Inc., a public company deploying PhotonAssay units for precious and base metals assaying.
Rob McEwen has invested over US$290 million of his own money in the company and takes a $1 annual salary. He is a member of the Order of Canada and the Canadian Mining Hall of Fame.
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