medcom.id, Phoenix: Freeport-McMoran Inc, announced its co-founder James R. Moffett has stepped down as Executive Chairman on Monday (12/28/2015). The mining company elected Gerald J. Ford as Non-Executive Chairman.
“During his over 50-year career in the natural resource industry, Jim Bob (Moffett's nick name) has become an icon as an explorationist. Freeport-McMoRan has been built from his exceptional leadership, strong work ethic and vast knowledge of both the industry and our company’s operations," said Ford, in the company's press release, Monday (12/28/2015).
The press release stated Moffett will continue to be active as an advisor especially in support of the company's ongoing discussions with the Indonesian Government regarding its contract extension.
Freeport-McMoran, through its subsidiary PT Freeport Indonesia, operates Grasberg mineral district in Papua which is one of the biggest copper and gold deposit in the world. The contract between Freeport and Indonesian Government will end in 2021. Many people in Indonesia urge their government not to extend the contract because they think Freeport doesn't give enough benefit to the country.
The contract extension discussion became more controversial after House of Representatives Speaker Setya Novanto reportedly offered help to smoothen the process in exchange for shares of PT Freeport Indonesia. Public uproar forced Novanto to step down as speaker.
Moffet and other two associates founded Freeport-McMoran in 1962. He has been Executive Chairman since 2003. meanhwile, Ford previously held position as the company's Lead Independent Director
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