NEWS RELEASE
NYSE Common Stock Symbols:
Class A shares - "FCX.A"
Class B shares - "FCX"
Freeport-McMoRan Copper & Gold Inc. Financial Contact: Media Contact:
1615 Poydras Street Chris D. Sammons William L. Collier
New Orleans, Louisiana 70112 (504) 582-4474 (504) 582-1750
Freeport-McMoRan Copper & Gold Inc.
Announces Reorganization for
Operations Management of PT-Freeport Indonesia
NEW ORLEANS, LA, September 28, 2000 -- Freeport-McMoRan
Copper & Gold Inc. (NYSE: FCX) announced today a reorganization
of its operating management structure. As a further step in its
on-going efforts to assign management responsibility for the
business activities of its principal operating subsidiary, PT-
Freeport Indonesia (PT-FI), to its Indonesian-based executive
team, corporate management of strategic planning for operations,
mineral exploration and external relations are being transferred
to PT-FI's Indonesian executive team, headed by its President-
Director, Adrianto Machribie. Reporting to Mr. Machribie are
two executives who are being assigned significantly increased
responsibilities: Hermani Soeprapto, Executive Vice-President
of PT-FI and General Manager of mining and milling operations,
and Prihadi Santoso, Executive Vice-President responsible for
external relations activities.
As a result of reduced corporate activities, these
functions, which have previously been managed by FCX's
executive group in New Orleans, are being transferred
to PT-FI. The New Orleans organization, which will be
significantly smaller, will consist of FCX's executive
management and its corporate financial and administrative
organization. FCX's organization will be lead by an Office of
the Chairman consisting of James R. Moffett, Chairman and Chief
Executive Officer; Richard C. Adkerson, President; and Adrianto
Machribie, President-Director of PT-FI. The Office of the
Chairman will be responsible for the development and execution
of business strategy and the executive management of
operations. Mr. Moffett will assume primary responsibility for
exploration and operations and Mr. Adkerson will assume primary
responsibility for the financial and administrative management
of FCX and PT-FI.
Mr. Moffett stated, "Our new, simplified organization will
accomplish several important objectives. It is a natural step
in our efforts to increase the responsibilities of our
Indonesian management team as it continues to evolve and
progress. With the successful experience we have gained
following our most recent mine and mill expansion, we will now
focus on improving the profitability of our operations. In
addition, by reducing the size of our New Orleans organization,
we will reduce our overhead costs."
FCX is engaged in mineral exploration and development,
mining and milling of copper, gold and silver in Indonesia, and
the smelting and refining of copper concentrates in Spain and
Indonesia. A copy of this press release and additional
information about FCX is available from our Internet web site
("www.fcx.com").
