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Freeport CEO Resignation will Bring New Atmosphere, Minister Says

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29 December 2015 20:06 WIB

Sudirman Said, Minister of Energy and Mineral Resources. Image: ANTARA FOTO

TEMPO.CO, Jakarta - Energy and Mineral Resources Minister Sudirman Said said that the resignation of James R. Moffet, CEO of Freeport McMoRan Copper and Gold Inc. will bring about a new business atmosphere.

"New leader always brings new atmosphere and new work method, including in the management of [the company's] portfolio and stakeholders in Indonesia," Sudirman stated in a press release on Tuesday, December 29, 2015.

Sudirman said that he always welcome new changes. The Minister added that the government will respect every decision made by the company's internal bodies. "[Moffet's resignation] is an internal decision by Freeport McMoRan. The government has no part in it," Sudirman said.

James R. Moffet was later replaced by Gerald J. Ford who is an independent director of Freeport McMoRan. James' resignation occurred at the same time when the US-based mining giant is on the process of negotiating the extension of its work contract in Indonesia.

Freeport was attempting to persuade the government to approve its contract extension, which will end in 2021. The company claimed ready to fulfill several requirements set forth by the government, including constructing a smelter and increasing its royalty payment.

The company is also ready to allocate US$18 billion for an underground mine investment, infrastructure development and smelter construction. However, the contract extension negotiation was later hampered by the recent scandal of share demand involving former House of Representatives speaker Setya Novanto, which resulted in Setya's resignation from his position as House Speaker.

ANTARA



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