Head of Freeport’s Indonesian Unit Resigns – by Ben Otto (Wall Street Journal – January 18, 2016)

http://www.wsj.com/

JAKARTA, Indonesia—The head of Freeport-McMoRan Inc.’s Indonesian operations resigned Monday, rejecting what he said was a contract extension offer as his one-year contract expired.

Maroef Sjamsoeddin, head of PT Freeport Indonesia, said in a memo to employees that he had submitted his resignation after a year of leading the company, one the largest miners in Indonesia and a vital piece of Freeport’s global business.

Richard Adkerson, Freeport-McMoRan’s vice chairman, president and chief executive, said in an email to employees that Mr. Sjamsoeddin had resigned for personal reasons, effective immediately. He thanked Mr. Sjamsoeddin for his service.

Mr. Adkerson said Robert Schroeder, a director and vice president for the company, would assume Mr. Sjamsoeddin’s management responsibilities while the company searches for new leadership.

Riza Pratama, a spokesman for Freeport’s local affiliate, confirmed the resignation as well, saying he’d learned about the move Monday.

Arizona-based Freeport-McMoRan is the U.S.’s largest miner, and more than 90% of its gold production, and a significant amount of its copper, comes from its mine in the mountains of Papua in remote eastern Indonesia. In 2014, the mine pulled in $3 billion out of Freeport’s $21.4 billion in global revenue.

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