Freeport reorganizes its management structure

Freeport reorganizes its management structure

NEW ORLEANS (Dow Jones): Freeport-McMoran Copper & Gold Inc.
reorganized its management structure, giving more responsibility
for the operations of its principal unit, PT-Freeport Indonesia,
to its Indonesian-based executive team.

In a press release on Thursday, Freeport-McMoran said PT-
Freeport's executive team will assume responsibility from the
company's New Orleans group for strategic planning for
operations, mineral exploration and external relations.

The Indonesian team is headed by president-director Adrianto
Machribie.

Correspondingly, the New Orleans organization will be
significantly smaller, consisting of Freeport-McMoran's executive
management and its corporate financial and administrative
organization.

Freeport-McMoRan will be led by an office of the chairman
consisting of Chairman and Chief Executive James R. Moffett,
President Richard C. Adkerson, and Machribie.

Moffett will have primary responsibility for exploration and
operations. Adkerson will have primary responsibility for
financial and administrative management.

Reducing the size of the New Orleans operation will cut
overhead costs, Freeport-McMoRan said.

Earlier this month, Freeport-McMoRan said third quarter
results will be hurt by exchange rates and a $16 million charge
due to the impact of hedge contracts.

Freeport-McMoRan is engaged in mineral exploration and
development, mining and milling of copper, gold and silver, and
smelting and refining of copper concentrates.