May 12, 2009
FOR IMMEDIATE RELEASE
Copper Development Association Inc. Member to Receive Prestigious Industry Award
NEW YORK-On June 3, 2009, Richard C. Adkerson, president, chief executive officer and member of the board of directors of Freeport-McMoRan Copper & Gold, Inc. and member of the Copper Development Association Inc. will be honored with the prestigious Ankh Award, naming him Copper Man of the Year in recognition of his strong leadership at Freeport and in the global mining industry. The award will be presented at The Copper Club's Annual Dinner, at the Rainbow Room in New York City. The prestigious "Copper Man of the Year" award has been bestowed every year since 1962 to a professional who has positively impacted the copper industry.
Copper Development Association Inc. president, Andrew Kireta, Sr. said the Executive Committee's selection of Adkerson to receive the Ankh Award was unanimous because of "the skilled leadership he provides to Freeport-McMoRan and the exceptional level of service he has bestowed to our industry, on both a national and international level. Additionally, he has without doubt created a positive future for the copper industry through his unwavering dedication to sustainable development, both in his company and the global copper mining industry as a whole."
"The Copper Club's Ankh Award is a great tribute to Richard and to our entire Freeport-McMoRan organization. All of us who know him and work with him take pride in his accomplishments," said James R. Moffett, Chairman of the Board of Freeport-McMoRan. "He more than earned it by successfully guiding our company through challenging and difficult times while also taking on a leadership role at ICMM, where his wisdom and expertise can benefit the entire industry."
Adkerson, 62, joined Freeport-McMoRan in 1989 shortly after discovery of the Grasberg Mine in Papua, Indonesia and helped manage its development into the world's largest single reserve of both copper and gold. Adkerson led Freeport-McMoRan's $26 billion acquisition of Phelps Dodge Corp. in 2007, at the time the largest acquisition in the history of the mining industry, the subsequent integration of the two companies and the company's rapid pay-down of acquisition debt. The transaction transformed Freeport-McMoRan into the world's largest publicly traded copper company, a global mining leader with headquarters in Phoenix, Arizona and active mining operations in North and South America, Indonesia and Africa. The company has a dynamic portfolio of operating, expansion and growth projects in the copper industry and is the world's largest producer of molybdenum.
Throughout his career, Adkerson has demonstrated strong and effective leadership under varying market conditions. When the sudden downturn in the global economy caused a dramatic decline in commodity prices in late 2008, Adkerson took decisive actions to position the company to operate on a lean and cost-efficient basis, maintain liquidity and preserve the company's valuable resources and growth opportunities for the future. In 2009, for the second straight year, Institutional Investor magazine ranked Adkerson first in their annual ranking of "America's Best CEOs" in the Basic Materials - Metals & Mining category.
Adkerson was selected in late 2008 to serve as chairman of the International Council on Mining and Metals (ICMM). Under his leadership, ICMM is conducting a strategic review to develop priorities for the global mining industry in the currently weak international economy to maintain and reaffirm the industry's commitment to ICMM's Sustainable Development Principles.
Adkerson graduated from Mississippi State University with a Bachelor of Science degree in Accounting with highest honors and an MBA degree. He later completed the Advanced Management Program of the Harvard Business School. Prior to joining Freeport-McMoRan, he was a partner and managing director of Arthur Andersen & Co. In 1976, he was tapped for a coveted two-year fellowship with the Securities and Exchange Commission in Washington, D.C. He participates in a number of community, charitable, educational and industry organizations.
About Copper Development Association Inc.
The Copper Development Association is the information, education, marketing and technical development arm of the copper, brass and bronze industries in the USA.
About The Copper Club
The Copper Club was formed in 1944 to convene all participants in the copper industry. It is comprised of copper producers, fabricators, refiners, dealers, traders and merchants. The Copper Club seeks to promote the interests of the copper industry. By honoring those who have forged pathways in the industry and paving new paths for students working toward careers in the industry, The Copper Club ensures the past, present and future of copper.