Freeport pays Moffett $12.9 million, Machribie $1.9 million in 2003

Mining giant Freeport-McMoRan Copper & Gold (FCX) paid former CEO James Moffett about $12.9 million in 2003, including a $8.5 million bonus, a regulatory filing revealed. Moffett’s bonus increased from $2.75 million last year. Moffett is currently FCX’s chairman of the board.

According to the document filed with the U.S. Securities and Exchange Commission Wednesday, FCX also paid Adrianto Machribie, president of its subsidiary PT Freeport Indonesia (PT-FI), $1.9 million last year. Machribie’s 2003 pay is roughly unchanged compared to previous year’s pay.

In addition FCX also granted Machribie stock option exercisable until 2013, with present value estimated $853,000. The option is exercisable at $18,885.

FCX, through PT-FI, operates one of the world’s biggest copper and mining complex in Papua, Indonesia.

FCX said in the filing that Moffett, as part of an effort to save money in 1998, had agreed to cap his annual cash incentive award at about $2.8 million through 2002, and that the limit no longer applied last year.(alex)