Mining and minerals company Freeport-McMoRan Copper & Gold is taking it on the chin from investors not happy about the addition of $20 billion in oil and gas assets via pending acquisitions of McMoRan Exploration Co. and Plains Exploration & Production Co. The stock, known by its ticker FCX, dropped 15% in the two weeks following the early December announcement.

These investors, though, might not recognize the shrewd reputation of its chairman and architect of this deal, Jim Bob Moffett. Yes, the same aggressive and risk-taking Moffett the oil and ...