The recent discovery of superconductivity in the iron oxypnictide
family of compounds1?9 has generated intense interest. The layered
crystal structure with transition-metal ions in planar square-lattice
form and the discovery of spin-density-wave order near 130 K
(refs 10, 11) seem to hint at a strong similarity with the copper
oxide superconductors. An important current issue is the nature of
the ground state of the parent compounds. Two distinct classes of
theories, distinguished by the underlying band structure, have
been put forward: a local-moment antiferromagnetic ground state
in the strong-coupling approach12?17, and an itinerant ground state
in the weak-coupling approach18?22. The first approach stresses onsite
correlations, proximity to a Mott-insulating state and, thus,
the resemblance to the high-transition-temperature copper oxides,
whereas the second approach emphasizes the itinerant-electron
physics and the interplay between the competing
ferromagnetic and antiferromagnetic fluctuations. The debate
over the two approaches is partly due to the lack of conclusive
experimental information on the electronic structures. Here we
report angle-resolved photoemission spectroscopy (ARPES) of
LaOFeP (superconducting transition temperature, Tc55.9 K),
the first-reported iron-based superconductor2. Our results favour
the itinerant ground state, albeit with band renormalization. In
addition, our data reveal important differences between these and
copper-based superconductors.