Freeport-McMoRan Copper & Gold Inc. Announces Redemption Price for its 8.375% Senior Notes

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today the
redemption price of $1,083.45 per $1,000 principal amount of its 8.375%
Senior Notes due 2017 ('Notes?). The redemption price represents the
principal amount together with the make-whole premium plus accrued and
unpaid interest from October 1, 2011 to, but excluding, the redemption
date. As previously announced on February 13, 2012, the Notes will be
redeemed on March 14, 2012.

The aggregate principal amount of Notes currently outstanding is
approximately $3 billion. FCX expects to record an approximate $147
million charge to net income in the first quarter of 2012 in connection
with the redemption. The Bank of New York Mellon Trust Company, N.A., as
trustee, previously distributed to the registered note holder written
notice of the redemption on February 13, 2012.

FCX is a leading international mining company with headquarters in
Phoenix, Arizona. FCX operates large, long-lived, geographically diverse
assets with significant proven and probable reserves of copper, gold and
molybdenum. FCX has a dynamic portfolio of operating, expansion and
growth projects in the copper industry and is the world′s largest
producer of molybdenum.

The company′s portfolio of assets includes the Grasberg minerals
district in Indonesia, the world′s largest copper and gold mine in terms
of recoverable reserves; significant mining operations in the Americas,
including the large scale Morenci minerals district in North America and
the Cerro Verde and El Abra operations in South America; and the Tenke
Fungurume minerals district in the Democratic Republic of Congo.
Additional information about FCX is available on FCX's website at 'www.fcx.com.?

Freeport-McMoRan Copper & Gold Inc.

Financial Contacts:

Kathleen
L. Quirk, 602-366-8016

or

David P. Joint, 504-582-4203

or

Media
Contact:

Eric E. Kinneberg, 602-366-7994