FREEPORT-McMoRan INC. AND FREEPORT-McMoRan COPPER & GOLD INC. ANNOUNCE PRELIMINARY SECOND QUARTER FINANCIAL AND OPERATIONAL RESULTS.

NEW ORLEANS--(BUSINESS WIRE)--July 11, 1995--With the previously announced completion of restructuring activities, Freeport-McMoRan Inc. (FTX) and Freeport-McMoRan Copper & Gold Inc. (FCX) today announced preliminary financial and operational results for the second quarter of 1995.

In this connection, FCX announced that, based on review of preliminary second quarter financial and operating data, its financial results are expected to approximate securities analysts' consensus earnings estimates of $0.20 per share. FCX's second quarter preliminary financial results are based on mine and mill operating levels at P.T. Freeport Indonesia Company (PT-FI), FCX's Indonesian mining affiliate, of approximately 113,000 metric tons of ore per day (MTPD). The mine/mill expansion project is now substantially complete and achieved an average throughput rate of approximately 119,000 MTPD during June. For approximately half of the second quarter, FCX's Spanish copper smelter operated by its subsidiary, Rio Tinto Minera S.A. (RTM), was shutdown to tie-in expansion equipment and for maintenance turnarounds which contributed to a loss for the quarter for RTM. Expansion activities are progressing at RTM as is the feasibility study for the development of FCX's Indonesian copper smelter/refinery complex. FCX also sold in two transactions certain of its power generation and aviation assets for approximately $148 million which was used to reduce debt.

FTX announced that its second quarter financial results will reflect its ownership of FCX and its approximate 51 percent ownership of Freeport-McMoRan Resource Partners, Limited Partnership (FRP), the substantial gain resulting from the May 12, 1995 sale of FCX Class A common shares to The RTZ Corporation PLC (RTZ), and charges resulting from FTX's redemption/conversions of debt securities and the exchange of common stock for its preferred stock. Because FTX is distributing its ownership in FCX to its shareholders of record on July 17, 1995, FTX's share of FCX financial results will be reflected as discontinued operations. Based on the company's review of preliminary financial data, FTX estimates that second quarter earnings will approximate $1.80 per share including approximately $0.05 per share income from ongoing operations, $0.65 per share income from discontinued operations, $1.65 per share gain on the May 12, 1995 sale of FCX stock to RTZ and $0.55 per share charges to earnings associated with the redemption/conversions of debt securities and the exchange of common stock for FTX's preferred stock.

FTX's second quarter preliminary ongoing financial results primarily reflect its agricultural minerals operations. FTX expects to report lower phosphate fertilizer production levels than in the first quarter because of the temporary closure of one facility and maintenance turnarounds at three other facilities. Foreign demand for phosphate products has remained strong while domestic demand has slackened due to wet conditions in the farm belt. Also, phosphate fertilizer per unit costs were slightly higher than in the first quarter primarily because of higher raw material costs for ammonia and increased maintenance costs. Furthermore, sulphur production at the Main Pass and Culberson mines and oil revenues at Main Pass continued at levels consistent with that of the first quarter. During the second half of 1995, FTX expects to benefit from a substantial phosphate product sales agreement reached by the export marketing association of FRP's joint venture operating company, IMC-Agrico Company, and Sinochem, the purchasing organization in China.

Attached is selected unaudited pro forma financial information for FTX as of December 31, 1994 and March 31, 1995 reflecting the distribution of FCX Class B common shares to FTX shareholders and related transactions leading up to the distribution. -0-

FREEPORT-McMoRan Inc.

SELECTED FINANCIAL INFORMATION

The following selected unaudited pro forma financial information was prepared assuming 1) the spin-off of FCX Class B shares to FTX common shareholders, 2) the sales of FCX Class A shares to RTZ, 3) the debt and preferred stock restructuring, 4) the Pennzoil transaction and 5) the MOXY spin-off occurred on January 1, 1994 for the income statement information and on March 31, 1995, if not already reflected, for the balance sheet information, as detailed further in FTX's Form 8-K filed on July 11, 1995. The pro forma financial information is not necessarily indicative of the actual results that would have been achieved nor is it indicative of future results.

                                      HISTORICAL
                                     AS PRESENTED        PRO FORMA
                                     ------------        ---------
                                              (In Thousands,
                                         Except Per Share Amounts)
YEAR ENDED DECEMBER 31, 1994
Income statement data:
Revenues                              $1,982,396         $832,182
 Operating income                        370,836           90,953
Income before income taxes and minority
  interests                              389,922           63,610
 Net income (loss) applicable to common
  stock                                   41,443           (7,906)
 Net income (loss) per primary share        0.30            (0.05)
Average common shares outstanding        139,223          171,163

THREE MONTHS ENDED MARCH 31, 1995
Income statement data:
Revenues                                $663,285         $254,479
 Operating income                        171,369           49,874
Income before income taxes and minority
  interests                              145,727           42,659
 Net income applicable to common stock    19,391            6,468
Net income per primary share                0.14             0.04
 Average common shares outstanding       137,326          168,673

Balance sheet data (as of March 31, 1995):
Property, plant and equipment, net    $3,581,421       $1,005,669
 Long-term debt, including current
  borrowings                           1,865,128          385,381
 Minority interests' ownership of
  subsidiaries equity                  1,515,781          217,516
 Stockholders' equity                   (256,543)          96,004
Total assets                           4,606,035        1,298,601

CONTACT: Freeport-McMoRan Inc., New Orleans

Craig E. Saporito, 504/582-4476

Chris Sammons, 504/582-4474