Freeport-McMoRan Copper & Gold Inc. Announces $1.50 Per Share Supplemental Common Stock Dividend.

NEW ORLEANS -- Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that its Board of Directors has authorized a supplemental common stock dividend of $1.50 per share to be paid on December 29, 2006 to shareholders of record as of December 14, 2006. The supplemental dividend to be paid in December represents an addition to FCX's regular quarterly common stock dividend of $0.3125 per share (equivalent to $1.25 per share per annum) payable November 1, 2006. Since the fourth quarter of 2004, FCX's Board has authorized eight supplemental dividends totaling $1.0 billion ($5.25 per share, including $0.25 per share in 2004, $1.50 per share in 2005 and $3.50 per share in 2006). The potential payment of any future supplemental dividends will be determined by FCX's Board of Directors and will be dependent upon many factors, including FCX's cash flows and financial position, copper and gold prices and general economic and market conditions. Based on approximately 197 million shares currently outstanding, the supplemental dividend payment will approximate $296 million.

Richard C. Adkerson, President and Chief Executive Officer of FCX, said, "The authorization for this supplemental dividend reflects the significant cash flows being generated by our Grasberg operations. This supplemental dividend represents a further step in executing our established financial policy of maintaining a strong balance sheet and returning excess cash to shareholders. Positive market conditions and strong operating performance have allowed us to reduce our total debt by $1.7 billion and fund over $1.5 billion in common stock dividends and open market share purchases since the beginning of 2003 through September 30, 2006. The outlook is positive for our business to continue to generate strong cash flows."

FCX explores for, develops, mines and processes ore containing copper, gold and silver in Indonesia, and smelts and refines copper concentrates in Spain and Indonesia. Additional information on FCX is available on our web site, www.fcx.com.

Cautionary Statement. This press release contains forward-looking statements in which we discuss factors we believe may affect our performance in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding dividend payments and purchases of the Company's common stock. The declaration and payment of dividends is at the discretion of the Company's Board of Directors and will depend on the Company's cash flows and financial position, copper and gold prices and general economic and market conditions. Additionally, important factors that might cause future results to differ from these projections include industry risks, commodity prices, Indonesian political risks, weather related and currency translation risks and other factors described in FCX's Annual Report on Form 10-K for the year ended December 31, 2005, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.