Freeport-McMoRan Copper & Gold Inc. To Hold Securities Analyst Meeting and Webcast on November 11, 2003; Updates Exploration Activities at Mill Level Zone Deposit.

Business Editors

NEW ORLEANS--(BUSINESS WIRE)--Nov. 10, 2003

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) will present information pertaining to operations, exploration, financial and other activities at a securities analyst meeting being held on November 11, 2003 at 2:30 pm ET. The meeting will be simultaneously broadcast on the Internet. The meeting and presentation materials may be accessed through FCX's web site "fcx.com." There will be a replay of the meeting available on the fcx.com website.

In addition to presenting the Company's strong financial position and outlook and providing an update on the status of current operations and recovery efforts from the recent slippage incident at the Grasberg open pit, FCX management will present information on successful exploration results at the Mill Level Zone (MLZ) deposit, located beneath the Deep Ore Zone (DOZ) ore body.

Recent exploration efforts have focused on FCX's COW Block A Ertsberg East underground deposits, which include DOZ, Ertsberg Stockwork Zone (ESZ) and MLZ. Recently completed drilling activities (56 drill holes on twelve 100-meter spaced drill fans) were successful in delineating an additional 111 million metric tons of ore in the MLZ deposit, bringing the total estimated mineable resource to 149 million metric tons with average grades of 0.86% copper and 0.78 grams per metric ton of gold, equivalent to approximately 2.3 billion pounds and 2.9 million ounces of aggregate payable copper and gold, respectively.

Engineering studies required for reserve determination of the MLZ deposit are expected to be completed by the end of 2003. FCX expects to mine the deposit using the block cave mining method currently used at DOZ, which is producing at an average of over 40,000 metric tons per day. This additional MLZ mineralization allows FCX to add approximately ten years of Ertsberg East blockcaving operations using existing mill infrastructure, with possibilities of concurrent operations with DOZ.

In addition, FCX is pursuing additional mineralization below MLZ (MLZ Deep). Deep holes drilled as part of the 2003 MLZ Deep program intersected high-grade copper and gold mineralization as indicated in the table below.

       Drill    Interval    Copper     Gold       Copper
       Hole      Meters     Percent     g/t      Equiv (%)
       -----    --------    -------    -----    ----------

      TE10-04     352        1.60%      1.59       2.60%
      TE12-06     314        1.55%      2.38       3.04%
      TE13-06     398        1.72%      0.91       2.37%

FCX intends to conduct a 37,000 meter delineation drilling program during 2004 to test this deep mineralization.

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 Internet website www.fcx.com.

Cautionary Statement. This press release includes forward looking statements regarding resources and mineralization. The resources and mineralization described in this press release will not qualify as reserves until comprehensive engineering studies establish their economic feasibility. Accordingly, no assurance can be given that the estimated resources and mineralization will become proved and probable reserves. Additionally, important factors that might cause future results to differ from these projections include industry risks, commodity prices, Indonesian political risks, weather-related risks, currency translation risks and other factors described in FCX's Annual Report on Form 10-K for the year ended December 31, 2002, filed with the Securities and Exchange Commission.