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IMC FERTILIZER GROUP, INC. AND FREEPORT-MCMORAN RESOURCE PARTNERS FINALIZE PHOSPHATE FERTILIZER JOINT VENTURE

 NORTHBROOK, Ill. and NEW ORLEANS, July 1 /PRNewswire/ -- IMC Fertilizer Group, Inc. (NYSE: IFL) and Freeport-McMoRan Resource Partners, Limited Partnership (NYSE: FRP) jointly announced today they have finalized the formation of a joint venture which combines both companies' phosphate fertilizer businesses, including phosphate rock mining and uranium extraction facilities.
 Called "IMC-Agrico Company," the joint venture partnership is one of the world's largest and most efficient phosphate-based soil nutrient enterprises serving the agricultural industry. IFL and FRP estimate that by combining their operations, overall costs will be reduced by at least $95 million annually.
 The joint venture will be managed by an affiliate of IFL, subject to directives from a policy committee comprised of two representatives from each company. Each partner's share of cash distributions from the joint venture is designed to reflect the party's anticipated cash flows from its contributed assets, plus an equal sharing of the cost savings described above.
 Today's announcement marks the completion of a joint-venture process that began with the Jan. 20, 1993 signing by IFL and FRP of a Letter of Intent to create IMC-Agrico Company. On April 5, a Definitive Agreement was reached between the two companies subject to the satisfaction of certain conditions.
 "We are extremely pleased to see IMC-Agrico Company become a reality, particularly during these difficult times for the domestic phosphate nutrient industry," said Wendell F. Bueche, president and chief executive officer of IFL. "The joint venture will enable both companies to generate cash savings while simultaneously providing customers with a higher level of service. The pairing of the two organizations under the IMC-Agrico name clearly represents an innovative approach to effectively addressing the increasing demands of our markets, both in the U.S. and overseas."
 James R. Moffett, chairman and chief executive officer of Freeport- McMoRan Inc. (NYSE: FTX) said, "Continued disruption in world fertilizer trade has resulted in the lowest product prices in more than two decades. This joint venture allows us to generate substantial cost savings in this very difficult environment. These cost reductions are another step in FTX's continuing efforts to reduce the costs of operating and managing its businesses."
 IMC-Agrico Company has operations in Florida and Louisiana. All phosphate rock mining will occur in central Florida, where IFL's and FRP's surface mines and adjoining plants are being combined. In addition, the joint venture can produce phosphate-based soil nutrients at former IFL facilities in Florida, as well as at plants previously operated in Florida and Louisiana by FRP. Facilities also are available for the extraction and processing of uranium oxide as a by-product of phosphoric acid.
 IMC-Agrico Company is the second joint venture between the two companies. IFL and FRP also are joint venture partners in the Main Pass 299 sulphur, and oil and gas projects located in the Gulf of Mexico. Main Pass contains the largest existing Frasch sulphur reserve in North America and will continue to be operated by FRP through its Sulphur Division.
 The phosphate joint venture does not include IFL's potash, Rainbow mixed fertilizers division, or sulphur, oil and gas operations. FRP will retain its sulphur, oil and gas operations.
 -0- 7/1/93
 /CONTACT: John Galvin (investors), 708-205-4814, or Thomas C. Pasztor (media), 708-205-4801, both of IMC Fertilizer Group; or Craig Saporito (investors), 504-582-4476, or Jay Handelman (media), 504-582-4269, both of Freeport-McMoRan Resource Partners/
 (IFL FRP)


CO: IMC Fertilizer; Freeport-McMoRan Resource Partners ST: Illinois, Louisiana IN: SU: TNM

MP-SH -- NY012 -- 7583 07/01/93 09:41 EDT
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Date:Jul 1, 1993
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