Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX):

• Net income applicable to common stock for first-quarter 2009 was $43 million, $0.11 per share, compared with net income applicable to common stock of $1.1 billion, $2.64 per share, for first-quarter 2008.
• Consolidated sales from mines for first-quarter 2009 totaled 1.0 billion pounds of copper, 545 thousand ounces of gold and 10 million pounds of molybdenum, compared with 911 million pounds of copper, 280 thousand ounces of gold and 20 million pounds of molybdenum for first-quarter 2008.
• Consolidated sales from mines are expected to approximate 3.9 billion pounds of copper, 2.3 million ounces of gold and 50 million pounds of molybdenum for the year 2009, including 955 million pounds of copper, 650 thousand ounces of gold and 11 million pounds of molybdenum for second-quarter 2009.
• Consolidated unit net cash costs (net of by-product credits) averaged $0.66 per pound for first-quarter 2009 compared with $1.06 per pound in the first quarter of 2008. Assuming average prices of $900 per ounce for gold and $8 per pound for molybdenum for the remainder of 2009, consolidated unit net cash costs are estimated to average approximately $0.70 per pound for the year 2009.
• Operating cash flows totaled a use of $258 million for first-quarter 2009, including $919 million in working capital uses primarily associated with the timing of settlements with customers on prior year provisionally priced sales. Using estimated sales volumes and assuming average prices of $2.00 per pound for copper, $900 per ounce for gold and $8 per pound for molybdenum for the remainder of 2009, operating cash flows in 2009 would approximate $2.5 billion, net of $0.6 billion in working capital requirements.
• Capital expenditures totaled $519 million for first-quarter 2009, with nearly 50 percent related to the initial development of the Tenke Fungurume project, which is nearing completion. FCX currently expects capital expenditures to approximate $1.3 billion for 2009, including sustaining capital of $0.6 billion and $0.7 billion for major projects. Capital spending plans continue to be reviewed and may be revised based on market conditions.
• Tenke Fungurume produced its first copper cathode in late March 2009. Construction activities for the initial development project are nearing completion and commissioning activities are under way. FCX expects to ramp up to full annual capacity approximating 250 million pounds of copper and 18 million pounds of cobalt in the second half of 2009.
• Total debt approximated $7.2 billion and consolidated cash was $644 million at March 31, 2009. There were no amounts borrowed under FCX’s $1.5 billion revolving credit facility at March 31, 2009.
• In February 2009, FCX sold 26.8 million shares of its common stock at an average price of $28 per share, generating net proceeds of $740 million after fees and expenses.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported first-quarter 2009 net income applicable to common stock of $43 million, $0.11 per share, compared with net income applicable to common stock of $1.1 billion, $2.64 per share, for the first quarter of 2008.

James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President and Chief Executive Officer, said, “Our first quarter results reflect successful execution of our revised operating plans to reduce costs and capital spending. The cost performance across our operating sites and particularly in our North America operations reflects the prompt actions by our team to respond to the dramatic change in market conditions which occurred in the fourth quarter of 2008. Our results also demonstrate the financial strength of our Grasberg operation in Indonesia where our gold revenues completely offset our production costs. We also achieved important milestones for the initial start up of our Tenke Fungurume project. We are very pleased with our team’s response to challenging and volatile market conditions.”

OPERATIONS

Consolidated. First-quarter 2009 consolidated copper sales of 1.0 billion pounds were 12 percent higher than first-quarter 2008 sales of 911 million pounds and were slightly higher than the prior estimate of 990 million pounds reported on January 26, 2009. First-quarter 2009 consolidated sales of copper reflect anticipated increased production at Grasberg because of higher ore grades, partially offset by lower sales volumes at North America mines reflecting planned curtailed production rates to reduce production of higher cost volumes.

First-quarter 2009 consolidated gold sales of 545 thousand ounces were nearly two times higher than first-quarter 2008 gold sales of 280 thousand ounces because of higher ore grades at Grasberg. First-quarter 2009 consolidated sales of gold exceeded previous estimates of 500 thousand ounces.

Consolidated molybdenum sales of 10 million pounds in the first quarter of 2009 were lower than first-quarter 2008 sales of 20 million pounds and our January 2009 estimate of 13 million pounds. First-quarter 2009 consolidated sales of molybdenum reflected the significant recent decline in molybdenum demand, primarily in the metallurgical sector.

Unit site production and delivery costs averaged $1.07 per pound of copper in first-quarter 2009, 27 percent lower than first-quarter 2008 of $1.47 per pound and 29 percent lower than the 2008 average of $1.51 per pound. First-quarter 2009 unit net cash costs, after by-product credits, of $0.66 per pound were lower than the year-ago period primarily as a result of reduced operating rates following production curtailments at North America mining operations; higher copper ore grades at Grasberg; and decreases in energy and other commodity-based input costs. Assuming average prices of $2.00 per pound for copper, $900 per ounce for gold and $8 per pound for molybdenum for the remainder of 2009, and using recent prices for commodity-based input costs, unit net cash costs would average approximately $0.70 per pound for the year.

North America Copper Mines. FCX operates five open-pit copper mines in North America (Morenci, Sierrita, Bagdad and Safford in Arizona and Tyrone in New Mexico). By-product molybdenum is produced primarily at Sierrita and Bagdad. All of the North America mining operations are wholly owned, except for Morenci. FCX records its 85 percent joint venture interest in Morenci using the proportionate consolidation method.

Consolidated copper sales in North America totaled 301 million pounds in the first quarter of 2009, 11 percent lower than first-quarter 2008 sales primarily reflecting curtailed production rates, partly offset by higher production at the Safford copper mine. Production commenced at Safford in December 2007 and was ramped up to design capacity during 2008 before FCX revised its operating plans to curtail production in fourth-quarter 2008.

In response to weak market conditions, during the fourth quarter of 2008 and in January 2009, FCX revised its operating plans at its North America copper mines, which included an approximate 50 percent reduction in the mining and crushed-leach rates at Morenci, an approximate 50 percent reduction in the mining and stacking rates at the newly commissioned Safford mine, an approximate 50 percent reduction in the mining rate at the Tyrone mine and a suspension of mining and milling activities at the Chino mine (with limited residual copper production from leach operations).

For the year 2009, FCX expects sales from North America copper mines to approximate 1.1 billion pounds of copper, compared with 1.4 billion pounds of copper for 2008. By-product molybdenum production is expected to total 27 million pounds in 2009, compared with 30 million pounds in 2008. Curtailed production in North America is estimated to result in approximately 400 million pounds less copper in 2009 than planned prior to the revisions. Production in 2010 is currently expected to decline by approximately an additional 200 million pounds because of impacts of 2009 mining activities on 2010 leaching operations. These plans continue to be reviewed and additional adjustments may be made in response to market conditions.

Unit Net Cash Costs. The following table summarizes unit net cash costs at the North America copper mines:

North America unit site production and delivery costs were lower in first-quarter 2009 as compared with first-quarter 2008 primarily because of lower operating rates and reduced input costs, primarily for energy. These decreases were partly offset by draw downs of inventory with higher costs. Molybdenum by-product credits were lower in first-quarter 2009 compared with first-quarter 2008 primarily because of lower molybdenum prices.

FCX’s five operating North America copper mines have varying cost structures because of differences in ore grades and ore characteristics, processing costs, by-products and other factors. The Morenci mine, which comprises approximately 40 percent of North America production, had unit net cash costs of $1.18 per pound in the first quarter of 2009. This compares with $1.46 per pound in first-quarter 2008 and $1.95 per pound in the second half of 2008.

Based on current operating plans and assuming achievement of current sales estimates, an average molybdenum price of $8 per pound for the remainder of 2009 and estimates for commodity-based input costs, FCX estimates that its average unit net cash costs, including molybdenum credits, for its North America copper mines would approximate $1.22 per pound of copper for 2009. Unit net cash costs for 2009 would change by approximately $0.015 per pound for each $1 per pound change in the average price of molybdenum for the remainder of 2009.

South America Copper Mines. FCX operates four copper mines in South America – Cerro Verde in Peru and Candelaria, Ojos del Salado and El Abra in Chile. FCX owns a 53.56 percent interest in Cerro Verde, an open-pit mine producing both electrowon copper cathodes and copper and molybdenum concentrates. FCX owns 80 percent of the Candelaria and Ojos del Salado mining complexes, which include the Candelaria open-pit and underground mines and the Ojos del Salado underground mines. These mines use common processing facilities to produce copper concentrates. FCX owns a 51 percent interest in El Abra, an open-pit mine producing electrowon copper cathodes. All operations in South America are consolidated in FCX’s financial statements.

South America copper sales of 350 million pounds of copper in the first quarter of 2009 were slightly lower than first-quarter 2008 sales of 365 million pounds, primarily reflecting the mining of lower ore grades at El Abra and Candelaria.

During the fourth quarter of 2008 and January 2009, FCX revised its operating plans at its South America copper mines in response to weak market conditions. The revised operating plans for 2009 principally reflect the incorporation of reduced input costs; a significant reduction in capital spending plans, including a deferral of the planned incremental expansion at Cerro Verde and a delay in the sulfide project at El Abra; and reduced spending for discretionary items. These items do not have a significant effect on estimated 2009 production volumes but impact planned 2010 production by approximately 100 million pounds. In addition, FCX has temporarily curtailed the molybdenum circuit at Cerro Verde, which produced 3 million pounds of molybdenum in 2008. These plans will continue to be reviewed and adjusted as market conditions warrant.

For 2009, FCX expects South America sales of 1.4 billion pounds of copper and 100 thousand ounces of gold, compared with 1.5 billion pounds of copper and 116 thousand ounces of gold for 2008. Volumes in 2009 are lower than 2008 because of the impact of previously anticipated mining of lower ore grades at Candelaria.

Unit Net Cash Costs. The following table summarizes unit net cash costs at the South America copper mines.

South America unit net cash costs for the first quarter of 2009 totaled $1.03 per pound, which were lower than first-quarter 2008 unit net cash costs of $1.15 per pound primarily because of lower site production and delivery costs resulting from lower operating costs reflecting impacts of revised operating plans and lower input costs, primarily for energy, partly offset by draw downs of inventory with higher costs. Treatment charges were lower in the first quarter of 2009 compared with the first quarter of 2008 because of lower price participation resulting from lower copper prices. These decreases in unit net cash costs were partially offset by lower by-product credits as a result of lower molybdenum prices.

FCX’s four South America copper mines have varying cost structures because of differences in ore grades and ore characteristics, processing costs, by-products and other factors. During the first quarter of 2009, unit net cash costs were $0.97 per pound at Cerro Verde, which comprised approximately 50 percent of South America production.

Assuming achievement of current sales estimates and estimates for commodity-based input costs, FCX estimates that its average unit net cash costs, including gold and molybdenum credits, for its South America copper mines would approximate $1.05 per pound of copper for 2009. Estimated South America unit site production and delivery costs for 2009 reflect reduced input costs partly offset by the mining of lower ore grades in 2009 compared with 2008.

Indonesia Mining. Through its 90.64 percent owned and wholly consolidated subsidiary PT Freeport Indonesia (PT-FI), FCX operates the world’s largest copper and gold mine in terms of reserves at its Grasberg operations in Papua, Indonesia.

Indonesia copper and gold sales in the first quarter of 2009 were higher than in the first quarter of 2008 as a result of mining in a higher ore-grade section of the Grasberg open pit, as planned. At the Grasberg mine, the sequencing in mining areas with varying ore grades causes fluctuations in the timing of ore production, resulting in varying quarterly and annual sales of copper and gold. After mining in a relatively low-grade section of the open pit in the first half of 2008, FCX is currently mining in a high-grade section which is expected to continue in 2009 and 2010.

FCX expects Indonesia sales of 1.3 billion pounds of copper and 2.2 million ounces of gold for the year 2009, compared with 1.1 billion pounds of copper and 1.2 million ounces of gold for 2008.

Unit Net Cash Costs. The following table summarizes PT-FI’s unit net cash (credits) costs.

PT-FI’s unit net cash (credits) costs, including gold and silver credits, averaged a net credit of $0.15 per pound for the first quarter of 2009, compared with a net cost of $1.08 per pound for the first quarter of 2008. The lower unit net cash costs in 2009 primarily reflected higher copper and gold volumes. PT-FI’s costs also benefited from lower input costs. Unit site production and delivery costs will vary with fluctuations in production volumes because of the primarily fixed nature of PT-FI’s cost structure.

Assuming achievement of current 2009 sales estimates, average gold prices of $900 per ounce for the remainder of 2009 and revised estimates for energy, currency exchange rates and other cost factors, FCX expects PT-FI’s average unit net cash costs per pound to approximate a net credit of $0.13 per pound for 2009. Unit net cash costs for 2009 would change by approximately $0.06 per pound for each $50 per ounce change in the average price of gold for the remainder of 2009.

Molybdenum. FCX is the world’s largest producer of molybdenum. FCX conducts molybdenum mining operations at the wholly owned Henderson underground mine in Colorado in addition to sales of by-product molybdenum from FCX’s North and South America copper mines.

In the first quarter of 2009, consolidated molybdenum sales from the Henderson mine and by-product mines totaled 10 million pounds, 50 percent lower than the first quarter of 2008 primarily resulting from curtailed production in response to lower demand. Molybdenum markets have been significantly affected by the downturn in economic conditions which began in the fourth quarter of 2008. Demand for molybdenum outside China, principally for metallurgical uses, remains very weak.

In response to further weakness in market conditions, FCX is taking additional steps to adjust its molybdenum production. Production at the Henderson primary molybdenum mine, which began operating at a reduced rate (reflecting an approximate 25 percent reduction in annual production) in the fourth quarter of 2008, is being reduced further. The combined impact of these changes reflects an approximate 40 percent reduction in Henderson’s annual production, which totaled 40 million pounds in 2008. In addition, FCX has made adjustments to its molybdenum production plans at certain by-product mines, including suspending molybdenum processing at the Cerro Verde mine in Peru which produced 3 million pounds of molybdenum in 2008.

For the year 2009, FCX expects molybdenum sales from its mines to approximate 50 million pounds, compared with its January 2009 estimate of 60 million pounds and 71 million pounds in 2008. FCX continues to monitor market conditions and may make further adjustments to its molybdenum production and sales plans. For 2009, approximately 85 percent of FCX’s molybdenum sales are expected to be priced at prevailing market prices. The Metals Week Dealer Oxide closing price for molybdenum as of April 20, 2009, was $7.83 per pound.

Unit Net Cash Costs. Unit net cash costs at the Henderson molybdenum mine averaged $5.61 per pound of molybdenum for the first quarter of 2009 and $5.14 per pound for the first quarter of 2008. First-quarter 2009 unit net cash costs were higher compared with the first quarter of 2008, primarily because of lower volumes. Assuming achievement of current 2009 sales estimates, FCX estimates 2009 average unit net cash costs for its Henderson mine will approximate $6.00 per pound of molybdenum.

DEVELOPMENT AND EXPLORATION ACTIVITIES

Development Activities. FCX has opportunities to expand its production volumes, extend its mine lives and develop large-scale underground ore bodies. In response to weak market conditions, FCX deferred most of its project development activities, including incremental expansions in North and South America, the Climax molybdenum mine and the El Abra sulfide project. Current major development projects include the Tenke Fungurume project in the Democratic Republic of Congo (DRC) and underground development in the Grasberg minerals district, although FCX has reduced capital spending on these projects.

Africa. FCX holds an effective 57.75 percent interest in the Tenke Fungurume copper and cobalt mining concession in the Katanga province of the DRC. FCX is the operator of the project. FCX continues to engage in drilling activities, exploration analyses and metallurgical testing to evaluate the potential of this highly prospective district and expects its ore reserves to increase significantly over time.

Approximately $1.6 billion of the budgeted $1.75 billion in aggregate project costs have been incurred through March 31, 2009. FCX is responsible for funding 70 percent of the project development costs and is also responsible for financing its partner’s share of certain project overruns on the initial project.

Significant progress on the construction of the project was achieved during the quarter, and the first copper cathode was produced in late March. Construction activities are nearing completion and production is expected to ramp up over the balance of the year. Annual production in the initial years is expected to approximate 250 million pounds of copper and 18 million pounds of cobalt. The initial project is based on mining and processing ore reserves approximating 119 million metric tons with average ore grades of 2.6 percent copper and 0.35 percent cobalt.

The project has been designed and constructed in a world-class fashion, using modern technology and following international standards for environmental management, occupational safety and social responsibility. The facilities include impermeable lined tailing storage and waste-water treatment ponds, the first of their kind in the region. FCX is also making significant investments in infrastructure in the region that will have lasting benefits to the country, including upgrading the national road and the regional power generation and transmission systems. FCX’s social and community development programs continue to expand, including development of local micro-enterprise businesses, agricultural capacity-building initiatives, malaria abatement programs, additional potable water wells, new medical facilities and several new schools. The project will continue to provide important benefits to the Congolese through employment and the provision of local services and to the DRC government through substantial tax, royalty and dividend payments.

FCX continues to engage in discussion with representatives of the DRC government regarding the ongoing contract review. FCX believes its contracts are fair and equitable, comply with Congolese law and are enforceable without modifications. FCX is continuing to work cooperatively with the DRC government to resolve these matters. The review process has not affected the development schedule or production plans.

Indonesia. PT-FI is developing its large-scale underground ore bodies located beneath and adjacent to the Grasberg open pit.

Exploration Activities. FCX is conducting exploration activities near its existing mines with a focus on opportunities to expand reserves that will support additional future production capacity in the large mineral districts where it currently operates. Drilling activities were significantly expanded in 2008 and were successful in providing significant reserve additions in 2008 and in identifying potential additional ore adjacent to existing ore bodies. Results indicate opportunities for significant future potential reserve additions at Morenci, Sierrita and Bagdad in North America; Cerro Verde in South America and in the high potential Tenke Fungurume district.

Exploration spending will be lower in 2009, estimated to approximate $75 million, compared with $248 million in 2008. FCX will focus on analyzing exploratory data gained through the active core drilling previously undertaken.

PROVISIONAL PRICING AND OTHER

For first-quarter 2009, approximately 57 percent of FCX’s mined copper was sold in concentrate, 23 percent as rod (principally from North America operations) and 20 percent as cathodes. Under the long-established structure of sales agreements prevalent in the industry, substantially all of FCX’s concentrate sales and some of its cathode sales are provisionally priced at the time of shipment. The provisional prices are finalized in a contractually specified future period (generally one to four months from the shipment date) primarily based on quoted London Metal Exchange (LME) prices. The sales subject to final pricing are generally settled in a subsequent month or quarter. Because a significant portion of FCX’s concentrate and cathode sales in any quarterly period usually remain subject to final pricing, the quarter-end forward price is a major determinant of recorded revenues and the average recorded copper price for the period.

At December 31, 2008, 508 million pounds of copper (net of noncontrolling interests) were provisionally priced at $1.39 per pound. Adjustments to these prior period copper sales increased consolidated revenues by $128 million ($60 million to net income applicable to common stock or $0.15 per share) in the first quarter of 2009, compared with $263 million ($111 million to net income applicable to common stock or $0.25 per share) in the first quarter of 2008.

LME copper prices averaged $1.56 per pound during the first quarter of 2009, compared with FCX’s recorded average price of $1.72 per pound. The applicable forward copper prices at the end of the first quarter of 2009 averaged $1.83 per pound.

Approximately 70 percent of FCX’s consolidated copper sales during the first quarter were provisionally priced at the time of shipment and are subject to final pricing over the remainder of 2009. At March 31, 2009, FCX had copper sales of 407 million pounds of copper (net of noncontrolling interests) priced at an average of $1.83 per pound, subject to final pricing over the next several months.

In early April 2009, FCX entered into forward copper sales contracts to lock in prices of $1.86 per pound on PT Freeport Indonesia’s provisionally priced copper sales totaling 355 million pounds as of March 31, 2009, which are scheduled to final price from April 2009 through July 2009. FCX may enter into future transactions to lock in pricing on provisionally priced sales from time to time to reduce short-term volatility in earnings and cash flows, but does not intend to change its long-standing policy of not hedging future copper production.

After taking into account the forward sales contracts on PT-FI’s provisionally priced copper sales, each $0.05 change in the price from the March 31, 2009, price for provisionally priced sales would have an approximate $4 million net effect on FCX’s 2009 net income applicable to common stock. The LME closing settlement price for copper on April 21, 2009, was $2.00 per pound.

FCX defers recognizing profits on PT-FI's and its South America sales to Atlantic Copper and on 25 percent of PT-FI's sales to PT Smelting, PT-FI's 25 percent-owned Indonesian smelting unit, until final sales to third parties occur. Changes in these net deferrals resulted in reductions in FCX's net income applicable to common stock totaling $62 million, $0.15 per share, in the first quarter of 2009, compared with an increase in net income applicable to common stock of $6 million, $0.01 per share, in the first quarter of 2008. At March 31, 2009, FCX's net deferred profits on PT-FI and South America concentrate inventories at Atlantic Copper and PT Smelting to be recognized in future periods' net income after taxes and noncontrolling interest sharing totaled $90 million.

CASH, DEBT AND EQUITY TRANSACTION

At March 31, 2009, FCX had consolidated cash of $644 million. Net of noncontrolling interests’ share, taxes and other costs, cash available to parent company is $445 million as shown below (in millions):

At March 31, 2009, FCX had $7.2 billion in debt. FCX had no borrowings and $74 million of letters of credit issued under its revolving credit facilities, resulting in total availability of approximately $1.4 billion at March 31, 2009. FCX may use its credit facility from time to time for working capital and short-term funding requirements.

FCX has no significant debt maturities in the near-term as indicated in the table below (in millions). FCX may consider opportunities to prepay debt in advance of scheduled maturities.

In February 2009, FCX completed a public offering of 26.8 million shares of its common stock at an average price of $28.00 per share, which generated gross proceeds of $750 million (net proceeds of $740 million after fees and expenses). As of March 31, 2009, FCX had 412 million common shares outstanding. Assuming conversion of FCX’s 5½% Convertible Perpetual Preferred Stock and 6¾% Mandatory Convertible Preferred Stock prior to May 1, 2010, FCX would have approximately 469 million common shares outstanding; assuming the 6¾% Mandatory Convertible Preferred Stock automatically converts on May 1, 2010, FCX would have between 469 million and 477 million common shares outstanding (depending on the applicable market price of FCX’s common stock).

OUTLOOK

Projected sales volumes for 2009 approximate 3.9 billion pounds of copper, 2.3 million ounces of gold and 50 million pounds of molybdenum, including 955 million pounds of copper, 650 thousand ounces of gold and 11 million pounds of molybdenum in the second quarter of 2009. The achievement of FCX’s sales estimates will be dependent on the achievement of targeted mining rates, the successful operation of production facilities, the impact of weather conditions and other factors.

Using estimated sales volumes for 2009 and assuming average prices of $2.00 per pound of copper, $900 per ounce of gold and $8.00 per pound of molybdenum for the remainder of 2009, FCX’s consolidated operating cash flows, net of an estimated $0.6 billion of working capital requirements, would approximate $2.5 billion in 2009. Working capital requirements principally reflect the settlements with customers in first-quarter 2009 of prior period provisionally priced sales. The impact on FCX’s operating cash flows over the balance of 2009 would approximate $240 million for each $0.10 per pound change for copper, $75 million for each $50 per ounce change for gold and $30 million for each $1 per pound change for molybdenum. FCX’s capital expenditures are currently estimated to approximate $1.3 billion for 2009 and $1.0 billion for 2010.

FINANCIAL POLICY

FCX has a long-standing tradition of seeking to build shareholder values through pursuing development projects with high rates of return and returning cash to shareholders through common stock dividends and share purchases. FCX is committed to maintaining a strong balance sheet.

In late 2008, FCX suspended its share purchase program and common stock dividend in response to market conditions. The Board will continue to review FCX’s financial policy on an ongoing basis.

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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 mining complex, the world’s largest copper and gold mine in terms of recoverable reserves, significant mining operations in the Americas, including the large scale Morenci and Safford minerals districts in North America and the Cerro Verde and El Abra operations in South America, and the potential world-class Tenke Fungurume development project in the DRC. Additional information about FCX is available on FCX’s web site at “www.fcx.com.”

Cautionary Statement and Regulation G Disclosure: 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 projected sales volumes, projected unit net cash costs, projected operating cash flows, projected capital expenditures, the impact of copper, gold and molybdenum price changes, and potential future dividend payments and open market purchases of FCX common stock. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. FCX cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this press release and, except to the extent required by applicable law, does not intend to update or otherwise revise the forward-looking statements more frequently than quarterly. Additionally, important factors that might cause future results to differ from these projections include mine sequencing, production rates, industry risks, commodity prices, political risks, weather-related risks, labor relations, currency translation risks and other factors described in FCX's Annual Report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission (SEC).

This press release also contains certain financial measures such as unit net cash costs per pound of copper and per pound of molybdenum. As required by SEC Regulation G, reconciliations of these measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedule, “Product Revenues and Production Costs,” beginning on page VI, which is available on FCX’s web site, “www.fcx.com.”

A copy of this press release is available on FCX’s web site, “www.fcx.com.” A conference call with securities analysts about first-quarter 2009 results is scheduled for today at 10:00 a.m. EDT. The conference call will be broadcast on the Internet along with slides. Interested parties may listen to the webcast live and view the slides by accessing “www.fcx.com.” A replay of the webcast will be available through Friday, May 15, 2009.

Freeport-McMoRan Copper & Gold Inc.
Financial Contacts:
Kathleen L. Quirk, 602-366-8016
David P. Joint, 504-582-4203
or
Media Contact:
William L. Collier, 504-582-1750