Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2011 Results

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

? Net income attributable to common stock for second-quarter 2011
was $1.4 billion, $1.43 per share, compared with net income of $649
million, $0.70 per share, for second-quarter 2010. Net income
attributable to common stock for the first six months of 2011 was $2.9
billion, $3.00 per share, compared with $1.5 billion, $1.70 per share,
for the first six months of 2010.

? Consolidated sales from mines for second-quarter 2011 totaled
1.0 billion pounds of copper, 356 thousand ounces of gold and 21 million
pounds of molybdenum, compared with 914 million pounds of copper, 298
thousand ounces of gold and 16 million pounds of molybdenum for
second-quarter 2010.

? Consolidated sales from mines for the year 2011 are expected to
approximate 3.9 billion pounds of copper, 1.6 million ounces of gold and
77 million pounds of molybdenum, including 940 million pounds of copper,
415 thousand ounces of gold and 18 million pounds of molybdenum for
third-quarter 2011.

? Consolidated unit net cash costs (net of by-product credits)
averaged $0.93 per pound of copper for second-quarter 2011, compared
with $0.97 per pound for second-quarter 2010. Based on current 2011
sales volume and cost estimates and assuming average prices of $1,500
per ounce for gold and $15 per pound for molybdenum for the second half
of 2011, consolidated unit net cash costs (net of by-product credits)
are estimated to average $1.01 per pound of copper for the year 2011.

? Operating cash flows totaled $1.7 billion for second-quarter
2011 and $4.0 billion for the first six months of 2011, compared with
$1.1 billion for second-quarter 2010 and $2.9 billion for the first six
months of 2010. Based on current 2011 sales volume and cost estimates
and assuming average prices of $4.25 per pound for copper, $1,500 per
ounce for gold and $15 per pound for molybdenum for the second half of
2011, operating cash flows are estimated to exceed $8 billion for the
year 2011.

? Capital expenditures totaled $527 million for second-quarter
2011 and $1.0 billion for the first six months of 2011, compared with
$296 million for second-quarter 2010 and $527 million for the first six
months of 2010. Capital expenditures are expected to approximate $2.6
billion for the year 2011, including $1.4 billion for major projects and
$1.2 billion for sustaining capital. A number of studies are ongoing,
which may result in increased capital spending programs.

? At June 30, 2011, total debt approximated $3.5 billion and consolidated
cash approximated $4.4 billion. During second-quarter 2011, FCX
repaid $1.2 billion in debt, including the April 2011 redemption of $1.1
billion in 8.25% Senior Notes.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported second-quarter
2011 net income attributable to common stock of $1.4 billion, $1.43 per
share, compared with $649 million, $0.70 per share, for second-quarter
2010. For the first six months of 2011, FCX reported net income
attributable to common stock of $2.9 billion, $3.00 per share, compared
with $1.5 billion, $1.70 per share, for the first six months of 2010.

James R. Moffett, Chairman of the Board, and Richard C. Adkerson,
President and Chief Executive Officer, said, 'Our second-quarter results
reflect strong operating performance and favorable pricing for our
products.FCX's global team continues to execute our operating
plans in an impressive fashion, producing significant quantities of
copper, gold and molybdenum to meet growing global demand.Our
large resource position and successful exploration program provide
significant opportunities for growth.We are advancing projects
expeditiously to increase our production while generating attractive
returns for shareholders.Our strong financial position and cash
flow generation provide the financial resources required for investment
as well as substantial cash returns for shareholders.'

OPERATIONS

Consolidated. Second-quarter 2011 consolidated copper sales of
1.0 billion pounds were higher than the April 2011 estimate of 965
million pounds primarily because of the timing of shipments, principally
in North America. Second-quarter 2011 consolidated copper sales were
also higher than second-quarter 2010 sales of 914 million pounds
reflecting increased production in North America and the timing of
shipments in South America and Africa.

Second-quarter 2011 consolidated gold sales of 356 thousand ounces were
slightly lower than the April 2011 estimate of 365 thousand ounces but
higher than second-quarter 2010 sales of 298 thousand ounces. These
variances primarily reflect timing of mine sequencing at Grasberg.

Second-quarter 2011 consolidated molybdenum sales of 21 million pounds
were higher than the April 2011 estimate of 17 million pounds and
second-quarter 2010 sales of 16 million pounds primarily reflecting
improved demand.

Consolidated sales from mines for the year 2011 are expected to
approximate 3.9 billion pounds of copper, 1.6 million ounces of gold and
77 million pounds of molybdenum, including 940 million pounds of copper,
415 thousand ounces of gold and 18 million pounds of molybdenum in
third-quarter 2011.

Consolidated average unit net cash costs (net of by-product credits) of
$0.93 per pound of copper in second-quarter 2011 were lower than unit
net cash costs of $0.97 per pound in second-quarter 2010 primarily
because of higher gold and molybdenum credits in second-quarter 2011,
partly offset by higher site production and delivery costs as a result
of increased mining and milling activities and higher input costs,
including materials, energy and currency exchange rate impacts.

Assuming average prices of $1,500 per ounce of gold and $15 per pound of
molybdenum for the second half of 2011 and achievement of current 2011
sales volume and cost estimates, consolidated unit net cash costs (net
of by-product credits) for FCX's copper mining operations are expected
to average approximately $1.01 per pound of copper for the year 2011.
The impact of price changes on consolidated unit net cash costs would
approximate $0.01 per pound for each $50 per ounce change in the average
price of gold during the second half of 2011 and $0.01 per pound for
each $2 per pound change in the average price of molybdenum during the
second half of 2011. Quarterly unit net cash costs vary with
fluctuations in sales volumes.

North America Copper Mines. FCX operates seven open-pit copper
mines in North America - Morenci, Bagdad, Safford, Sierrita and Miami in
Arizona, and Tyrone and Chino in New Mexico. 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. In addition to copper, the Morenci, Bagdad and
Sierrita mines also produce molybdenum concentrates.

Operating and Development Activities. At Morenci, FCX completed
its project to ramp up mining rates to 635,000 metric tons of ore per
day and milling rates to approximately 50,000 metric tons per day,
resulting in an increase of 125 million pounds of copper per year.

FCX is advancing a feasibility study to expand mining and milling
capacity at Morenci to process additional sulfide ores identified
through positive exploratory drilling over the last few years. This
project, which would require significant investment, would increase
milling rates to approximately 115,000 metric tons of ore per day and
target incremental annual copper production of approximately 225 million
pounds within three years, following completion of the feasibility
study, expected by year-end 2011.

The ramp up of mining activities at the Miami mine continues. FCX
expects production at Miami to ramp up to approximately 100 million
pounds of copper per year by 2012.

During second-quarter 2011, FCX successfully restarted mining and
milling activities at the Chino mine. Planned mining and milling rates
are expected to be achieved by the end of 2013. Incremental annual
copper production is expected to be 100 million pounds in 2012 and 2013
and 200 million pounds in 2014. Costs for the project associated with
equipment and mill refurbishment are expected to approximate $150
million.

Operating Data. Following is summary consolidated operating data
for the North America copper mines for the second quarters and first six
months of 2011 and 2010:

Consolidated copper sales volumes from North America of 331 million
pounds in second-quarter 2011 were higher than second-quarter 2010 sales
of 289 million pounds primarily reflecting higher production at the
Morenci and Miami mines.

FCX expects sales from the North America copper mines to approximate 1.2
billion pounds of copper for the year 2011, compared with 1.1 billion
pounds of copper in 2010. The restart of the Miami and Chino mines and
potential expansion of the Morenci mine are expected to further increase
production in future periods.

As anticipated, average unit net cash costs (net of by-product credits)
for the North America copper mines of $1.36 per pound of copper in
second-quarter 2011 were higher than unit net cash costs of $1.17 per
pound in second-quarter 2010, primarily reflecting increased mining and
milling activities and higher input costs. Higher molybdenum credits
partly offset the increased site production and delivery costs.

FCX estimates that average unit net cash costs (net of by-product
credits) for the North America copper mines would approximate $1.42 per
pound of copper for the year 2011, based on current sales volume and
cost estimates and assuming an average molybdenum price of $15 per pound
for the second half of 2011. North America's average unit net cash costs
for 2011 would change by approximately $0.025 per pound for each $2 per
pound change in the average price of molybdenum during the second half
of 2011.

South America Mining. FCX operates four copper mines in South
America - Cerro Verde in Peru and El Abra, Candelaria and Ojos del
Salado in Chile. FCX owns a 53.56 percent interest in Cerro Verde, a 51
percent interest in El Abra, and 80 percent of the Candelaria and Ojos
del Salado mining complexes. All operations in South America are
consolidated in FCX's financial statements. South America mining
includes open-pit and underground mining. In addition to copper, the
Cerro Verde mine produces molybdenum concentrates, and the Candelaria
and Ojos del Salado mines produce gold and silver.

Operating and Development Activities. During first-quarter 2011,
FCX commenced production from El Abra's newly commissioned stacking and
leaching facilities to transition from oxide to sulfide ores. Production
from the sulfide ore, which is projected to reach design levels in the
second half of 2011, is expected to approximate 300 million pounds of
copper per year, replacing the currently depleting oxide copper
production. The aggregate capital investment for this project is
expected to total $725 million through 2015, including $565 million for
the initial phase of the project expected to be completed in 2011.

FCX is also engaged in pre-feasibility studies for a potential
large-scale milling operation at El Abra to process additional sulfide
material and to achieve higher recoveries.

At Cerro Verde, the feasibility study for a large-scale concentrator
expansion was completed in second-quarter 2011. The $3.5 billion project
would expand the concentrator facilities from 120,000 metric tons of ore
per day to 360,000 metric tons of ore per day and provide incremental
annual production of approximately 600 million pounds of copper
beginning in 2016. FCX expects to file an environmental impact
assessment in the second half of 2011.

Operating Data. Following is summary consolidated operating data
for the South America mining operations for the second quarters and
first six months of 2011 and 2010:

Copper sales from South America mining of 331 million pounds in
second-quarter 2011 were higher than second-quarter 2010 sales of 311
million pounds primarily reflecting higher ore grades at Candelaria and
timing of shipments at Cerro Verde, partly offset by lower mining rates
at El Abra as it transitions from oxide to sulfide ores.

FCX expects South America's sales to approximate of 1.3 billion pounds
of copper and 100 thousand ounces of gold for the year 2011, similar to
2010 sales of 1.3 billion pounds of copper and 93 thousand ounces of
gold.

Average unit net cash costs (net of by-product credits) for South
America of $1.08 per pound of copper in second-quarter 2011 were lower
than unit net cash costs of $1.14 per pound in second-quarter 2010
primarily reflecting higher molybdenum, gold and silver credits, partly
offset by higher treatment charges and higher site production and
delivery costs, including materials, energy and currency exchange rate
impacts.

FCX estimates that average unit net cash costs (net of by-product
credits) for South America mining would approximate $1.21 per pound of
copper for the year 2011, based on current sales volume and cost
estimates and assuming average prices of $15 per pound of molybdenum and
$1,500 per ounce of gold during the second half of 2011.

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.

Operating and Development Activities. FCX has several projects in
process in the Grasberg minerals district, primarily related to the
development of the large-scale, high-grade underground ore bodies
located beneath and nearby the Grasberg open pit. In aggregate, these
underground ore bodies are expected to ramp up to approximately 240,000
metric tons of ore per day following the currently anticipated
transition from the Grasberg open pit in 2016.

The Deep Ore Zone (DOZ) mine, one of the world's largest underground
mines, has been expanded to a capacity of 80,000 metric tons of ore per
day; and a feasibility study for the Deep Mill Level Zone (DMLZ) has
been completed. The high-grade Big Gossan mine, which began producing in
fourth-quarter 2010, is expected to reach full rates of 7,000 metric
tons of ore per day by the end of 2012. Substantial progress has been
made in developing infrastructure and underground workings that will
enable access to the underground ore bodies. Development of the terminal
infrastructure and mine access for the Grasberg Block Cave and DMLZ ore
bodies is in progress. Over the next five years, estimated aggregate
capital spending is expected to average approximately $635 million ($500
million net to PT-FI) per year on underground development activities.

Operating Data. Following is summary consolidated operating data
for the Indonesia mining operations for the second quarters and first
six months of 2011 and 2010:

At the Grasberg mine, the sequencing of 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. Copper sales from
Indonesia of 265 million pounds in second-quarter 2011 were slightly
above second-quarter 2010 sales of 259 million pounds. Gold sales of 330
thousand ounces in second-quarter 2011 were higher than second-quarter
2010 sales of 276 thousand ounces.

During July 2011, PT-FI union workers commenced an eight-day labor
strike, which led to a temporary suspension of mining, milling and
concentrate shipments. On July 11, 2011, PT-FI reached an agreement with
the union to end the strike and operations have resumed. PT-FI estimates
the aggregate impact on 2011 production to approximate 35 million pounds
of copper and 60 thousand ounces of gold. PT-FI has commenced
negotiations with the union for its bi-annual renewal of the collective
labor agreement, which is scheduled for renewal in October 2011.

FCX expects sales from Indonesia to approximate 1.0 billion pounds of
copper and 1.45 million ounces of gold for the year 2011, compared with
1.2 billion pounds of copper and 1.8 million ounces of gold for the year
2010.

Because of the fixed nature of a large portion of Indonesia's costs,
unit costs vary from quarter to quarter depending on volumes of copper
and gold sold during the period. Unit net cash costs (net of gold and
silver credits) for Indonesia of $0.22 per pound of copper in
second-quarter 2011 were lower than unit net cash costs of $0.58 per
pound in second-quarter 2010 as higher gold credits more than offset
increases in site production and delivery costs.

FCX estimates Indonesia's average unit net cash costs (net of gold and
silver credits) would approximate $0.28 per pound of copper for the year
2011, based on current sales volume and cost estimates and assuming an
average gold price of $1,500 per ounce during the second half 2011.
Indonesia's unit net cash costs for 2011 would change by approximately
$0.04 per pound for each $50 per ounce change in the average price of
gold during the second half of 2011.

Africa Mining. FCX currently holds an effective 57.75 percent
interest in the Tenke Fungurume (Tenke) copper and cobalt mining
concessions in the Katanga province of the Democratic Republic of Congo
(DRC), which is consolidated in FCX's financial statements. FCX's
interest in Tenke will be reduced to 56 percent after receiving the
required government approval of the modifications to Tenke Fungurume
Mining's bylaws that reflect the agreement with the DRC government. In
addition to copper, the Tenke mine produces cobalt hydroxide.

Operating and Development Activities. The milling facilities at
Tenke, which were designed to produce at a capacity rate of 8,000 metric
tons of ore per day, have performed above capacity, with throughput
averaging 9,700 metric tons of ore per day in second-quarter 2011 and
10,200 metric tons of ore per day for the first six months of 2011.
Mining rates have been increased to enable additional copper production
from the initial project capacity of 250 million pounds per year to
approximately 290 million pounds per year.

FCX is planning a second phase of the project, which would include
optimizing the current plant and increasing capacity. As part of the
second phase, FCX is completing studies to expand the mill rate to
14,000 metric tons of ore per day and to construct related processing
facilities that would target the addition of approximately 150 million
pounds of copper per year in an approximate two-year timeframe. FCX
expects production volumes from the project to expand significantly over
time.

FCX continues to engage in drilling activities, exploration analyses and
metallurgical testing to evaluate the potential of the highly
prospective minerals district at Tenke. These analyses are being
incorporated in future plans to evaluate opportunities for expansion.

Operating Data. Following is summary consolidated operating data
for the Africa mining operations for the second quarters and first six
months of 2011 and 2010:

Copper sales from Africa of 75 million pounds in second-quarter 2011
were higher than second-quarter 2010 copper sales of 55 million pounds,
primarily reflecting the timing of shipments.

FCX expects Africa's sales to approximate 275 million pounds of copper
and over 20 million pounds of cobalt for the year 2011, compared with
262 million pounds of copper and 20 million pounds of cobalt for the
year 2010.

Unit net cash costs (net of cobalt credits) for Africa of $0.94 per
pound of copper were higher than unit net cash costs of $0.79 per pound
in second-quarter 2010, primarily reflecting increased mining and
milling activity and higher input costs. Higher cobalt credits partly
offset the increased production and delivery costs.

FCX estimates Africa's average unit net cash costs would approximate
$0.97 per pound of copper for the year 2011, based on current sales
volume and cost estimates and assuming an average cobalt price of $14
per pound for the second half of 2011. Africa's unit net cash costs for
2011 would change by approximately $0.05 per pound for each $2 per pound
change in the average price of cobalt during the second half of 2011.

Molybdenum. FCX is the world's largest producer of molybdenum.
FCX conducts molybdenum mining operations at its wholly owned Henderson
underground mine in Colorado, is developing the Climax molybdenum mine
and sells molybdenum produced from its North and South America copper
mines.

Development Activities. Construction activities at the Climax
molybdenum mine are approximately 75 percent complete. Construction is
expected to be complete in early 2012, and FCX plans to commence
production during 2012. Production from the Climax molybdenum mine is
expected to ramp up to a rate of 20 million pounds per year during 2013
and, depending on market conditions, may be increased to 30 million
pounds per year. FCX intends to operate its Climax and Henderson
molybdenum mines in a flexible manner to meet market requirements. FCX
believes that Climax is one of the most attractive primary molybdenum
development projects in the world, with large-scale production capacity,
attractive cash costs and future growth options. Estimated remaining
costs for the initial phase of the project approximate $250 million.

Operating Data. Following is summary consolidated operating data
for the Molybdenum operations for the second quarters and first six
months of 2011 and 2010:

Consolidated molybdenum sales of 21 million pounds were higher than the
April 2011 estimate of 17 million pounds and second-quarter 2010 sales
of 16 million pounds primarily reflecting improved demand.

For the year 2011, FCX expects molybdenum sales to approximate 77
million pounds (including production of approximately 45 million pounds
from the North and South America copper mines), compared with 67 million
pounds in 2010 (including production of 32 million pounds from the North
and South America copper mines).

Unit net cash costs at the Henderson mine of $6.21 per pound of
molybdenum in second-quarter 2011 were higher than unit net cash costs
of $5.73 per pound in second-quarter 2010, primarily reflecting higher
input costs, including labor and materials.

Based on current sales volume and cost estimates, FCX expects average
unit net cash costs for the Henderson mine would approximate $7.00 per
pound of molybdenum for the year 2011.

EXPLORATION ACTIVITIES

FCX is conducting exploration activities near its existing mines with a
focus on opportunities to expand reserves that will support the
development of additional future production capacity in the large
minerals districts where it currently operates. Favorable exploration
results indicate opportunities for significant future potential reserve
additions in North and South America and in the Tenke Fungurume minerals
district. The drilling data in North America continue to indicate the
potential for expanded sulfide production.

Exploration spending for the year 2011 is expected to approximate $250
million, compared with $113 million in 2010. Exploration activities will
continue to focus primarily on the potential for future reserve
additions in FCX's existing minerals districts.

PROVISIONAL PRICING AND OTHER

For the first six months of 2011, 56 percent of FCX's mined copper was
sold in concentrate, 22 percent as rod from North America operations and
22 percent as cathode. Under the long-established structure of sales
agreements prevalent in the industry, substantially all of FCX's copper
concentrate and cathode sales are provisionally priced at the time of
shipment. The provisional prices are finalized in a contractually
specified future month (generally one to four months from the shipment
date) primarily based on quoted London Metal Exchange (LME) monthly
average spot prices. 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.
LME spot copper prices averaged $4.14 per pound during second-quarter
2011, compared to FCX's recorded average price of $4.22 per pound.

At March 31, 2011, FCX had provisionally priced copper sales at its
copper mining operations totaling 464 million pounds (net of
intercompany sales and noncontrolling interests) recorded at an average
of $4.27 per pound. Lower prices during second-quarter 2011 resulted in
adjustments to these provisionally priced copper sales and decreased
second-quarter 2011 consolidated revenues by $47 million ($23 million to
net income attributable to common stock or $0.02 per share), compared
with adjustments to the March 31, 2010, provisionally priced copper
sales that decreased second-quarter 2010 consolidated revenues by $169
million ($72 million to net income attributable to common stock or $0.08
per share). Adjustments to the December 31, 2010, provisionally priced
copper sales resulted in a decrease to consolidated revenues of $12
million ($5 million to net income attributable to common stock or $0.01
per share) for the first six months of 2011, compared with adjustments
to the December 31, 2009, provisionally priced copper sales that
resulted in a decrease to consolidated revenues of $23 million ($9
million to net income attributable to common stock or $0.01 per share)
for the first six months of 2010.

At June 30, 2011, FCX had provisionally priced copper sales at its
copper mining operations totaling 435 million pounds of copper (net of
intercompany sales and noncontrolling interests) recorded at an average
of $4.27 per pound, subject to final pricing over the next several
months. FCX estimates that each $0.05 change in the price realized from
the June 30, 2011, provisional price recorded would have an approximate
$14 million effect on its 2011 net income attributable to common stock.
The LME spot copper price on July 20, 2011, was $4.43 per pound.

FCX defers recognizing profits on its sales from its Indonesia and South
America mining operations to Atlantic Copper and on 25 percent of
Indonesia's mining sales to PT Smelting (PT-FI's 25 percent-owned
Indonesian smelting unit) until final sales to third parties occur.
FCX's net deferred profits on its Indonesia and South America
concentrate inventories at Atlantic Copper and PT Smelting to be
recognized in future periods' net income attributable to common stock
totaled $218 million at June 30, 2011. Quarterly variations in ore
grades, the timing of intercompany shipments and changes in product
prices will result in variability in FCX's net deferred profits and
quarterly earnings.

CASH FLOWS

FCX generated operating cash flows of $1.7 billion for second-quarter
2011 and $4.0 billion for the first six months of 2011. These amounts
are net of working capital uses of $496 million for the second quarter
and $382 million for the six-month period.

Based on current 2011 sales volume and cost estimates and assuming
average prices of $4.25 per pound of copper, $1,500 per ounce of gold
and $15 per pound of molybdenum for the second half of 2011, FCX's
consolidated operating cash flows are estimated to exceed $8 billion for
the year 2011. The impact of price changes on operating cash flows would
approximate $80 million for each $0.05 per pound change in the average
price of copper during the second half of 2011, $35 million for each $50
per ounce change in the average price of gold during the second half of
2011 and $40 million for each $2 per pound change in the average price
of molybdenum during the second half of 2011.

Capital expenditures, including capitalized interest, totaled $527
million for second-quarter 2011 and $1.0 billion for the first six
months of 2011. FCX's capital expenditures are currently estimated to
approximate $2.6 billion for the year 2011, including $1.4 billion for
major projects and $1.2 billion for sustaining capital. Major projects
for 2011 primarily include underground development activities at
Grasberg, construction activities at the Climax molybdenum mine and
completion of the initial phase of the sulfide ore project at El Abra.
FCX is also considering additional investments at several of its sites.
Capital spending plans will continue to be reviewed and adjusted in
response to changes in market conditions and other factors.

CASH AND DEBT

At June 30, 2011, FCX had consolidated cash of $4.4 billion. Net of
noncontrolling interests' share, taxes and other costs, cash available
to the parent company totaled $3.4 billion as shown below (in billions):

At June 30, 2011, FCX had $3.5 billion in debt. FCX had no borrowings
and $43 million of letters of credit issued under its revolving credit
facility resulting in total availability of approximately $1.5 billion
at June 30, 2011. Since January 1, 2009, FCX has repaid $3.8 billion in
debt resulting in estimated annual interest savings of approximately
$270 million based on current interest rates.

FCX does not have significant debt maturities in the near term (a total
of $5 million through 2016); however, FCX may consider opportunities to
prepay debt in advance of scheduled maturities. FCX has $3.0 billion in
debt that is redeemable in whole or in part, at its option, at
make-whole redemption prices prior to April 2012, and afterwards at
stated redemption prices.

FINANCIAL POLICY

FCX has a long-standing tradition of seeking to build shareholder value
through investing in projects with attractive rates of return and
returning cash to shareholders through common stock dividends and share
purchases. On June 1, 2011, FCX paid a supplemental common stock
dividend of $0.50 per share, which is in addition to FCX's current
annual common stock dividend of $1.00 per share ($0.25 per share
quarterly). FCX has paid common stock dividends of $949 million for the
first six months of 2011, which includes $474 million for the
supplemental dividend paid on June 1, 2011. FCX intends to continue to
maintain a strong financial position, invest aggressively in attractive
growth projects and provide cash returns to shareholders. The Board will
continue to review FCX's financial policy on an ongoing basis.

WEBCAST INFORMATION

A conference call with securities analysts to discuss FCX's
second-quarter 2011 results is scheduled for today at 10:00 a.m. Eastern
Time. The conference call will be broadcast on the Internet along with
slides. Interested parties may listen to the conference call live and
view the slides by accessing 'www.fcx.com.?
A replay of the webcast will be available through Friday, August 19,
2011.

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 minerals
district, 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 Tenke Fungurume minerals district in the DRC.
Additional information about FCX is available on FCX's website at 'www.fcx.com.?

Cautionary Statement and Regulation G Disclosure:This
press release contains forward-looking statements in which FCX discusses
its potential future performance.Forward-looking statements are
all statements other than statements of historical facts, such as those
statements regarding projected ore grades and milling rates, projected
production and sales volumes, projected unit net cash costs, projected
operating cash flows, projected capital expenditures, exploration
efforts and results, mine production and development plans, liquidity,
other financial commitments and tax rates, the impact of copper, gold,
molybdenum and cobalt price changes, potential prepayments of debt,
future dividend payments and potential share purchases.The words
'anticipates,? 'may,? 'can,? 'plans,? 'believes,? 'estimates,?
'expects,? 'projects,? 'intends,? 'likely,? 'will,? 'should,? 'to be,?
and any similar expressions are intended to identify those assertions as
forward-looking statements.The declaration of dividends is at
the discretion of FCX's Board of Directors (the Board) and will depend
on FCX's financial results, cash requirements, future prospects, and
other factors deemed relevant by the Board.

FCX cautions readers that forward-looking statements are not
guarantees of future performance and its actual results may differ
materially from those anticipated, projected or assumed in the
forward-looking statements.Important factors that can cause
FCX's actual results to differ materially from those anticipated in the
forward-looking statements include commodity prices, mine sequencing,
production rates, industry risks, regulatory changes, political risks,
the potential effects of violence in Indonesia, the resolution of
administrative disputes in the Democratic Republic of Congo,
weather-related risks, labor relations, including the resolution of
labor negotiations in Indonesia, environmental risks, litigation
results, currency translation risks and other factors described in more
detail under the heading 'Risk Factors? in FCX's Annual Report on Form
10-K for the year ended December 31, 2010, filed with the U.S.
Securities and Exchange Commission (SEC) as updated by our subsequent
filings with the SEC.

Investors are cautioned that many of the assumptions on which our
forward-looking statements are based are likely to change after our
forward-looking statements are made, including for example commodity
prices, which we cannot control, and production volumes and costs, some
aspects of which we may or may not be able to control. Further, we may
make changes to our business plans that could or will affect our
results. We caution investors that we do not intend to update our
forward-looking statements notwithstanding any changes in our
assumptions, changes in our business plans, our actual experience, or
other changes, and we undertake no obligation to update any
forward-looking statements more frequently than quarterly.

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 VII, which is available on FCX's website, 'www.fcx.com.?