Freeport-McMoRan Copper & Gold Inc. Announces Final Mandatory Redemption of its Silver-Denominated Preferred Stock

Business Wire, June 15, 2006

NEW ORLEANS -- Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today the final mandatory redemption, on August 1, 2006, of its Silver-Denominated Preferred Stock and the related redemption of each remaining outstanding depositary share representing 0.003125 shares of its Silver-Denominated Preferred Stock (NYSE: FCX Pr D, CUSIP 35671D865). There are currently 4,760,000 depositary shares of FCX Pr D outstanding.

Each depositary share of FCX Pr D will be redeemed for a cash amount equal to the dollar equivalent of the value of 0.5 ounce of silver, calculated using the average of the London silver fixing spot price for an ounce of silver in the London bullion market on each of the 20 trading days ending on June 28, 2006. In addition, holders of the depositary shares of FCX Pr D as of July 17, 2006, will be entitled to receive the final regular quarterly dividends payable on August 1, 2006. The redemption on August 1, 2006, will be the final of eight annual mandatory partial redemptions.

Written notice of the specific terms for the final mandatory redemption, along with a transmittal form, will be mailed to registered holders of the depositary shares by Mellon Investor Services LLC (Mellon), the redemption agent, on or about June 15, 2006. Registered holders of depositary shares will be instructed to deliver the transmittal form along with their certificates representing depositary shares to Mellon in order to receive the redemption amount plus any accrued and unpaid dividends. Any questions may also be directed to Mellon at 1-800-777-3674.

The distribution of cash proceeds from the mandatory redemption will be a taxable event. Depositary shareholders consult their tax advisors regarding their individual circumstances.

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.