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Freeport-McMoRan Copper & Gold Public Offering of Common Stock and Mandatory Convertible Preferred Stock


NEW ORLEANS & PHOENIX - Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) has commenced a public offering of approximately 35 million shares of common stock. The underwriters have an option to purchase from the company up to an additional 5.25 million common shares to cover overallotments, if any.

FCX also announced that it has concurrently commenced a public offering of 10 million shares of mandatory convertible preferred stock for $100.00 per share. The underwriters have an option to purchase from the company up to an additional 1.5 million mandatory convertible preferred shares to cover overallotments, if any.

FCX intends to use the net proceeds from these offerings to repay indebtedness incurred in connection with the acquisition of Phelps Dodge Corporation.

The joint book-running managers for these offerings are Merrill Lynch & Co. and JPMorgan.

The offerings will be made under the company’s existing shelf registration statement filed with the Securities and Exchange Commission. This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the shares will be made exclusively by means of a prospectus and prospectus supplement.

Copies of the preliminary prospectus supplements and accompanying prospectus relating to these offerings may be obtained by contacting Merrill Lynch & Co., 4 World Financial Center, New York, New York, 10080 or JPMorgan, National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, C S Level, Brooklyn, New York 11245.

FCX is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum.


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