Freeport-McMoRan. announces mandatory redemption of Gold-Denominated Preferred Stock

Freeport-McMoRan Copper &Gold Inc.(FCX) announced Friday the mandatory redemption, on August 1, 2003, of its Gold-Denominated Preferred Stock and the related redemption of each outstanding depositary share representing 0.05 shares of its Gold-Denominated Preferred Stock. There are currently 6.0 million depositary shares of FCX Pr B outstanding.

Each depositary share of FCX Pr B will be redeemed for a cash amount equal to 0.10 times the arithmetic average of the London P.M. gold fixing price for an ounce of gold in the London bullion market on each of the 20 trading days ending on July 30, 2003, plus accrued and unpaid dividends scheduled to be paid on August 1, 2003.

FCX explores for, develops, mines and processes ore containing copper, gold and silver in the easternmost province of Papua, and smelts and refines copper concentrates in Spain and Indonesia. (alex)