Release: Freeport-McMoRan Copper & Gold Inc. updates activities at its Grasberg mining operations

(NEW ORLEANS, LA, November 26, 2003) Freeport-McMoRan Copper & Gold Inc. announced today that its mining affiliate, PT Freeport Indonesia (PT-FI), has completed recovery efforts related to the previously reported October 9, 2003 pit wall slippage at its Grasberg mining operations in Papua,Indonesia. Eight victims perished in the incident. All material involved in the affected mining areas has been removed. PT-FI has submitted documentation to the Department of Energy and Mineral Resources (DEMR) and plans to resume normal operations on receipt of governmental approval expected imminently. PT-FI is on track to achieve its previously reported estimated 2003 adjusted annual sales of 1.33 billion pounds of copper and 2.45 million ounces of gold.

In an event unrelated to the pit wall slippage, on November 22, 2003, regrettably two workers were asphyxiated in an underground tunnel conveying ore from the Grasberg mine to mill facilities. A number of other workers reported symptoms. None were injured seriously and all have been released from the company’s medical facilities. The incident occurred when ore from the Grasberg surface mine containing previously unencountered concentrations of elemental sulphur released fumes in the tunnel. The sulphur was located in a four-by-five meter area, in a low grade section in the outer margins of the Grasberg open pit that normally would have been mined as waste. The event did not involve PT FI’s DOZ underground mine. After completion of assessments by PT-FI and the DEMR inspectors, PT-FI has resumed operations in conjunction with taking appropriate preventive actions designed to ensure similar events do not occur in the future.

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.(end of release)