Freeport-McMoRan Copper & Gold Inc. Increase in Common Stock Dividend to $2.00 per...

Freeport-McMoRan Copper & Gold Inc. Increase in Common Stock Dividend to $2.00 per Share and Expanded Share Purchase Program

PHOENIX--(Business Wire)--
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today
that its Board of Directors has authorized an increase in its annual
common stock dividend from $1.75 per share to $2.00 per share. The
dividend will be payable quarterly ($0.50 per share) beginning with
the November 2008 dividend payment.

FCX also announced today that its Board of Directors approved an
increase in its open market share purchase program to 30 million
shares from the prior authorization of 20 million shares. The timing
of future purchases is dependent upon many factors including the
company's operating results, its cash flow and financial position, its
future expansion plans, copper prices, the market price of the common
shares and general economic and market conditions.

James R. Moffett, Chairman of the Board of FCX, and Richard C.
Adkerson, FCX's Chief Executive Officer, said, "Today's Board actions
to increase our common stock dividend and expand our share purchase
program reflect our financial strength and a positive outlook for our
business and markets. Our financial policy will be reviewed on an
ongoing basis and will be designed to maintain a strong balance sheet,
enable financial flexibility to invest in organic growth and provide
strong cash returns to shareholders subject to market conditions."

FCX has approximately 384 million shares of common stock
outstanding and approximately 446 million assuming conversion of FCX's
convertible securities.

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 include the Grasberg mining
complex, the world's largest copper and gold mine in terms of
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
potential world-class Tenke Fungurume development project in the
Democratic Republic of Congo. Additional information about FCX is
available on our web site at www.fcx.com.

Cautionary Statement. This press release contains forward-looking
statements in which we discuss factors we believe may affect our
performance in the future. Forward-looking statements are all
statements other than historical facts, such as statements regarding
timing of dividend payments and open market purchases of FCX common
stock. The declaration and payment of dividends is at the discretion
of the Company's Board of Directors and will depend on the Company's
financial results, cash requirements, future prospects, and other
factors deemed relevant by the Board. Additionally, important factors
that might cause future results to differ from these projections
include mine sequencing, production rates, industry risks, commodity
prices, political risks, weather-related risks, labor relations,
currency translation risks and other factors described in FCX's Annual
Report on Form 10-K for the year ended December 31, 2007, filed with
the Securities and Exchange Commission.

Freeport-McMoRan Copper & Gold Inc.
Financial Contacts:
Kathleen L. Quirk, 602-366-8016
David P. Joint, 504-582-4203
or
Media Contact:
William L. Collier, 504-582-1750

Copyright Business Wire 2008