Freeport-McMoRan Copper & Gold Inc. Provides Update on Grasberg Operations

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that PT
Freeport Indonesia (PT-FI) has commenced restart operations at its
Grasberg mining and milling operations following a temporary
labor-related shutdown on February 23, 2012. Recent discussions between
PT-FI management, union leaders, members of the workforce and the local
community have focused on returning to work in a harmonious and
productive fashion. Mobilization of the workforce commenced on March 12,
2012 and mining and milling activities are being ramped up. Full
production is expected to be reached in the second quarter of 2012.

FCX estimates the impact from the recent work stoppage and work
interruptions experienced earlier in the quarter will reduce first
quarter 2012 production and sales by approximately 80 million pounds of
copper and 125,000 ounces of gold. FCX′s January 2012 estimates on a
consolidated basis for first quarter sales volumes were 875 million
pounds of copper and 425,000 ounces of gold, including 210 million
pounds and 400,000 ounces from PT-FI. FCX is revising its consolidated
first quarter sales volumes to 795 million pounds of copper and 300,000
ounces of gold to reflect the production disruptions at Grasberg. The
achievement of first quarter sales volumes is dependent on a number of
factors, including ramp-up activities at Grasberg.

FCX is reviewing its annual plans and will be updating its annual sales
estimates in connection with the reporting of its first quarter results.

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 includes the Grasberg minerals
district in Indonesia, the world′s largest copper and gold mine in terms
of recoverable reserves; significant mining operations in the Americas,
including the large scale Morenci minerals district in North America and
the Cerro Verde and El Abra operations in South America; and the Tenke
Fungurume minerals district in the Democratic Republic of Congo.
Additional information about FCX is available on FCX's website at 'www.fcx.com.?

Cautionary Statement.This press release contains
forward-looking statements in which FCX discusses its potential future
performance.Forward-looking statements are all statements other
than statements of historical facts, such as those statements regarding
projected ore grades and milling rates, projected production and sales
volumes, projected unit net cash costs, projected operating cash flows,
projected capital expenditures, exploration efforts and results, mine
production and development plans, the impact of deferred intercompany
profits on earnings, liquidity, other financial commitments and tax
rates, the impact of copper, gold, molybdenum and cobalt price changes,
potential prepayments of debt, future dividend payments and potential
share purchases.The words 'anticipates,? 'may,? 'can,? 'plans,?
'believes,? 'estimates,? 'expects,? 'projects,? 'intends,? 'likely,?
'will,? 'should,? 'to be,? and any similar expressions are intended to
identify those assertions as forward-looking statements.

FCX cautions readers that forward-looking statements are not
guarantees of future performance and its actual results may differ
materially from those anticipated, projected or assumed in the
forward-looking statements.Important factors that can cause
FCX's actual results to differ materially from those anticipated in the
forward-looking statements include commodity prices, mine sequencing,
production rates, industry risks, regulatory changes, political risks,
the potential effects of violence in Indonesia, the resolution of
administrative disputes in the Democratic Republic of Congo, weather-
and climate-related risks, labor relations, environmental risks,
litigation results, currency translation risks and other factors
described in more detail under the heading 'Risk Factors? in FCX's
Annual Report on Form 10-K for the year ended December 31, 2011, filed
with the U.S. Securities and Exchange Commission (SEC).

Investors are cautioned that many of the assumptions on which our
forward-looking statements are based are likely to change after our
forward-looking statements are made, including for example commodity
prices, which we cannot control, and production volumes and costs, some
aspects of which we may or may not be able to control. Further, we may
make changes to our business plans that could or will affect our
results. We caution investors that we do not intend to update our
forward-looking statements more frequently than quarterly
notwithstanding any changes in our assumptions, changes in our business
plans, our actual experience or other changes, and we undertake no
obligation to update any forward-looking statements.

Freeport-McMoRan Copper & Gold Inc.

Financial
Contacts:

Kathleen L. Quirk, 602-366-8016

or

David
P. Joint, 504-582-4203

or

Media Contact:

Eric
E. Kinneberg, 602-366-7994