Freeport-McMoRan Copper & Gold Inc. today declares the following quarterly cash dividends payable on May 1, 2010 to holders of record as of April 15, 2010:

- $0.15 per share of FCX's Common Stock.

- $1.6875 per share of FCX's 63/4% Mandatory Convertible Preferred Stock.

This preferred dividend will be the final quarterly cash dividend paid on FCX's 63/4% Mandatory Convertible Preferred Stock, which automatically converts on May 1, 2010, into between approximately 39 million and 47 million common shares depending on the applicable average closing market price of FCX's common stock over the 20 trading day period beginning on March 31, 2010 and ending on April 28, 2010.

If the applicable average closing market price of FCX's common stock is $72.91 or above then the conversion rate per $100 face amount of the preferred stock will be 1.3716. The conversion price would be 1.6460 if such price is at or below $60.75. For average FCX common stock prices between $60.75 and $72.91, the conversion rate will be equal to $100 divided by FCX's average closing common stock price during the 20 trading day period.