Freeport-McMoRan Copper & Gold Inc. Completes Acquisition of Kokkola Cobalt Refinery

  Freeport-McMoRan Copper & Gold Inc. Completes Acquisition of Kokkola Cobalt
  Refinery

Business Wire

PHOENIX -- March 29, 2013

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today the completion
of the previously announced transaction for FCX and its joint venture partners
to acquire from OM Group, Inc., a large scale cobalt chemical refinery located
in Kokkola, Finland, and related sales and marketing business. The joint
venture will operate under the name Freeport Cobalt and FCX will be the
operator with an effective 56 percent ownership interest, with the remaining
effective ownership interests held by its partners in Tenke Fungurume Mining,
including 24 percent by Lundin Mining Corporation and 20 percent by La
Générale des Carrières et des Mines (Gécamines). The acquisition enhances
FCX’s cobalt marketing position, product portfolio and product development
capabilities and provides direct end-market access for the cobalt hydroxide
production at Tenke.

Total consideration, including approximately $30 million of acquired cash,
approximated $355 million and was funded 70% by FCX and 30% by Lundin Mining
Corporation,whichamounts will be repaid prior to any distributions. Under
the terms of the agreement, OM Group is entitled to receive potential
additional consideration of up to $110 million over a period of three years,
contingent upon the achievement of revenue-based performance targets.

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, one
of the world’s largest copper and gold mines in terms of recoverable 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 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,
which are all statements other than statements of historical facts, such as
those statements regarding completion of the pending acquisitions. 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 risks associated with
the integration of the cobalt refinery into FCX’s business 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 December31, 2012, filed with the U.S.
Securities and Exchange Commission (SEC).

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

Contact:

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
 
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