Exhibit 99.1


                 FREEPORT-McMoRan COPPER & GOLD INC.
            TO ESTABLISH TRUST FOR TRIBAL COMMUNITIES

  *  FCX To Establish Trust for Amungme and Kamoro Tribes In
     Accordance with 1996 Agreement
  *  FCX To Fund $500,000 per year To Trust, with initial funding
     of $2.5 million
  *  Tribal Leaders and FCX Officials Pledge Continued
     Collaborative Relationship

  New Orleans, LA,  (USA), September 24, 2001 - Freeport-
  McMoRan Copper & Gold Inc. (FCX) and its mining affiliate
  PT Freeport Indonesia (PT-FI), together with indigenous
  community leaders from Irian Jaya (Papua), Indonesia today
  announced the signing of a "Letter and Mutual
  Acknowledgement" that will provide for a trust for the
  benefit of original tribal inhabitants of the Grasberg mine
  project area.  This agreement, first outlined in 1996,
  fulfills a commitment by PT-FI for voluntary special
  recognition for the holders of the hak ulayat, or
  traditional land rights, in the mining area and for the
  expanded scope and continuing success of the mining
  operations.  This agreement is in addition to other
  agreements between PT-FI and the local communities,
  including the Freeport Fund for Irian Jaya Development and
  existing land use recognition programs through which
  approximately $20 million in annual development funding is
  provided to communities in the area of PT-FI's operations.

     Under the agreement, PT-FI will fund $500,000 per year
  to the Trust and will initially provide $2.5 million
  representing funding for 1996 through 2000.   The Amungme
  and Kamoro tribal leaders expressed a desire for an equity
  ownership in PT-FI's operations in Irian Jaya (Papua) and
  intend to use a portion of the funds to buy shares of FCX
  in the public market to be owned and held by the Trust.

     The Trust provides benefits for the tribal groups in
  villages closest to PT-FI's operations through their local
  organizations known as BUK NEGEL (for the Amungme villages
  of Waa-Banti, Tsinga and Arwanop) and O NEGEL (for the
  Kamoro villages of Nayaro, Nawaripi and Tipuka) and their
  community development organizations LEMASA (Amungme) and
  LEMASKO (Kamoro).

     James R. Moffett, Chairman and CEO of FCX, and President
  Commissioner of PT-FI, in the signing ceremony with the
  community leaders, said, "This agreement and the Memorandum
  of Understanding signed last year are the result of several
  years of dialogue between PT-FI and the local community as
  we continue to work together in a spirit of mutual respect
  and understanding."

     Thom Beanal, Chairman of LEMASA, said that the agreement
  solidifies the local people's relationship with FCX and PT-
  FI for the benefit of all parties and is the realization of
  the community's desire for ownership in the Grasberg
  project.  Beanal said, "We used to be on the outside, but
  now we stand together.  We have a stake in this mining
  operation and we will work hard so that we can share in its
  success."

     Welly Mandowen, a Papuan and development advisor who
  participated in the process, said, "It is my hope that this
  agreement will serve as a model for other companies
  operating in Papua and throughout Indonesia to build a
  strong relationship with its local stakeholders in the
  development of human resources, sustainable social and
  economic development, environmental responsibility and
  human rights."

     FCX and PT-FI also emphasized support for two
  significant human rights initiatives in Irian Jaya.   The
  Freeport companies pledged continued assistance for a Human
  Rights Center in the Mimika Regency of Irian Jaya organized
  by LEMASA.  The companies also renewed support for the
  HAMAK Foundation headed by Ms. Yosepha Alomang for the
  purpose of supporting human rights in Irian Jaya with a
  special focus on women and children.

     Judge Gabrielle Kirk McDonald, a member of the FCX Board
  of Directors and Special Counsel to the Chairman on Human
  Rights, engaged in dialogue with the community leaders, and
  announced FCX's full support of PT-FI's planned major human
  rights education and training programs for 2001 and 2002.
  Judge McDonald said, "We have been working together for
  many years now on these important issues.  This agreement
  formalizes our commitments not only to the upholding and
  promotion of human rights, but also to partnership for
  positive economic and social development."

     FCX is engaged through its affiliates in mineral
  exploration and development, mining and milling of copper,
  gold and silver in Irian Jaya, Indonesia, and the smelting
  and refining of copper concentrates in Spain and Indonesia.