March 5, 2002

Freeport-McMoRan Copper & Gold Inc.
1615 Poydras St.
New Orleans, LA  70112

Dear Gentlemen/Ladies:

This letter is written to meet the requirements of Regulation S-K
calling for a letter from a registrant's independent accountants
whenever there has been a change in accounting principle or
practice.

We have been informed that, as of January 1, 2002, Freeport-
McMoRan Copper & Gold Inc. (the Company) changed its method of
accounting for depreciation and depletion of its mining and
milling life-of-mine assets.  Through December 31, 2001, total
historical capitalized costs and estimated future development
costs relating to its developed and undeveloped reserves were
depreciated and depleted using the unit-of-production method
based on total developed and undeveloped proven and probable
copper reserves.  Effective January 1, 2002, depreciation for
mining and milling life-of-mine assets excludes consideration of
future development costs.  Instead, under the new methodology,
the Company will depreciate only the historical capitalized costs
of individual producing mines over the related proven and
probable copper reserves.  Common costs, such as infrastructure,
will continue to be amortized over all proven and probable copper
reserves.  According to the management of the Company, after
considering the inherent uncertainties and subjectivity relating
to the long time frame over which estimated future development
costs would be incurred, and after consultation with the
accounting staff of the Securities and Exchange Commission,
management decided to revise its depreciation methodology
prospectively.

A complete coordinated set of financial and reporting standards
for determining the preferability of accounting principles among
acceptable alternative principles has not been established by the
accounting profession.  Thus, we cannot make an objective
determination of whether the change in accounting described in
the preceding paragraph is a preferable method.  However, we have
reviewed the pertinent factors, including those related to
financial reporting, in this particular case on a subjective
basis, and our opinion stated below is based on our determination
made in this manner.

We are of the opinion that the Company's change in method of
accounting is to an acceptable alternative method of accounting,
which, based upon the reasons stated for the change and our
discussions with you, is also preferable under the circumstance
in this particular case.  In arriving at this opinion, we have
relied on the business judgment and business planning of your
management.

We have not audited the application of this change to the
financial statements of any period subsequent to December 31,
2001.  Further, we have not examined and do not express any
opinion with respect to your financial statements for the three
months ended March 31, 2002.

Very truly yours,

/s/ Arthur Andersen LLP