SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C.  20549


                                       FORM 8-K

                                    CURRENT REPORT

                        Pursuant to Section 13 or 15(d) of the

                           Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported):  September 11, 1996


                         Freeport-McMoRan Copper & Gold Inc.


         Delaware                      1-9916              74-2480931
 (State or other jurisdiction       (Commission         (I.R.S. Employer
 of incorporation or organization)  File Number)        Identification Number)


                                 1615 Poydras Street
                            New Orleans, Louisiana  70112

     Registrant's telephone number, including area code:  (504) 582-4000





               Item 5.  Other events.

               On September 11,  1996, Freeport-McMoRan  Copper &  Gold
               Inc. ("FCX")  notified the  Overseas Private  Investment
               Corporation  ("OPIC"),   the   Multilateral   Investment
               Guarantee Agency, and certain other insurers that it has
               elected  to  terminate   all  of   its  political   risk
               insurance.  The terminations of individual policies will
               be effective at various times  through the end of  1996.
               The  policies  were  acquired   in  1990  and  1991   in
               connection with the early expansion of the Grasberg mine
               in Indonesia,  and  were  designed  primarily  to  cover
               certain breach of contract risks.  FCX's termination  of
               the insurance  was  a  business decision  made  after  a
               review  of  the  relative  costs  and  benefits  of  the
               insurance to FCX  and its stockholders.   Based on  that
               review, FCX  concluded that  the potential  benefits  of
               such insurance, which provided a relatively small amount
               of coverage in relation to the value of FCX's Indonesian
               assets, no  longer  justify  the cost  in  view  of  the
               maturity of  FCX's  mining  project  in  Indonesia,  the
               Indonesian Government's support of the project, and  the
               Government's record  of  economic stability  and  growth
               over  the  last  thirty  years.    Maintenance  of  this
               insurance has not been required by FCX's lenders.






                                      SIGNATURE


               Pursuant to the requirements  of the Securities Exchange  Act
          of 1934, the registrant has duly  caused this report to be  signed
          on its behalf by the undersigned, thereunto duly authorized.


                                     Freeport-McMoRan Copper &  Gold Inc.



                                     By:     /s/ Richard C. Adkerson
                                             ---------------------------
                                             Richard C. Adkerson
                                             Executive Vice President
                                             and Chief Financial Officer

          Date:  September 23, 1996