Exhibit 10.25

 
            FM SERVICES
            Affiliate of
            Freeport-McMoRan Copper & Gold Inc.

            FM Services Company                 Telephone:(504) 582-4000
            1615 Poydras Street
            New Orleans, LA  70112
            P.O. Box 61119
            New Orleans, LA  70161


            FM Services Company                  Telephone: (504) 582-4000
            1615 Poydras Street
            New Orleans, LA  70112

              Supplemental Agreement Providing an Extension to
                       Consulting Agreement of January 1, 1991

            Dear Mr. Rankin:

            Reference is made to the consulting agreement of January 1,
            1991 (the "Consulting Agreement") between you and Freeport-
            McMoRan Inc. (the "Company").

            By way of this Supplemental Agreement, the Company would
            like to extend your Consulting Agreement through December
            31, 1998, with an increase in your quarterly consulting fee,
            effective January 1, 1998, to $51,500.  This Supplemental
            Agreement shall also serve to substitute, effective
            immediately, FM Services Company for Freeport-McMoRan Inc.
            as the Company for all purposes in the Consulting Agreement.
            FM Services Company succeeds Freeport-McMoRan Inc. as the
            entity which administers the Consulting Agreement.
            Additionally, by way of this Supplemental Agreement, the
            Company would like to amend your Consulting Agreement to
            provide for medical coverage for you and your eligible
            dependents under the FMS Medical Plan.  Coverage under the
            FMS Medical Plan will replace your current coverage through
            Freeport-McMoRan Inc.  Any benefits under the FMS Medical
            Plan which are paid to you or on your behalf will be
            considered taxable income to you, and will be grossed-up for
            tax purposes by the Company.  Such tax gross-up payment will
            be calculated using the formula detailed on the attached
            Schedule A.  All other terms and conditions of the
            Consulting Agreement shall remain unchanged.

            Please confirm that the foregoing correctly sets forth our
            understanding with respect to this matter by signing both
            originals of this Supplemental Agreement and returning one
            to me.

                                               Very truly yours,



                                               By:/S/ Michael J. Arnold         

                                                      Michael J. Arnold
                                                      President
                                                      FM Services Company

            AGREED TO AND ACCEPTED

            BY: /S/ B. M. Rankin, Jr.         

                      B. M. Rankin, Jr.

            DATE:     12/18/97            




            SCHEDULE A


            Formula for Calculating Tax Gross-up Payment for FMS Medical
                 Plan Benefits Paid To Or On Behalf Of B. M. Rankin

                      _    Amount of Medical Plan benefits paid = A
                      _    Maximum federal tax rate applicable to
                           individuals for the year in which Medical 
                           Plan benefits are paid = B
                      _    Maximum tax rate for the State of Texas
                           applicable to individuals for the year in 
                           which Medical Plan benefits are paid = C



                 Tax Gross-Up Payment = [A x (B+C)] / [1-(B+C)]