Exhibit 10.13

               FREEPORT-McMoRan COPPER & GOLD INC.
               PERFORMANCE INCENTIVE AWARDS PROGRAM


   1. Purpose.  The purpose of the Performance Incentive Awards Program 
(the "Plan") of Freeport-McMoRan Copper & Gold Inc. (the "Company") is to 
provide greater incentives for certain key management, professional and 
technical employees whose performance in fulfilling the responsibilities 
of their positions can significantly affect the performance of the Company 
or its operating units. The Plan provides an opportunity to earn additional
compensation in the form of cash incentive payments based on the employee's
individual performance and on the results achieved by the Company and by 
the operating or staff unit for which the employee performs services.

   2. Administration.  The Plan shall be administered by the Chairman of 
the Board of the Company who shall have full authority to interpret the 
Plan and from time to time adopt rules and regulations for carrying out 
the Plan, subject to such directions as the Corporate Personnel Committee 
(the "Committee") of the Company's Board of Directors may give, either as 
guidelines or in particular cases.  In connection with his administration 
of the Plan, the Chairman of the Board may seek the views and 
recommendations of the Company's Operating Committee.

   3. Eligibility for Participation.  Each year the Chairman of the Board 
shall select the key managerial, professional or technical employees of 
the Company or of any of its subsidiaries who shall be eligible for 
participation in the Plan during that year.  The Chairman of the Board may 
in his discretion make such selection, in whole or in part, on the basis 
of minimum salary levels, or position-point levels.

   The selection of an employee for eligibility in a particular year shall
not constitute entitlement either to an incentive payment under the Plan 
for that year or to selection for eligibility in any subsequent year.  
Selection of employees for eligibility in a particular year will ordinarily
be made in January of that year, but selection of any employee or employees
may be made at any subsequent time or times in such year.

   No officer or employee shall receive any incentive payment under the 
Plan for any year during which such officer or employee was a participant 
in the Freeport-McMoRan Copper & Gold Inc. Annual Incentive Plan.

   4. Determination of Target Incentives.  At the time each employee is 
selected for eligibility in the Plan for a particular year, the Chairman 
of the Board shall determine a target incentive or a target incentive range
for the employee with respect to that year.  Such incentive or range shall 
be indicative of the incentive payment which the employee might expect to 
receive on the basis of strong performance by such employee, by the Company
and by such employee's operating or staff unit, having regard to such 
performance standards and objectives as may be established with respect
to that year.

   5. Cash Incentive Payments.  After the end of each year the Chairman 
of the Board shall evaluate, or cause to be evaluated, the performance of
each employee selected for eligibility under the Plan for that year, as 
well as the performance of the Company and the employee's operating or
staff unit.  Based on such evaluation, the Chairman of the Board shall 
determine whether a cash incentive payment shall be made to such employee 
for that year and, if so, the amount of such payment.  The aggregate 
amount of all such incentive payments shall be submitted to the Committee
for its approval.  Subject to such approval, each such payment (less 
applicable withholding and other taxes) shall be made at such time 
established by the Chairman of the Board or the Committee after such 
approval, which shall in no event be later than February 28 of the year 
following the year for which the incentive payments are made.  An individual
who has been awarded an incentive payment for a particular year need not 
be employed by the Company or any of its subsidiaries at the time of
payment thereof to be eligible to receive such payment.  Notwithstanding 
any of the foregoing to the contrary, if an individual selected for 
eligibility under the Plan for a particular year should cease to be employed
by the Company and its subsidiaries for any reason prior to the end of such
year, the Chairman of the Board shall evaluate, or cause to be evaluated, 
the performance of such employee and the employee's operating or staff unit
for the portion of such year prior to such cessation of employment.  Based
on such evaluation, the Chairman of the Board shall determine whether a cash
incentive payment shall be made to such employee for that year and, if so, 
the amount of such payment.  The aggregate amount of all such incentive 
payments shall be submitted to the Committee for its approval.  Subject to
such approval, each such payment (less applicable withholding and other
taxes) shall be made at such time established by the Chairman of the Board
or the Committee after such approval, which may be made at any time during 
the year for which such incentive payments are made but shall in no event 
be later than February 28 of the year following such year.

   6. Optional Deferral of Payments.  If, prior to the date established by
the Chairman of the Board or the Committee for any year for which incentive
payments are made, an employee selected for participation in the Plan shall
so elect, in accordance with procedures established by the Chairman of the 
Board, all or any part of a cash incentive payment to such employee with 
respect to such year shall be deferred and paid in one or more periodic 
installments, not in excess of ten, at such time or times before or after 
the date of such employee's Termination of Employment (as hereinafter 
defined), but not later than ten years after such date of Termination of 
Employment, as shall be specified in such election.  If and only if any 
cash incentive payment or portion thereof is so deferred for payment after
December 31 of the year following the year for which the incentive payment 
is made, such cash incentive payment or portion thereof, as the case may be,
shall, commencing with January 1 of the year following the year for which 
the incentive payment is made, be increased at a rate equal to the prime 
commercial lending rate announced from time to time by The Chase Manhattan 
Bank, N.A. (compounded quarterly) or at such other rate and in such manner
as shall be determined from time to time by the Committee.  If such 
employee's Termination of Employment occurs for any reason other than 
early or normal retirement under the retirement plan of this corporation 
or retirement with the consent of this corporation outside the retirement 
plan of this corporation and if, on the date of such Termination of 
Employment, there remain unpaid any installments of cash incentive payments
which have been deferred as provided in this Section 6, the Committee or 
the Chairman of the Board may, in its or his discretion, direct the payment
to such employee of the aggregate amount of such unpaid installments in a 
lump sum, notwithstanding such election.  Subject to the terms of the Plan
and applicable law, the Committee may delegate to one or more officers or 
assistant officers of the Company its authority set forth in the immediately
preceding sentence, subject to such terms and limitations as the Committee 
shall determine.  Solely for purposes of this Section 6, the term 
"Termination of Employment" shall mean the cessation of the rendering of 
services, whether or not as an employee, to any and all of the following 
entities: the Company; any subsidiary of the Company; Freeport-McMoRan Inc.;
any subsidiary of Freeport-McMoRan Inc.; McMoRan Oil & Gas Co.; any 
subsidiary of McMoRan Oil & Gas Co.; any corporation or other entity in 
which any two or more of the aforementioned entities collectively possess,
directly or indirectly, equity interests representing at least 50% of the 
total ordinary voting power or at least 50% of the total value of all 
classes of equity interests of such corporation or other entity; and any 
law firm rendering services to any of the foregoing entities provided such
law firm consists of at least two or more members or associates who are or 
were officers of the Company, any subsidiary of the Company, Freeport-
McMoRan Inc., any subsidiary of Freeport-McMoRan Inc., McMoRan Oil & Gas 
Co., or any subsidiary of McMoRan Oil & Gas Co.

   7. General Provisions.  The selection of an employee for participation 
in the Plan shall not give such employee any right to be retained in the 
employ of the Company or any of its subsidiaries, and the right of the 
Company and of such subsidiary to dismiss or discharge any such employee is
specifically reserved. The benefits provided for employees under the Plan 
shall be in addition to, and in no way preclude, other forms of compensation
to or in respect of such employee.

   8. Amendment or Termination.  The Committee may from time to time amend
or at any time terminate the Plan.