Exhibit 10.26 December 7, 1998 														 Mr. B. M. Rankin, Jr. 4500 Roland Avenue Unit #804 Dallas, TX 75219 Supplemental Agreement Providing an Extentsion to Consulting Agreement of January 1, 1991 Dear Mr. Rankin: I am writing in reference to the consulting agreement of January 1, 1991, (the "Consulting Agreement") between you and Freeport-McMoRan Inc. and to the Supplemental Agreement between you and FM Serivces Company (the "Company") dated December 15, 1997. By way of this Supplemental Agreement, the Company would like to extend your Consulting Agreement through December 31, 2000, with an increase in your quarterly consulting fee, effective January 1, 1999, to $60,000. All other terms and conditions of the Consulting Agreement and Supplemental Agreement dated December 15, 1997, 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, /s/Michael J. Arnold Michael J. Arnold Agreed to and accepted this 18th Day of December, 1998 By:/s/ B.M. Rankin, Jr. --------------------- B.M. Rankin, Jr.