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): November 2, 1995
FREEPORT-McMoRan COPPER & GOLD INC.
Delaware 1-9916 74-2480931
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
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The following news release was issued by Freeport-McMoRan Copper
& Gold Inc. on November 2, 1995:
FREEPORT-McMoRan COPPER & GOLD REJECTS
OPIC INSURANCE CANCELLATION EFFORT
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NEW ORLEANS, LA., November 2, 1995 -- Freeport-McMoRan
Copper & Gold Inc. (FCX) has been notified that the Overseas
Private Investment Corporation (OPIC) has sought to terminate an
insurance contract that provides $100 million of political risk
insurance on FCX's Indonesian mining operations. Based on the
advice of its legal counsel, FCX believes that OPIC lacks a legal
basis for cancelling this coverage and, therefore, the coverage
remains in effect. Resolution of this dispute has been submitted
to arbitration as provided by FCX's contract with OPIC. While
the OPIC insurance represents only a portion of FCX's political
risk insurance coverage, FCX is determined to enforce its
contractual rights even though it does not consider the OPIC
contract insurance financially significant. OPIC stated it
planned to terminate the insurance contract because the mining
operations have expanded beyond the original scope and further
expressed concerns about new environmental issues associated with
the expansion.
Contrary to OPIC's statements, the expanded scope of FCX's
mining operations does not violate the insurance policy.
Similarly, the environmental concerns expressed by OPIC have no
basis in fact. FCX is committed to the highest environmental
standards in its mining operations. FCX is in compliance with
Indonesian environmental regulations and has received all
necessary environmental approvals from the Government of
Indonesia after detailed reviews of its operations.
Although this dispute will in no way affect FCX's
operations, OPIC's cancellation effort contradicts its statutory
obligation to "mobilize and facilitate the participation of
United States private capital and skills in the economic and
social development of less developed countries."<PAGE>
SIGNATURE
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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/ John T. Eads
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John T. Eads
Controller - Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: November 2, 1995
