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): February 28, 1997
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.
The following news release was issued by Freeport-McMoRan Copper
& Gold Inc. on February 28, 1997:
NEW ORLEANS, LA., February 28, 1997 -- Freeport-McMoRan Copper &
Gold Inc. (FCX) announced today proved and probable recoverable
reserves for the year ended December 31, 1996, upon completion of
engineering analysis of mineral resources for its year-end
financial reports. During 1996, P.T. Freeport Indonesia Company
(PT-FI), FCX's mining affiliate, added new proved and probable
recoverable reserves totaling approximately 161 million metric
tons of ore representing 4.1 billion pounds of copper, 4.9
million ounces of gold and 10.3 million ounces of silver. Of the
reserves that were added, approximately one-half resulted from
initial delineation drilling at the Kucing Liar ore body while
the remainder were from the Grasberg and IOZ/DOZ ore bodies.
These recoverable reserves reflect an upward adjustment to the
estimated 1996 reserve additions previously reported in FCX's
fourth quarter earnings release on January 21, 1997.
Pursuant to the joint venture arrangements between FCX and
The RTZ-CRA Group (RTZ-CRA), RTZ-CRA has the conditional right to
a 40 percent interest in newly discovered reserves, subsequent to
December 31, 1994. RTZ-CRA does not participate in PT-FI ore
reserves discovered prior to December 31, 1994. Net of 1996
production, PT-FI's proved and probable recoverable reserves at
December 31, 1996, on a 100 percent basis, totaled 2.0 billion
metric tons of ore averaging 1.19 percent copper, 1.18 grams of
gold per ton and 3.80 grams of silver per ton representing 43.2
billion pounds of copper, 55.3 million ounces of gold and 118.7
million ounces of silver.
Delineation and exploration drilling continues along a
portion of the 1.5 kilometer Kucing Liar mineralized zone which
could represent a geologic resource of 250 million metric tons at
an average grade of approximately 2 percent copper equivalent on
the southern flank of the Grasberg intrusive. As the Amole adit,
being driven at the 2,900 meter elevation, progresses into the
Grasberg ore body, additional exploration drilling will be
conducted to test the western and northern flanks of the Grasberg
intrusive for Kucing Liar type mineralization as well as heavy
sulfide "skarn-type" mineralization around the fringes of the
Grasberg ore body. PT-FI anticipates establishing significant
future additions to reserves as drilling progresses and mine
plans are developed for the Kucing Liar ore body.
FCX is engaged in mineral exploration and development,
mining and milling of copper, gold and silver in Irian Jaya,
Indonesia and the smelting and refining of copper concentrates in
Spain. FCX is also involved in a joint venture to construct and
operate a smelter/refinery in Indonesia.
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/ Michael A. Weaver
------------------------------
Michael A. Weaver
Controller-Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: February 28, 1997
