Exhibit 99
NYSE Common Stock Symbols:
Class A shares - FCX.A Class B shares - FCX
Freeport-McMoRan Copper & Gold Inc. Financial Contacts:
P.O. Box 61119 Chris D. Sammons Paul A Connolly
New Orleans, Louisiana 70161 (504) 582-4474 (504) 582-4204
Media Contact:
Garland Robinette
(504) 582-1627
FREEPORT-McMoRan COPPER & GOLD INC. ANNOUNCES
20 MILLION ADDITIONAL SHARES FOR ITS
COMMON STOCK PURCHASE PROGRAM
NEW ORLEANS, LA., June 23, 2000 -- Freeport-McMoRan Copper & Gold
Inc. (NYSE: FCX) announced today that its Board of Directors has
authorized an additional 20 million shares, in total, of its FCX Class
A and Class B common stock, for its open market share purchase program,
bringing the total shares authorized under the program to 80 million.
The 20 million shares recently authorized represent approximately 13
percent of the 154.4 million common shares currently outstanding. The
purchases will occur over time depending upon many factors, including
the market price of the common shares; the company's operating results,
cash flow and financial position; and general economic and market
conditions.
Since its Board of Directors initially authorized its open market
share purchase program in 1995, FCX has purchased 60.2 million shares
of its Class A and Class B common stock for a total of $1.15 billion,
approximately $19.13 per share, including 5.6 million shares purchased
since March 31, 2000 for $54.5 million, approximately $9.69 per share.
The purchases since 1995 represent a 28 percent reduction in the 214.5
million common shares available for purchase during the period. As of
June 22, 2000, FCX had outstanding 60.0 million shares of Class A
common stock and 94.4 million shares of Class B common stock.
FCX is engaged in mineral exploration and development, mining and
milling of copper, gold and silver in Indonesia, and the smelting and
refining of copper concentrates in Spain and Indonesia. A copy of this
press release and additional information about FCX are available on our
web site at www.fcx.com.
