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FCX <br />NYSE. <br />FO( is the world's largest molybdenum producer, conducting molybdenum mining operations at <br />the Henderson underground mine and as a by-product at mines in North and South America. FCX has <br />four molybdenum processing facilities at Green Valley, Arizona; Fort Madison, Iowa; Stowmarket, United <br />Kingdom and Rotterdam, Netherlands. FO( sold 69 million pounds of molybdenum from mines in 2007, <br />including the results of Phelps Dodge prior to the March 19, 2007 acquisition. <br />FO( is continuing to review its copper mining operations and is preparing revised plans at each <br />of its operations to establish lower operating and administrative costs, exploration costs and reduced <br />capital spending budgets. Production at certain operations may be reduced in response to market <br />conditions. FO( expects to provide an update on its revised operating plans in December 2008. <br />FCX is a leading international mining company with headquarters in Phoenix, Arizona. FO( <br />operates large, long-lived, geographically diverse assets with significant proven and probable reserves of <br />copper, gold and molybdenum. FO( has a dynamic portfolio of operating, expansion and growth projects <br />in the copper industry and is the world's largest producer of molybdenum. <br />The company's portfolio of assets includes the Grasberg mining complex, the world's largest <br />copper and gold mine in terms of recoverable reserves, significant mining operations in the Americas, <br />including the large scale Morenci and Safford minerals districts in North America and the Cerro Verde and <br />El Abra operations in South America, and the potential world-class Tenke Fungurume development <br />project in the Democratic Republic of Congo. Additional information about FCX is available on FCX's web <br />site at www.fcx.com. <br />Cautionary Statement? This press release contains forward looking statements in which we discuss factors we believe may <br />affect our performance in the future. Forward looking statements are all statements other than historical facts, such as statements <br />regarding projected sales volumes, projected operating cash flows, projected capital expenditures, and the impact of copper, gold <br />and molybdenum price changes Accuracy of the forward-looking statements depends on assumptions about events that change <br />over time and is thus susceptible to periodic change based on actual experience and new developments FCX cautions readers that <br />it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this press release and, <br />except to the extent required by applicable law, does not intend to update or otherwise revise the forward-looking statements more <br />frequently than quarterly. Additionally, important factors that might cause future results to differ from these projections include <br />mine sequencing, production rates, industry risks, commodityprices, political risks, weather- related risks, labor relations, currency <br />translation risks and other factors described in FCX'sAnnual Report on Form 10 Kfor the year ended December 31, 2007, filed with <br />the Securities and Exchange Commission (SEC). <br />Freeport-McMoRan Copper & Gold