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):  August 27, 1998



               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 August 27, 1998:


NEW ORLEANS, LA., August 27, 1998 - Freeport-McMoRan Copper & Gold
Inc. (FCX)  announced  today  that  its  Board  of  Directors  has
authorized a new open market share  purchase program for up  to 20
million shares, in total,  of its FCX Class  A and Class B  common
stock representing approximately 11.5 percent of the common shares
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  flows and financial  positions;
and general economic and market conditions.

     FCX is engaged in  mineral exploration and development,  and
the mining and milling of ore containing copper, gold and  silver
in Irian Jaya, Indonesia.  FCX  is also involved in the  smelting
and refining of copper concentrates in Spain and the construction
of a copper 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\ C. Donald Whitmire
                                   ------------------------------
                                         C. Donald Whitmire
                                    Controller-Financial Reporting
                                       (authorized signatory and
                                      Principal Accounting Officer)

Date:  August 31, 1998