EXHIBIT 10.8



                         Freeport-McMoRan Copper & Gold Inc.


                              President's Award Program


                                       Purpose

          The  purpose  of the President's Award Program (the "Program") of
          Freeport-McMoRan Copper & Gold Inc. (the "Company") is to provide
          an  opportunity   for   discretionary   cash  rewards  for  those
          situations  where an outstanding individual  contribution  cannot
          properly  be  or   should  not  be  rewarded  with  merit  salary
          increases, annual incentives, or promotion.

                                   Administration

          The Program shall be  administered  by  the  President  and Chief
          Operating Officer of the Company.  The President shall have  full
          authority  to interpret the provisions of the Program and to make
          Awards thereunder.

                        Eligibility for and Payment of Awards

          The following  persons  are  eligible to receive Awards under the
          Program: (i) any person providing  services  as an officer of the
          Company or a Subsidiary (as hereinafter defined),  whether or not
          employed  by  such entity, but excluding any such person  who  is
          also a director  of the Company, (ii) any employee of the Company
          or  a  Subsidiary,  including   bargaining-unit   employees   but
          excluding  any director who is also an employee of the Company or
          a Subsidiary,  (iii)  any officer, employee, member, or associate
          of an entity with which  the  Company  has  contracted to receive
          executive,  management,  or  professional services  who  provides
          services to the Company or a Subsidiary through such arrangement,
          and (iv) any member or associate  of,  or  counsel to, a law firm
          rendering services to the Company or a Subsidiary.   For purposes
          of  the  Program, "Subsidiary" shall mean (i) any corporation  or
          other  entity   in   which  the  Company  possesses  directly  or
          indirectly equity interests  representing  at  least  50%  of the
          total ordinary voting power or at least 50% of the total value of
          all  classes  of  equity  interests  of such corporation or other
          entity  and  (ii) any other entity in which  the  Company  has  a
          direct or indirect  economic  interest  that  is  designated as a
          Subsidiary  by the President.  Recommendations for a  President's
          Award must be  made  to,  and  in  a  manner  prescribed  by, the
          President  by  senior  executives  of the Company.  The aggregate
          amount of all Awards granted with respect  to  any  calendar year
          may not exceed $350,000.  The Awards can be granted and  paid  at
          any  time  during  the  calendar  year  deemed appropriate by the
          President.

                                 General Provisions

          The  Program  shall  be  funded from operating  earnings  of  the
          Company and shall not be deducted  from any funds established for
          the purpose of salary or incentive payments.   The  Program  will
          become  effective  upon approval by the Board of Directors of the
          Company and shall continue  as  provided herein except as amended
          or terminated by the Board of Directors.