8-K

UNITED STATES

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):  October 22, 2010

FREEPORT-McMoRan COPPER & GOLD INC.

(Exact name of registrant as specified in its charter)

Delaware	001-11307-01	74-2480931
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

333 North Central Avenue
Phoenix, AZ	85004-4414
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:  (602) 366-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.  Other Events.

Freeport-McMoRan Copper & Gold Inc. issued a press release dated October 22, 2010, announcing the successful conclusion of the review of Tenke Fungurume Mining’s contracts (see Exhibit 99.1).

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits.

The Exhibit included as part of this Current Report is listed in the attached Exhibit Index.

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 hereunto duly authorized.

FREEPORT-McMoRan COPPER & GOLD INC.

By: /s/ C. Donald Whitmire, Jr.

----------------------------------------

C. Donald Whitmire, Jr.

Vice President and Controller -

Financial Reporting

(authorized signatory and

Principal Accounting Officer)

Date:  October 22, 2010

Freeport-McMoRan Copper & Gold Inc.

Exhibit Index

Exhibit

Number

99.1 Press Release dated October 22, 2010, titled “DRC Government & Freeport-McMoRan Copper & Gold Inc. Announce Successful Completion of Tenke Fungurume Contract Review Process.”

EX-99.1

One North Central Avenue  §  Phoenix, AZ  85004	Financial Contacts:		Media Contact:
	Kathleen L. Quirk (602) 366-8016	David P. Joint (504) 582-4203	William L. Collier (504) 582-1750

DRC Government & Freeport-McMoRan

Copper & Gold Inc. Announce Successful Completion of Tenke Fungurume Contract Review Process

KINSHASA, DRC and PHOENIX, AZ, October 22, 2010 – The government of the Democratic Republic of Congo (DRC) and Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today the successful conclusion of the review of Tenke Fungurume Mining’s (TFM) contracts.  The conclusion of the review process by the DRC government confirms that the Tenke Fungurume contracts are in good standing, and acknowledges the parties’ continuing commitment to the rights and benefits granted under the existing TFM contracts.

In connection with the review, the parties will incorporate clarifying language that its rights and obligations are governed by the mining convention.  TFM’s key fiscal terms, including a 30% income tax rate, 2% mining royalty rate and 1% export fee, will continue to apply and are consistent with the rates in the DRC’s current Mining Code.

His Excellency the Minister of Mines of the DRC and FCX Chief Executive Richard Adkerson issued the following joint statement: “We are pleased to announce completion of the contract revisitation process for Tenke Fungurume Mining.  The parties worked cooperatively to reach a mutually satisfactory conclusion of the issues raised during the process.  This important milestone provides the basis for future cooperation and enables TFM to pursue additional investments to develop this massive project to its full potential.”

Mr. Adkerson expressed his appreciation to His Excellency the President of the DRC, His Excellence the Minister of Mines and the Minister’s staff for their efforts in completing the review.  Mr. Adkerson stated, “We are committed to continuing our positive partnership with the DRC government and providing significant benefits to the Congolese people for decades to come.  We look forward to continued development of Tenke Fungurume into one of the world’s premier copper and cobalt operations, using world class standards for environmental management and social programs.  The project will provide large and sustainable benefits associated with employment, infrastructure development, taxes, royalties and other benefits to the government and Congolese people over its long life.& #8221;

TFM agreed to several additional commitments, including an increase in Gécamines ownership interest in TFM from 17.5% to 20%; an additional royalty of $1.2 million for each 100,000 metric tonnes of proven and probable copper reserves above 2.5 million metric tonnes; additional payments totaling $30 million to be paid in six installments upon reaching certain production milestones; conversion of $50 million in intercompany loans to equity; and a payment of $5 million for surface area fees.  In addition, TFM has agreed to expand Gécamines’ participation in TFM management and reiterated its commitment to the use of local services and Congolese employment. In connection with the agreed modifications, the parties have agreed to increase the annual interest rate on advances from the current rate of LIBOR +2% to LIBOR +6%.  These terms have been agreed to by TFM, its shareholders and the DRC government and will be incorporated into the related agreements.

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The Tenke Fungurume mining concessions are located in the Katanga province of the DRC approximately 110 miles northwest of Lubumbashi.  Copper production commenced last year on the approximately $2 billion initial development project, the largest such capital investment in the DRC in recent years.  Current operations are designed to produce approximately 250 million pounds of copper and 18 million pounds of cobalt per year and the operation is currently being expanded to approximately 290 million pounds of copper per annum starting in 2011.  The initial development project was designed and constructed in world-class fashion, using leading-edge technology and following international best practice standards for environmental management, occupational safety and social responsibility.  TFM continues to engage in drilling activities, exploration analysis and metallurgical testing and has commenced feasibility studies to evaluate the potential of this highly prospective mining district that will enable significant future expansion and enhance the long-term partnership with Gécamines, the government of the DRC, and the Congolese people.  In the aggregate, through June 30, 2010, tax and related payments to government institutions, transfer bonuses, and social spending within the DRC has totaled approximately $370 million since the project’s inception.  TFM estimates more than two-thirds of the economic benefits from the project remain in the DRC in the form of taxes, royalties and duties, and the provision of local services.

FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum.  FCX has a dynamic portfolio of operating, expansion and growth projects in the copper industry and is the world’s largest producer of molybdenum.

The company’s portfolio of assets includes the Grasberg mining complex, the world’s largest copper and gold mine in terms of recoverable reserves, significant mining operations in the Americas, including the large scale Morenci and Safford minerals districts in North America and the Cerro Verde and El Abra operations in South America, and the Tenke Fungurume minerals district in the Democratic Republic of Congo.  Additional information about FCX is available on FCX’s web site at www.fcx.com.

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