Thursday August 31, 1:45 pm Eastern Time
Press Release
FREEPORT-McMoRan COPPER & GOLD INC. ANNOUNCES INTERNET AUCTION FORMAT FOR SALE OF COPPER CONCENTRATE
NEW ORLEANS--(BUSINESS WIRE)--Aug. 31, 2000--Freeport-McMoRan Copper & Gold Inc. (FCX) announced today that its Indonesian subsidiary, PT Freeport Indonesia (PT-FI), has developed an interactive auction format for the sale of copper concentrate via the Internet. The first auctions are tentatively scheduled for October and November 2000 for shipment in 2001. Bidding will be conducted through PT-FI's interactive auction web site (www.copperconcentrate.com). Additional information about the auctions may be obtained by accessing the auction web site.
Richard C. Adkerson, President and Chief Operating Officer of FCX, said, ``As one of the world's largest producers of copper concentrate, we are pleased to have developed this innovative sales tool as a new service to our customers. We believe the new auction will serve as an efficient method of marketing spot quantities of copper concentrate at competitive terms.''
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. This press release and additional information about FCX is available from our web site (www.fcx.com).
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