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):  November 2, 1995



               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 November 2, 1995:

                         FREEPORT-McMoRan COPPER & GOLD REJECTS
                         OPIC INSURANCE CANCELLATION EFFORT
                         ----------------------------------

                NEW ORLEANS, LA., November 2, 1995 -- Freeport-McMoRan
          Copper & Gold Inc. (FCX) has been notified that the Overseas
          Private Investment Corporation (OPIC) has sought to terminate an
          insurance contract that provides $100 million of political risk
          insurance on FCX's Indonesian mining operations.  Based on the
          advice of its legal counsel, FCX believes that OPIC lacks a legal
          basis for cancelling this coverage and, therefore, the coverage
          remains in effect. Resolution of this dispute has been submitted
          to arbitration as provided by FCX's contract with OPIC.  While
          the OPIC insurance represents only a portion of FCX's political
          risk insurance coverage, FCX is determined to enforce its
          contractual rights even though it does not consider the OPIC
          contract insurance financially significant.  OPIC stated it
          planned to terminate the insurance contract because the mining
          operations have expanded beyond the original scope and further
          expressed concerns about new environmental issues associated with
          the expansion.
                Contrary to OPIC's statements, the expanded scope of FCX's
          mining operations does not violate the insurance policy. 
          Similarly, the environmental concerns expressed by OPIC have no
          basis in fact.  FCX is committed to the highest environmental
          standards in its mining operations.  FCX is in compliance with
          Indonesian environmental regulations and has received all
          necessary environmental approvals from the Government of
          Indonesia after detailed reviews of its operations. 
                Although this dispute will in no way affect FCX's
          operations,  OPIC's cancellation effort contradicts its statutory
          obligation to "mobilize and facilitate the participation of
          United States private capital and skills in the economic and
          social development of less developed countries."<PAGE>




                                      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/ John T. Eads
                                             -----------------------------
                                                   John T. Eads
                                              Controller - Financial Reporting
                                                 (authorized signatory and
                                                Principal Accounting Officer)

          Date:  November 2, 1995
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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):  November 2, 1995

               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 November 2, 1995:

                         FREEPORT-McMoRan COPPER & GOLD REJECTS
                         OPIC INSURANCE CANCELLATION EFFORT
                         ----------------------------------

                NEW ORLEANS, LA., November 2, 1995 -- Freeport-McMoRan
          Copper & Gold Inc. (FCX) has been notified that the Overseas
          Private Investment Corporation (OPIC) has sought to terminate an
          insurance contract that provides $100 million of political risk
          insurance on FCX's Indonesian mining operations.  Based on the
          advice of its legal counsel, FCX believes that OPIC lacks a legal
          basis for cancelling this coverage and, therefore, the coverage
          remains in effect. Resolution of this dispute has been submitted
          to arbitration as provided by FCX's contract with OPIC.  While
          the OPIC insurance represents only a portion of FCX's political
          risk insurance coverage, FCX is determined to enforce its
          contractual rights even though it does not consider the OPIC
          contract insurance financially significant.  OPIC stated it
          planned to terminate the insurance contract because the mining
          operations have expanded beyond the original scope and further
          expressed concerns about new environmental issues associated with
          the expansion.
                Contrary to OPIC's statements, the expanded scope of FCX's
          mining operations does not violate the insurance policy. 
          Similarly, the environmental concerns expressed by OPIC have no
          basis in fact.  FCX is committed to the highest environmental
          standards in its mining operations.  FCX is in compliance with
          Indonesian environmental regulations and has received all
          necessary environmental approvals from the Government of
          Indonesia after detailed reviews of its operations. 
                Although this dispute will in no way affect FCX's
          operations,  OPIC's cancellation effort contradicts its statutory
          obligation to "mobilize and facilitate the participation of
          United States private capital and skills in the economic and
          social development of less developed countries."
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/ John T. Eads
                                             -----------------------------
                                                   John T. Eads
                                              Controller - Financial Reporting
                                                 (authorized signatory and
                                                Principal Accounting Officer)

          Date:  November 2, 1995