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<P style="margin:0pt; font-family:Arial" align=center>UNITED STATES</P>
<P style="margin:0pt; font-family:Arial" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0pt; font-family:Arial" align=center>Washington, D.C. &nbsp;20549</P>
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<P style="margin:0pt; font-family:Arial" align=center>FORM 8-K</P>
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<P style="margin:0pt; font-family:Arial" align=center>CURRENT REPORT</P>
<P style="margin:0pt; font-family:Arial" align=center>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</P>
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<P style="margin:0pt; font-family:Arial" align=center>Date of Report (Date of earliest event reported): &nbsp;December 17, 2004</P>
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<P style="margin:0pt; font-family:Arial" align=center>FREEPORT-McMoRan COPPER &amp; GOLD INC.</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:36pt; font-family:Arial">Delaware</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:180pt; font-family:Arial">1-9916</P>
<P style="margin:0pt; padding-left:36pt; text-indent:324pt; font-family:Arial">74-2480931</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:36pt; font-family:Arial">(State or other</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:180pt; font-family:Arial">(Commission</P>
<P style="margin:0pt; padding-left:36pt; text-indent:324pt; font-family:Arial">(IRS Employer</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:36pt; font-family:Arial">jurisdiction of</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:180pt; font-family:Arial">File Number)</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:36pt; font-family:Arial">incorporation)</P>
<P style="margin:0pt; padding-left:36pt; text-indent:324pt; font-family:Arial">Number)</P>
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<P style="margin:0pt; font-family:Arial" align=center>1615 Poydras Street</P>
<P style="margin:0pt; font-family:Arial" align=center>New Orleans, Louisiana &nbsp;70112</P>
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<P style="margin:0pt; font-family:Arial" align=center>Registrant's telephone number, including area code: &nbsp;(504) 582-4000</P>
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<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">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:</P>
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<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
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<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
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<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
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<P style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:Arial" align=justify>Item 1.01. &nbsp;<U>Entry into a Material Definitive Agreement.</U></P>
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<P style="margin:0pt; font-family:Arial">Freeport-McMoRan Copper &amp; Gold Inc. (FCX), Scor, Hiscox Syndicate 33, Swiss Reinsurance Company, and Munich American Risk Partners and other insurers entered into an insurance settlement agreement dated as of December 17, 2004 (Settlement Agreement). &nbsp;Under the Settlement Agreement, we settled all claims that arose from the fourth quarter 2003 slippage events in the Grasberg open<B> </B>pit mine operated by our principal operating subsidiary, PT Freeport Indonesia. &nbsp;Our insurers agreed to pay us an aggregate of $125 million, inclusive of interest and the $20 million previously paid to us in the third quarter 2004, in connection with our claims. &nbsp;The insurers are required to pay the balance no later than January 21, 2005. &nbsp;After considering our joint venture partner&#146;s interest in the proceeds, PT Freeport Indonesia&#146;s joint venture share of proceeds is expected to approximate $95 million. &nbsp;As a result of the settlement, we expect to record a gain of approximately $48 million, after taxes and minority interest sharing, in the fourth quarter of 2004.</P>
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<P style="margin:0pt; font-family:Arial">On December 21, 2004, we issued a press release announcing the insurance settlement (see exhibit 99.1).</P>
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<P style="margin:0pt; font-family:Arial">Item 9.01.&nbsp;&nbsp;<U>Financial Statements and Exhibits.</U></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">(c)</P>
<P style="margin:0pt; text-indent:36pt; font-family:Arial">Exhibits.</P>
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<P style="margin:0pt; font-family:Arial">The Exhibits included as part of this Current Report are listed in the attached Exhibit Index.</P>
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<P style="margin:0pt; font-family:Arial" align=center>SIGNATURE</P>
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<P style="margin:0pt; text-indent:36pt; font-family:Arial" align=justify>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.</P>
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<P style="margin:0pt; text-indent:216pt; font-family:Arial" align=justify>FREEPORT-McMoRan COPPER &amp; GOLD INC.</P>
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<P style="margin:0pt; text-indent:216pt; font-family:Arial" align=justify>By: \s\ C. Donald Whitmire, Jr.</P>
<P style="margin:0pt; text-indent:229.5pt; font-family:Arial" align=justify>----------------------------------------</P>
<P style="margin:0pt; text-indent:247.5pt; font-family:Arial" align=justify>C. Donald Whitmire, Jr.</P>
<P style="margin:0pt; text-indent:247.5pt; font-family:Arial" align=justify>Vice President and Controller -</P>
<P style="margin:0pt; text-indent:247.5pt; font-family:Arial" align=justify>Financial Reporting</P>
<P style="margin:0pt; text-indent:247.5pt; font-family:Arial" align=justify>(authorized signatory and</P>
<P style="margin:0pt; text-indent:247.5pt; font-family:Arial" align=justify>Principal Accounting Officer)</P>
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<P style="margin:0pt; font-family:Arial" align=justify>Date: &nbsp;December 21, 2004</P>
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<P style="margin:0pt; font-family:Arial" align=center>Freeport-McMoRan Copper &amp; Gold Inc.</P>
<P style="margin:0pt; font-family:Arial" align=center>Exhibit Index</P>
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<P style="margin:0pt; font-family:Arial">Exhibit </P>
<P style="margin:0pt; font-family:Arial"><U>Number</U></P>
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<TABLE cellspacing=0><TR><TD valign=top width=38.4><P style="margin:0pt; font-family:Arial">
  <font size="2">99.1</font></P>
</TD><TD valign=top width=19.2>&nbsp;</TD><TD valign=top width=595.2><P style="margin:0pt; font-family:Arial">
  <font size="2">Press release dated December 21, 2004, titled &#147;Freeport-McMoRan Copper &amp; Gold Inc. Announces Insurance Settlement.&#148;</font></P>
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UNITED STATES
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):  December 17, 2004
FREEPORT-McMoRan COPPER & GOLD INC.
Delaware
1-9916
74-2480931
(State or other
(Commission
(IRS Employer
jurisdiction of
File Number)
Identification
incorporation)
Number)
1615 Poydras Street
New Orleans, Louisiana  70112
Registrant's telephone number, including area code:  (504) 582-4000
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 1.01.
Entry into a Material Definitive Agreement.
Freeport-McMoRan Copper & Gold Inc. (FCX), Scor, Hiscox Syndicate 33, Swiss Reinsurance Company, and Munich American Risk Partners and other insurers entered into an insurance settlement agreement dated as of December 17, 2004 (Settlement Agreement).  Under the Settlement Agreement, we settled all claims that arose from the fourth quarter 2003 slippage events in the Grasberg open
pit mine operated by our principal operating subsidiary, PT Freeport Indonesia.  Our insurers agreed to pay us an aggregate of $125 million, inclusive of interest and the $20 million previously paid to us in the third quarter 2004, in connection with our claims.  The insurers are required to pay the balance no later than January 21, 2005.  After considering our joint venture partner's interest in the proceeds, PT Freeport Indonesia's joint venture share of proceeds is expected to approximate $95 million.  As a result of the settlement, we expect to record a gain of approximately $48 million, after taxes and minority interest sharing, in the fourth quarter of 2004.
On December 21, 2004, we issued a press release announcing the insurance settlement (see exhibit 99.1).
Item 9.01.
Financial Statements and Exhibits.
(c)
Exhibits.
The Exhibits included as part of this Current Report are 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:  December 21, 2004
Freeport-McMoRan Copper & Gold Inc.
Exhibit Index
Exhibit
Number
99.1
Press release dated December 21, 2004, titled "Freeport-McMoRan Copper & Gold Inc. Announces Insurance Settlement."