PHOENIX, AZ, February 28, 2013 – Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that it intends to offer, subject to market and other conditions, senior notes in multiple tranches (the “Notes”).

FCX intends to use the net proceeds from the offering, together with the net proceeds of its term loan, primarily to fund the Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR) acquisitions, including for the payment of cash consideration for the acquisitions and the repayment of certain indebtedness of PXP. If the PXP acquisition does not close, FCX will be required to redeem all of the outstanding Notes in certain of the tranches at 101% plus accrued and unpaid interest.

As previously announced, PXP and MMR stockholder meetings to approve the acquisitions will be held after the U.S. Securities and Exchange Commission has declared effective the respective registration statements on Form S-4 filed in connection with the acquisitions. The transactions are expected to close in second-quarter 2013.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities of FCX. The Notes have not been registered under the Securities Act, or any applicable state securities laws, and will be offered only to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. Unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and any applicable state securities laws.