EXHIBIT 13.1



                     SELECTED FINANCIAL AND OPERATING DATA

                    1995        1994        1993          1992        1991 
                 ----------  ----------  ----------    ----------  ----------
                     (Financial Data in Thousands, Except Per Unit Amounts)
FINANCIAL DATA
Years Ended December 31:
Revenues         $  995,112  $  765,278  $  669,160    $  877,058  $  885,209 
Operating
 income (loss)      194,625a    120,618b   (210,848)c      20,743      67,196 
Net income (loss)   161,408a     83,966b   (246,111)c,d    20,211      15,046e
Net income (loss)
 per unit              1.56a        .81b      (2.37)c,d       .20         .18e
Distributions paid
 per publicly held
 unit                 2.415        2.40        2.40          2.40        2.40 
Average units
 outstanding        103,487     103,683     103,698       101,449      83,630 

At December 31:
Property, plant and
 equipment, net     949,131     910,469     970,960     1,074,332   1,009,517
Total assets      1,229,105   1,146,931   1,296,873     1,493,507   1,443,114 
Long-term debt      384,241     368,637     488,102       356,563     542,766
Partners' capital   404,466     447,660     492,404       859,695     560,160


OPERATING DATA
Phosphate fertilizers -primarily DAP
Sales
 (short tons) f   3,427,700   3,193,400   3,346,600     3,984,000   4,027,000
Average
 realized price g
All phosphate
 fertilizers        $169.07     $144.13     $110.03       $127.27     $147.10
DAP                  175.11      149.32      113.09        132.11      154.07
Phosphate rock
Sales
 (short tons)f    4,470,400   4,373,400   3,840,300     3,440,500   2,247,000 
Average
 realized price g    $22.53      $21.38      $22.02        $26.96      $28.21
Sulphur
Sales
 (long tons)h     3,049,700   2,087,800   1,973,200     2,346,100   2,528,200 
Oil (barrels)
Sales             2,217,600   2,533,700   3,443,000     4,884,000     350,800 
Average
 realized price      $15.82      $13.74      $14.43        $15.91      $13.34 

a.   Includes charges totaling $18.1 million ($0.18 per unit) for
stock option costs resulting from the rise in FTX's common stock
price during the year and an early retirement program.

b.   Includes a $10.9 million charge ($0.11 per unit) primarily
for certain remediation costs.

c.   Includes a net charge of $173.6 million ($1.67 per unit)
primarily for restructuring, asset recoverability and other
related charges.

d.   Includes a $23.7 million cumulative charge ($0.23 per unit)
for changes in accounting principle.

e.   Includes a $17.7 million ($0.21 per unit) insurance
settlement gain and a $96.8 million cumulative charge ($1.16 per
unit) for the change in accounting for postretirement benefits
other than pensions.

f.   Reflects FRP's 43.6 percent, 45.1 percent and 46.5 percent
share of the IMC-Agrico assets for the years ended June 30, 1996-
1994, respectively, while FRP received 53.1 percent, 55 percent
and 58.6 percent, respectively, of the cash flow generated during
such periods.

g.   Represents average realization f.o.b. plant/mine.

h.   Includes internal consumption totaling 754,400 tons, 739,900
tons, 1,138,800 tons, 1,654,300 tons and 1,612,400 tons for
1995-1991, respectively.



     FREEPORT-McMoRan RESOURCE PARTNERS, LIMITED PARTNERSHIP

              MANAGEMENT'S DISCUSSION AND ANALYSIS

Freeport-McMoRan Resource Partners, Limited Partnership (FRP) has
benefited from the favorable pricing trends for its phosphate
fertilizer products which began in mid-1993 and have continued
through 1995, as evidenced by its dramatically improved operating
results and significantly higher operating cash flow.  Phosphate
fertilizer market fundamentals continue to remain positive with
the anticipation of increased global demand coupled with a
currently tight supply/demand situation.

     FRP also obtained a new credit facility (Note 5) in
connection with Freeport-McMoRan Inc. (FTX), FRP's general
partner and 51.5 percent owner, completing a restructuring plan
to separate its copper/gold and agricultural minerals businesses
into two independent financial and operating entities.  The new
credit agreement provides greater financial flexibility for FRP
and reduced financing costs.  In addition, Standard & Poor's
raised FRP's senior debt rating to an investment grade of BBB-,
also serving to reduce financing costs.

     Additionally, during 1995 FRP built on its already strong
asset base by participating in two separate acquisitions (Note
4); the purchase of Pennzoil Co.'s Culberson sulphur mine and
related assets, and the IMC-Agrico Company (IMC-Agrico) purchase
of the animal feed ingredients business of Mallinckrodt Group
Inc.  Both acquisitions served to strengthen FRP's strategic
market position.  The Pennzoil transaction added both sulphur
reserves and a significant sulphur transportation system.  The
Mallinckrodt animal feed ingredients business is one of the
world's largest producers of phosphate-based animal feed
ingredients with an annual capacity in excess of 700,000 tons.
This business is IMC-Agrico's largest phosphoric acid customer,
consuming nearly 300,000 tons per year or about seven percent of
IMC-Agrico's capacity.  FRP continues to evaluate additional
growth opportunities.

RESULTS OF OPERATIONS
                                      1995          1994          1993
                                   ----------    ----------    ---------
                                  (In Millions, Except Per Unit Amounts)
Revenues                           $    995.1    $    765.3    $    669.2
Operating income (loss)                 194.6a        120.6b       (210.8)c
Net income (loss)                       161.4a         84.0b       (246.1)c,d
Net income (loss) per unit               1.56a          .81b        (2.37)c,d

a.   Includes charges totaling $18.1 million ($0.18 per unit) for
stock option costs resulting from the rise in FTX's common stock
price during the year (Note 6) and an early retirement program.

b.   Includes a $10.9 million charge ($0.11 per unit) primarily
for certain remediation costs (Note 7).

c.   Includes a net charge of $173.6 million ($1.67 per unit)
primarily for restructuring, asset recoverability and other
related charges.

d.   Includes a $23.7 million cumulative charge ($0.23 per unit)
for changes in accounting principle.

1995 Compared With 1994.  FRP benefited from the significant
strengthening in the phosphate fertilizer markets throughout 1995
and the expansion of its sulphur production capacity (see
Selected Financial and Operating Data) resulting in higher
revenues and improved operating results.

     Depreciation and amortization for 1995 decreased $7.5
million from the 1994 amount, primarily caused by a $10.5 million
decline relating to FRP's disproportionate interest in the IMC-
Agrico joint venture cash distributions, partially offset by a
$2.7 million increase resulting from the acquired sulphur assets.

     General and administrative expenses for 1995 increased by
$23.1 million, primarily because of the $18.1 million of stock
option and early retirement charges noted above.  The 1994 amount
benefited from a $2.2 million reduction in the estimated cost of
excess office space FTX allocated to FRP, discussed later.  FRP's
general and administrative expenses include costs incurred by FTX
on FRP's behalf which are allocated to FRP on a cost-
reimbursement basis under a management services agreement (Note
6).

     Interest expense decreased from 1994 as a result of lower
average debt levels, partially offset by higher market interest
rates.

Agricultural Minerals Operations - FRP's agricultural minerals
operations, which include its fertilizer and phosphate rock
operations (conducted through IMC-Agrico) and its sulphur
business, reported 1995 operating income of $205.9 million on
revenues of $960 million compared with operating income of $123.8
million on revenues of $730.4 million in 1994.  Significant items
impacting operating income are as follows (in millions):

Agricultural minerals operating income -1994        $    123.8
                                                    ----------
Increases (decreases):                                         
  Sales volumes                                           81.3
  Realizations                                           147.7
  Other                                                    0.6
                                                    ----------
    Revenue variance                                     229.6
  Cost of sales                                         (135.4)a
  General and administrative                             (12.1)b
                                                    ----------
                                                          82.1
                                                    ----------
Agricultural minerals operating income -1995        $    205.9
                                                    ==========

a.   Includes a reduction to depreciation and amortization of
$26.3 million and $15.8 million for 1995 and 1994, respectively,
caused by FRP's disproportionate interest in IMC-Agrico cash
distributions.

b.   Includes $10.3 million of the stock option charge discussed
above.

     FRP's 1995 phosphate fertilizer sales volumes were 7 percent
higher than those in 1994, with IMC-Agrico experiencing continued
excellent export demand and strong domestic sales for diammonium
phosphate (DAP), its principal fertilizer product.  The increased
demand resulted in IMC-Agrico phosphate fertilizer facilities
operating near capacity for the majority of 1995.  Despite recent
industrywide capacity utilization above 100 percent, domestic
phosphate fertilizer producer inventories remain below normal.
This tight supply/demand situation is reflected in improved
phosphate fertilizer realizations, with FRP's average DAP
realization increasing 17 percent from 1994.  FRP's 1995 DAP
realizations included large forward sales to China at prices
which were ultimately below market prices at the time of
shipment.  FRP's phosphate fertilizer unit production costs were
increased from 1994, reflecting higher raw material costs for
ammonia and phosphate rock.

     Fertilizer prices continued to rise during the fourth
quarter of 1995 and are expected to remain firm for the near
term, as the increased global demand for phosphate fertilizers
comes at a time when essentially no operable idle capacity
exists.  Furthermore, worldwide grain stocks are projected to be
at their lowest-ever levels in the upcoming fertilizer season,
strengthening grain prices and improving the outlook for this
spring's fertilizer use. As a result, strong domestic demand is
anticipated to continue into the spring with an expected 13
percent increase in planted corn acreage.  Additionally, in late
1995 IMC-Agrico reached an agreement with China providing for
significant shipments of DAP throughout 1996 at market-related
prices at the time of shipment.

     FRP's 1995 phosphate rock sales volumes were slightly higher
than in 1994.  Increased demand from phosphate fertilizer
producers and the addition of a long-term supply contract in
October 1994 were offset by the expiration of a contract in
October 1995 providing annual sales of 1.5 million tons net to
FRP.  Because of the low margin associated with sales under the
expired contract, the impact to FRP's earnings is not
significant.

     FRP's increased sulphur production capacity resulting from
the Culberson mine purchase, combined with continued strong
demand from the domestic phosphate fertilizer industry, resulted
in a 46 percent increase in sales volumes.  FRP also benefited
from the strengthening in Tampa, Florida sulphur prices during
1995.  To the extent U.S. phosphate fertilizer production remains
strong, improved sulphur demand is expected to continue, although
the availability of Canadian sulphur limits the potential for
significant price increases.  Main Pass unit production costs for
1995 were virtually unchanged from 1994.

Oil Operation -

                                      1995          1994
                                   ----------    ----------
Sales (barrels)                     2,217,600     2,533,700
Average realized price                 $15.82        $13.74
Operating income (in millions)           $1.9          $2.8

     In 1995, Main Pass oil operating income was impacted by $1.8
million of the previously discussed stock option charge.  Net
production for 1996 is estimated to approximate 1995 levels, as
drilling activities are expected to generate production
sufficient to offset declining reservoir production.

1994 Compared With 1993.  FRP's 1994 results primarily reflect
the improvement in the phosphate fertilizer market during the
year and the benefits from the formation of IMC-Agrico and other
restructuring activities undertaken in 1993, discussed below.
Partially offsetting these positive factors were increased raw
material prices for ammonia and reduced oil sales volumes.

     During 1993, FTX undertook a restructuring of its
administrative organization.  This restructuring represented a
major step by FTX to lower the costs of operating and
administering its businesses in response to weak market prices of
commodities produced by its operating units.  As part of this
restructuring, FTX significantly reduced the number of employees
engaged in administrative functions, changed its management
information systems environment to achieve efficiencies, reduced
its needs for office space, outsourced a number of administrative
functions and took other actions to lower costs.  The
restructuring process resulted in FTX incurring one-time costs,
portions of which were allocated to FRP pursuant to its
management services agreement with FTX (Note 8).

     Depreciation and amortization during 1994 declined by $52.3
million compared with 1993, primarily consisting of a $26.6
million decrease relating to the disproportionate interest in
IMC-Agrico cash distributions, a $15.3 million reduction from
Main Pass oil operations caused by the decline in sales volumes
between periods and the $7.6 million in restructuring charges
recorded in 1993.  These decreases were partially offset by a $6
million increase in sulphur depreciation because of higher Main
Pass sulphur production.

     General and administrative expenses reflect the benefits
from the formation of IMC-Agrico and the other 1993 restructuring
activities.  The 1994 amount also benefited from a $2.2 million
reduction in the estimated cost of excess office space FTX
allocated to FRP (originally estimated as part of 1993
restructuring costs), whereas 1993 includes $7.3 million in
restructuring related charges.

     Interest expense in 1994 increased as a result of the Main
Pass sulphur project becoming operational for accounting purposes
in July 1993 (previously, related interest costs totaling $11.1
million in 1993 were capitalized), rising interest rates and the
issuance of the 8 3/4% Senior Subordinated Notes due 2004 (Note
5) which was used to reduce lower variable rate bank borrowings.
These increases were partially offset by a reduction in average
debt levels.

     FRP's 1993 earnings include a $23.7 million charge for the
cumulative effect of changes in accounting principle for periodic
scheduled maintenance costs, deferred charges and costs of
management information systems (Note 1).  These changes were
adopted to improve the measurement of operating results by
recognizing cash expenditures as expense when incurred unless
they directly relate to long-lived additions.  These changes did
not have a material impact on operating income.

Agricultural Minerals Operations - FRP's agricultural minerals
operations reported 1994 operating income of $123.8 million on
revenues of $730.4 million compared with an operating loss of
$105 million on revenues of $619.3 million in 1993.  Significant
items impacting operating income are as follows (in millions):

Agricultural minerals operating loss -1993          $   (105.0)
                                                    ----------
Increases (decreases):
  Sales volumes                                           15.8
  Realizations                                           102.7
  Other                                                   (7.4)
                                                    ----------
    Revenue variance                                     111.1
  Cost of sales                                           46.8a,b
  1993 provision for restructuring charges                33.9
  1993 loss on valuation and sale of assets, net          14.8
  General and administrative and other                    22.2a
                                                    ----------
                                                         228.8
                                                    ----------
  Agricultural minerals operating income-1994       $    123.8
                                                    ==========

a.   1993 included $17.5 million in cost of sales and $7.3
million in general and administrative expenses resulting from the
restructuring project.

b.   1994 included a $15.8 million reduction and 1993 included a
$10.8 million increase to depreciation and amortization caused by
FRP's disproportionate interest in IMC-Agrico cash distributions.

     FRP's 1994 phosphate fertilizer sales volumes were slightly
below 1993 levels.  Producer inventories remained at prior year
levels despite a rise in industrywide production.  As a result,
phosphate fertilizer prices rose sharply from the near 20-year
lows experienced during 1993, with FRP's average DAP realization
increasing 32 percent.  Unit production costs benefited from
efficiencies at IMC-Agrico, somewhat offset by higher raw
material prices for ammonia.

     FRP's phosphate rock sales volumes rose 14 percent during
1994, reflecting increased demand and the advent of a supply
contract in October 1994 adding annual sales of approximately 0.8
million tons net to FRP through 2004.

     Main Pass sulphur production increased during 1994, reducing
unit production costs below 1993 levels.  With increased Main
Pass production, FRP ceased operating the marginally profitable
Caminada mine in January 1994.  Average sulphur realizations for
1994 were lower, reflecting the decline in prices which occurred
throughout 1993.  However, improved phosphate fertilizer
operating rates, coupled with reduced imports, resulted in
sulphur price increases during the second half of 1994.

Oil Operation -

                                      1994          1993
                                   ----------    ----------
Sales (barrels)                     2,533,700     3,443,000
Average realized price                 $13.74        $14.43
Operating income (in millions)           $2.8        $(61.5)

     Main Pass oil production was limited during 1994 because of
a redevelopment program which involved drilling two additional
wells and recompleting three existing wells.  Oil realizations
recovered somewhat from the significant decline which occurred in
late 1993.  The 1993 price decline resulted in a $60 million
charge to FRP's earnings for the excess net book value of its oil
assets over the estimated future net cash flow to be received.

CAPITAL RESOURCES AND LIQUIDITY

Net cash provided by (used in) operating activities was $284.9
million in 1995, $221.4 million in 1994 and $(2.9) million in
1993. Fluctuations in these amounts were primarily caused by the
varying level of FRP's earnings.   Also benefiting the 1995 and
1994 periods were working capital reductions achieved by IMC-
Agrico and the sale of receivables (Note 1).

     Net cash provided by (used in) investing activities was
$(83.8) million in 1995, $15.6 million in 1994 and $2.5 million
in 1993.  Based on current estimates, capital expenditures for
1996 will approximate $45 million.  Investing cash flow for 1995
included the Mallinckrodt acquisition, while 1994 and 1993
benefited from the receipt of proceeds from asset sales.

     Net cash provided by (used in) financing activities totaled
$(188.5) million in 1995, $(251.6) million in 1994 and $17.8
million in 1993.  Distributions to partners rose in 1995, as
higher cash flow from operations resulted in continued
distributions to the public unitholders and an increased level of
distributions paid to FTX.  In early 1994, FRP issued $150
million of 8 3/4% Senior Subordinated Notes, using the proceeds
to reduce bank indebtedness, thereby lengthening the maturity and
fixing the interest cost on a portion of FRP's debt.  FRP
believes that its short-term cash requirements will be met from
internally generated funds and borrowings under its credit
facility ($183 million of additional borrowings available at
February 6, 1996).

     Publicly owned FRP units have cumulative rights to receive
quarterly distributions of 60 cents per unit through the
distribution for the quarter ending December 31, 1996 before any
distributions may be made to FTX.  On January 19, 1996, FRP
declared a distribution of 62.5 cents per publicly held unit
($31.3 million) and 67.35 cents per FTX-owned unit ($35.9
million), payable February 15, 1996, reducing the unpaid
distributions to FTX by $2.6 million.  The remaining $379.9
million of unpaid distributions to FTX are recoverable from one-
half of any excess of future quarterly FRP distributions over 60
cents per unit for all units.  FRP's future distributions will be
dependent on the distributions received from IMC-Agrico and cash
flow from FRP's sulphur and oil operations.

     Distributable cash in January 1996 included $64.3 million
from IMC-Agrico.  Future distributions from IMC-Agrico will
depend primarily on the phosphate fertilizer market, discussed
earlier, and FRP's share of IMC-Agrico cash distributions
(Current Interest).  FRP's Current Interest is presently 53.1
percent through June 30, 1996, changing to 53.5 percent for the
twelve months ended June 30, 1997 and declining to 40.6 percent
thereafter.  However, in January 1996 FRP and its joint venture
partner in IMC-Agrico agreed to an increase in FRP's Current
Interest of 0.85 percent and a modification of certain product
pricing between IMC-Agrico and the joint venture partner.  This
agreement is subject to the joint venture partner consummating a
merger.

ENVIRONMENTAL

FTX and its affiliates, including FRP, have a history of
commitment to environmental responsibility.  Since the 1940s,
long before public attention focused on the importance of
maintaining environmental quality, FTX and its affiliates have
conducted preoperational, bioassay, marine ecological and other
environmental surveys to ensure the environmental compatibility
of its operations.  FTX's Environmental Policy commits FTX and
its affiliates' operations to compliance with local, state and
federal laws and regulations, and prescribes the use of periodic
environmental audits of all facilities to evaluate compliance
status and communicate that information to management.  FTX has
access to environmental specialists who have developed and
implemented corporatewide environmental programs.  FTX's
operating units, including FRP, continue to study methods to
reduce discharges and emissions.

     Federal legislation (sometimes referred to as "Superfund")
requires payments for cleanup of certain waste sites, even though
waste management activities were performed in compliance with
regulations applicable at the time.  Under the Superfund
legislation, one party may, under certain circumstances, be
required to bear more than its proportional share of cleanup
costs at a site where it has responsibility pursuant to the
legislation, if payments cannot be obtained from other
responsible parties.  Other legislation mandates cleanup of
certain wastes at operating sites.  States also have regulatory
programs that can mandate waste cleanup.  Liability under these
laws involves inherent uncertainties.

     FRP has received notices from governmental agencies that it
is one of many potentially responsible parties at certain sites
under relevant federal and state environmental laws.  Further,
FRP is aware of additional sites for which it may receive such
notices in the future.  Some of these sites involve significant
cleanup costs; however, at each of these sites other large and
viable companies with equal or larger proportionate shares are
among the potentially responsible parties.  The ultimate
settlement for such sites usually occurs several years subsequent
to the receipt of notices identifying potentially responsible
parties because of the many complex technical and financial
issues associated with site cleanup.  FRP believes that the
aggregation of any costs associated with the potential
liabilities at those sites for which notification has been
received will not exceed amounts accrued and expects that any
costs would be incurred over a period of years.  The costs
associated with those sites for which notifications have not been
received are uncertain and cannot be estimated at present.
However, FRP believes that these costs, should they be incurred,
will not have a material adverse effect on its operations or
financial position.

     FRP, through FTX, maintains insurance coverage in amounts
deemed prudent for certain types of damages associated with
environmental liabilities which arise from unexpected and
unforeseen events and has an indemnification agreement covering
certain acquired sites (Note 7).

     In June 1994, a sinkhole was found at a phosphogypsum
storage area at IMC-Agrico's New Wales, Florida facility.  The
Florida Department of Environmental Protection was notified and
IMC-Agrico pumped grout material into the sinkhole, thereby
plugging it and preventing further collapse.  Groundwater
monitoring wells indicate that, to date, any impacts from the
sinkhole have been contained on-site.  This issue continues to be
monitored.  If there were contamination, which IMC-Agrico
considers unlikely, the costs that would be required are
uncertain and cannot be estimated at the present.  If significant
costs were incurred it would be necessary to determine the
applicability of insurance coverage maintained by IMC-Agrico, and
separately by FRP, and for the sharing of costs between the joint
venture partners.

     FRP has made, and will continue to make, expenditures at its
operations for protection of the environment.  Continued
government and public emphasis on environmental issues can be
expected to result in increased future investments for
environmental controls, which will be charged against income from
future operations.  Present and future environmental laws and
regulations applicable to FRP's operations may require
substantial capital expenditures and may affect its operations in
other ways that cannot now be accurately predicted.

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

The results of operations reported and summarized above are not
necessarily indicative of future operating results.

                      REPORT OF MANAGEMENT

Freeport-McMoRan Inc., the Administrative Managing General
Partner (the General Partner) of Freeport-McMoRan Resource
Partners, Limited Partnership (the Partnership) is responsible
for the preparation of the financial statements and all other
information contained in this Annual Report.  The financial
statements have been prepared in conformity with generally
accepted accounting principles and include amounts that are based
on management's informed judgments and estimates.

     The General Partner maintains a system of internal
accounting controls designed to provide reasonable assurance at
reasonable costs that assets are safeguarded against loss or
unauthorized use, that transactions are executed in accordance
with management's authorization and that transactions are
recorded and summarized properly.  The system is tested and
evaluated on a regular basis by the General Partner's internal
auditors, Price Waterhouse LLP.  In accordance with generally
accepted auditing standards, the Partnership's independent public
accountants, Arthur Andersen LLP, have developed an overall
understanding of our accounting and financial controls and have
conducted other tests as they consider necessary to support their
opinion on the financial statements.

     The Board of Directors of the General Partner, through its
Audit Committee composed solely of non-employee directors, is
responsible for overseeing the integrity and reliability of the
Partnership's accounting and financial reporting practices and
the effectiveness of its system of internal controls.  Arthur
Andersen LLP and Price Waterhouse LLP meet regularly with, and
have access to, this committee, with and without management
present, to discuss the results of their audit work.

Rene L. Latiolais                                 Charles W. Goodyear
President and                                Executive Vice President and
Chief Executive Officer                        Chief Financial Officer




     FREEPORT-McMoRan RESOURCE PARTNERS, LIMITED PARTNERSHIP

                         BALANCE SHEETS

                                         December 31,
                                   ------------------------
                                      1995          1994
                                   ----------    ----------
                                        (In Thousands)
ASSETS
Current assets:
Cash and short-term investments    $   22,508    $    9,859 
Accounts receivable:
  Customers                            57,047        42,312 
  Other                                24,054        15,953 
Inventories:

  Products                             83,924        79,377 
  Materials and supplies               35,086        30,300 
Prepaid expenses and other              3,692         1,350 
                                   ----------    ----------
  Total current assets                226,311       179,151 
                                   ----------    ----------
Property, plant and equipment       1,829,271     1,744,392 
Less accumulated depreciation
 and amortization                     880,140       833,923 
                                   ----------    ----------
  Net property, plant and
   equipment                          949,131       910,469 
                                   ----------    ----------
Other assets                           53,663        57,311 
                                   ----------    ----------
Total assets                       $1,229,105    $1,146,931 
                                   ==========    ==========

LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued
 liabilities                       $  127,020    $   84,888 
Long-term debt, less current
 portion                              384,241       368,637 
Reclamation and mine shutdown
 reserves                             112,788        96,445 
Accrued postretirement
 benefits and other liabilities       200,590       149,301 
Partners' capital                     404,466       447,660 
                                   ----------    ----------
Total liabilities and
 partners' capital                 $1,229,105    $1,146,931 
                                   ==========    ==========

The accompanying notes are an integral part of these financial
statements.



     FREEPORT-McMoRan RESOURCE PARTNERS, LIMITED PARTNERSHIP

                    STATEMENTS OF OPERATIONS

                                          Years Ended December 31,
                                   --------------------------------------
                                      1995          1994          1993
                                   ----------    ----------    ----------
                                   (In Thousands, Except Per Unit Amounts)
Revenues                           $  995,112    $  765,278    $  669,160
Cost of sales:
Production and delivery               687,541       547,297       556,712
Depreciation and amortization          44,830        52,344       104,686
                                   ----------    ----------    ----------
  Total cost of sales                 732,371       599,641       661,398
Exploration expenses                        -             -         3,092
Provision for restructuring
 charges                                    -             -        33,947
Loss on valuation and sale of
 assets, net                                -             -       114,802
General and administrative
 expenses                              68,116        45,019        66,769
                                   ----------    ----------    ----------
  Total costs and expenses            800,487       644,660       880,008
                                   ----------    ----------    ----------
Operating income (loss)               194,625       120,618      (210,848)
Interest expense, net                 (31,518)      (33,519)      (12,870)
Other income (expense), net            (1,699)       (3,133)        1,307
                                   ----------    ----------    ----------
Income (loss) before changes
 in accounting principle              161,408        83,966      (222,411)
Cumulative effect of changes
 in  accounting principle                   -             -       (23,700)
                                   ----------    ----------    ----------
Net income (loss)                  $  161,408    $   83,966    $ (246,111)
                                   ==========    ==========    ==========

Net income (loss) per unit:
Before changes in accounting
 principle                              $1.56          $.81        $(2.14)
Cumulative effect of changes in
 accounting principle                       -             -          (.23)
                                        -----          ----        ------
                                        $1.56          $.81        $(2.37)
                                        =====          ====        ======

Average units outstanding             103,487       103,683       103,698

Distributions paid per
 publicly held unit                    $2.415         $2.40         $2.40
                                       ======         =====         =====

The accompanying notes are an integral part of these financial
statements.

     FREEPORT-McMoRan RESOURCE PARTNERS, LIMITED PARTNERSHIP

                     STATEMENTS OF CASH FLOW

                                          Years Ended December 31,
                                   --------------------------------------
                                      1995          1994          1993
                                   ----------    ----------    ----------
                                               (In Thousands)
Cash flow from operating activities:
Net income (loss)                  $  161,408    $   83,966    $ (246,111)
Adjustments to reconcile net
 income (loss) to net cash
 provided by operating activities:
  Cumulative effect of changes
   in accounting principle                  -             -        23,700
  Depreciation and amortization        44,830        52,344       104,686
  Loss on valuation and sale
   of assets, net                           -             -       114,802
  Cash distributions from
   IMC-Agrico in excess of
   interest in capital                 40,835        43,293             -
  Reclamation and mine
   shutdown expenditures              (10,545)       (9,837)       (9,980)
  (Increase) decrease in
   working capital, net
   of effect of acquisitions and dispositions:
    Accounts receivable               (13,252)        3,531           710
    Inventories                         4,471        20,522        20,793
    Prepaid expenses and other         (2,413)          679          (495)
    Accounts payable and accrued
     liabilities                       39,630        14,688       (31,427)
  Other                                19,980        12,244        20,376
                                   ----------    ----------    ----------
Net cash provided by (used in)
 operating activities                 284,944       221,430        (2,946)
                                   ----------    ----------    ----------

Cash flow from investing activities:
Capital expenditures                  (39,485)      (29,681)      (52,170)
  Mallinckrodt purchase               (46,200)            -             -
Sale of assets                            375        44,774        49,961
Other                                   1,531           530         4,711
                                   ----------    ----------    ----------
Net cash provided by (used in)
 investing activities                 (83,779)       15,623         2,502
                                   ----------    ----------    ----------

Cash flow from financing activities:
Distributions to partners            (202,541)     (127,368)     (121,180)
Proceeds from debt                    648,343        54,629       468,137
Repayment of debt                    (632,257)     (323,686)     (329,164)
Purchase of Partnership units          (2,061)       (1,342)            -
Proceeds from sale of 8 3/4%
 Senior Subordinated Notes                  -       146,125             -
                                   ----------    ----------    ----------
Net cash provided by (used in)
 financing activities                (188,516)     (251,642)       17,793
                                   ----------    ----------    ----------
Net increase (decrease) in
 cash and short-term investments       12,649       (14,589)       17,349
Cash and short-term investments
 at beginning of year                   9,859        24,448         7,099
                                   ----------    ----------    ----------
Cash and short-term investments
 at end of year                    $   22,508    $    9,859    $   24,448
                                   ==========    ==========    ==========


Interest paid                      $   28,997    $   26,349    $   22,997
                                   ==========    ==========    ==========

The accompanying notes, which include information in Notes 4 and
8 regarding noncash transactions, are an integral part of these
financial statements.



     FREEPORT-McMoRan RESOURCE PARTNERS, LIMITED PARTNERSHIP

           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                       Units Outstanding             Partners' Capital
                   --------------------------  ------------------------------
                   General   Limited   Total    General    Limited    Total
                   -------   -------  -------  ---------  --------- ---------
                                        (In Thousands)
Balance at
 January 1, 1993    53,208    50,490  103,698  $ 441,119  $ 418,576 $ 859,695
  Net loss               -         -        -   (126,277)  (119,834) (246,111)
  Partnership
   distributions         -         -        -          -   (121,180) (121,180)
  Reallocation
   caused by
   disproportionate
   distributions         -         -        -    (62,176)    62,176         -
  Other                 (3)        3        -        (23)        23         -
                   -------   -------  -------   --------  --------- ---------
Balance at
 December 31,
 1993               53,205    50,493  103,698    252,643    239,761   492,404
  Net income             -         -        -     43,089     40,877    83,966
  Partnership
   distributions         -         -        -     (6,184)  (121,184) (127,368)
  Purchase of
   Partnership
   units                 -       (95)     (95)      (490)      (852)   (1,342)
  Reallocation
   caused by
   disproportionate
   distributions         -         -        -    (59,166)    59,166         -
                   -------   -------  -------  ---------   -------- ---------
Balance at December
 31, 1994           53,205    50,398  103,603    229,892    217,768   447,660
  Net income             -         -        -     83,014     78,394   161,408
  Partnership
   distributions         -         -        -    (81,102)  (121,439) (202,541)
  Purchase of
   Partnership
   units                 -      (137)    (137)      (764)    (1,297)   (2,061)
  FTX purchase
   of Partnership
   units               117      (117)       -        443       (443)        -
  Reallocation
   caused by
   disproportionate
   distributions         -         -        -    (23,038)    23,038         -   
                   -------   -------  -------  ---------  --------- ---------
Balance at
 December 31,
 1995               53,322    50,144  103,466  $ 208,445  $ 196,021 $ 404,466
                   =======   =======  =======  =========  ========= =========

The accompanying notes are an integral part of these financial
statements.

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Ownership.  The financial statements of
Freeport-McMoRan Resource Partners, Limited Partnership (FRP), a
Delaware limited partnership, include all majority-owned
subsidiaries.  Investments in joint ventures and partnerships,
including IMC-Agrico Company (IMC-Agrico), are reflected using
the proportionate consolidation method in accordance with
standard industry practice.  All significant intercompany
transactions have been eliminated.  Certain prior year amounts
have been reclassified to conform to the 1995 presentation.
Freeport-McMoRan Inc. (FTX) owned 51.5 percent of FRP as of
December 31, 1995 and serves as FRP's general partner.

Use of Estimates.  The financial statements have been prepared in
conformity with generally accepted accounting principles and
include amounts that are based on management's informed judgments
and estimates.

Cash and Short-Term Investments.  Highly liquid investments
purchased with a maturity of three months or less are considered
cash equivalents.  IMC-Agrico's cash and short-term investments
are not available to FRP until a distribution is paid by IMC-
Agrico (Note 2).

Accounts Receivable.  IMC-Agrico has an  agreement whereby it can
sell on an ongoing basis up to $65 million of accounts
receivable.  FRP's accounts receivable at December 31, 1995 and
1994 were net of $28.3 million and $17.9 million of receivables
sold, respectively.

Inventories.  Inventories are generally stated at the lower of
average cost or market.

Property, Plant and Equipment.  Property, plant and equipment are
carried at cost, including capitalized interest during the
construction and development period.  Expenditures for
replacements and improvements are capitalized.  FRP follows the
successful efforts accounting method for its sole oil property,
Main Pass Block 299.  Depreciation for mining and production
assets, including mineral interests, is determined using the
unit-of-production method based on estimated recoverable
reserves.  Other assets are depreciated on a straight-line basis
over estimated useful lives of 17 to 30 years for buildings and 5
to 25 years for machinery and equipment.

     In March 1995, the Financial Accounting Standards Board
issued Statement No. 121 (FAS 121) which requires a reduction of
the carrying amount of long-lived assets to fair value when
events indicate that their carrying amount may not be
recoverable.  FRP adopted FAS 121 effective January 1,1995, the
effect of which was not material.

Environmental Remediation and Compliance.  Environmental
expenditures that relate to current operations are expensed or
capitalized as appropriate.  Expenditures resulting from the
remediation of an existing condition caused by past operations,
and which do not contribute to current or future revenue
generation, are expensed.  Liabilities are recognized for
remedial activities when the efforts are probable and the cost
can be reasonably estimated.

     Estimated future expenditures to restore properties and
related facilities to a state required to comply with
environmental and other regulations are accrued over the life of
the properties.  The future expenditures are estimated based on
current costs, laws and regulations.  As of December 31, 1995,
FRP had accrued $53.9 million for abandonment and restoration of
its non-operating sulphur assets, approximately one-half of which
will be reimbursed by third parties, and $42.7 million for
reclamation of land relating to mining and processing phosphate
rock.  FRP estimates that its share of abandonment and
restoration costs for its two operating sulphur mines will total
approximately $50 million, $17.6 million of which had been
accrued at December 31, 1995, with essentially all costs being
incurred after mine closure.  These estimates are by their nature
imprecise and can be expected to be revised over time due to
changes in government regulations, operations, technology and
inflation.

Income Taxes.  FRP is not a taxable entity; therefore, no income
taxes are reported in its financial statements.

Changes in Accounting Principle.  During 1993, FRP adopted the
following changes in accounting principle:

     Periodic Scheduled Maintenance - These costs are expensed
when incurred.  Previously, costs were capitalized when incurred
and amortized.

     Deferred Charges - Costs that directly relate to the
acquisition, construction and development of assets and to the
issuance of debt and related instruments are deferred.
Previously, certain other costs that benefited future periods
were deferred.

     Management Information Systems (MIS) - MIS equipment and
software that have a material impact on net income are
capitalized.  Other MIS costs, including equipment and purchased
software, that involve immaterial amounts (currently individual
expenditures of less than $0.5 million) and short estimated
productive lives (currently less than three years) are charged to
expense when incurred.  Previously, most expenditures for MIS
equipment and purchased software were capitalized.

2.   IMC-AGRICO

In July 1993, FRP and IMC Global Inc. (IGL) formed the IMC-Agrico
joint venture, operated by IGL, for their respective phosphate
fertilizer businesses, including phosphate rock.  FRP's "Current
Interest", reflecting cash to be distributed from ongoing
operations, initially was 58.6 percent and its "Capital
Interest", reflecting the purchase or sale of long-term assets or
any required capital contributions, was 46.5 percent.  These
ownership percentages (53.1 percent and 43.6 percent,
respectively, at December 31, 1995) decline in annual increments
to 40.6 percent for the fiscal year ending June 30, 1998 and
remain constant thereafter.  In January 1996, FRP and IGL agreed
to an increase in FRP's Current and Capital Interest of 0.85
percent, subject to IGL consummating a merger.  At December 31,
1995, FRP's investment in IMC-Agrico totaled $429.2 million.
IMC-Agrico's assets are not available to FRP until distributions
are paid by the joint venture.

3.   DISTRIBUTIONS

Publicly owned FRP units have cumulative rights to receive
quarterly distributions of 60 cents per unit through the
distribution for the quarter ending December 31, 1996 before any
distributions may be made to FTX.  On January 19, 1996, FRP
declared a distribution of 62.5 cents per publicly held unit
($31.3 million) and 67.35 cents per FTX-owned unit ($35.9
million), reducing the unpaid distributions to FTX to $379.9
million.  Unpaid FTX distributions are recoverable from one-half
of any amount by which future quarterly distributable cash
exceeds a 60 cents per unit distribution.

4.   ACQUISITIONS

In January 1995, FRP acquired essentially all of the domestic
assets of Pennzoil Co.'s sulphur division.  Pennzoil will receive
quarterly payments from FRP over 20 years based on the prevailing
price of sulphur.  The installment payments may be terminated
earlier either by FRP through the exercise of a $65 million call
option or by Pennzoil through a $10 million put option.  Neither
option may be exercised prior to 1999.  The purchase price
allocation is as follows (in thousands):

Current assets                                      $    5,635
Property, plant and equipment                           48,837
Current liabilities                                     (7,499)
Reclamation and mine shutdown reserves                 (15,200)
Accrued long-term liabilities                          (31,773)
                                                    ----------
  Net cash investment                               $        -
                                                    ==========

     Accrued long-term liabilities include the estimated future
installment payments based on the prevailing sulphur price at the
time of acquisition.

     In October 1995, IMC-Agrico acquired the animal feed
ingredients business of Mallinckrodt Group Inc. for $110 million
cash.  FRP funded its  portion of the purchase price with
borrowings under its credit agreement.  The purchase price
allocation is as follows (in thousands):

Current assets                                      $   19,503
Property, plant and equipment                           35,329
Current liabilities                                     (8,632)
                                                    ----------
  Net cash investment                               $   46,200
                                                    ==========

  5. LONG-TERM DEBT

                                         December 31,
                                   ------------------------
                                      1995          1994
                                   ----------    ----------
                                        (In Thousands)
FRP credit agreement,
 average rate of 7.1% in
 1995 and 5.2% in 1994             $  196,400    $  205,000
8 3/4% Senior
 Subordinated Notes
 due 2004                             150,000       150,000
Note payable to FTX                    24,740             -
Other                                  13,440        13,951
                                   ----------    ----------
                                      384,580       368,951
Less current portion,
 included in accounts payable             339           314
                                   ----------    ----------
                                   $  384,241    $  368,637
                                   ==========    ==========

     In 1995, FTX obtained a new variable rate revolving credit
facility (the Credit Agreement).  The facility provides $400
million of credit, all of which is available to FRP ($213 million
of additional borrowings available at December 31, 1995) and $75
million of which is available to FTX, through July 2000.  Under
this facility, FTX is required to retain control of FRP and FRP
is not permitted to enter into any agreement restricting its
ability to make distributions or create liens on its assets.  As
security for the banks, FRP has pledged its interest in IMC-
Agrico and Main Pass oil, while FTX has pledged units
representing 50.1 percent of FRP.  The Credit Agreement provides
for FRP minimum working capital requirements, specified cash flow
to interest coverage, maximum debt to capitalization ratios and
restrictions on other borrowings.

     In February 1994, IMC-Agrico entered into a three-year $75
million variable rate credit facility (the IMC-Agrico Facility).
Borrowings under the IMC-Agrico Facility are unsecured with a
negative pledge on substantially all of IMC-Agrico's assets.  The
IMC-Agrico Facility has minimum capital, fixed charge and current
ratio requirements for IMC-Agrico; places limitations on debt at
IMC-Agrico; and restricts the ability of IMC-Agrico to make cash
distributions in excess of distributable cash generated.

     In February 1994, FRP sold publicly $150 million of 8 3/4%
Senior Subordinated Notes.  Based on the December 31, 1995
closing market price, this debt had a fair value of $151.9
million.

     At times FRP has minimized amounts outstanding under the
Credit Agreement by borrowing excess funds from FTX.  Interest
was charged based on Credit Agreement rates and totaled $1.8
million in 1995, $0.6 million in 1994 and $6.3 million in 1993.

     FRP entered into an interest rate swap in 1988 to manage
exposure to interest rate changes on a portion of its variable
rate debt.  FRP pays 10.2 percent on $32.7 million of financing
at December 31, 1995, reducing annually through 1999.  FRP
received an average interest rate of 6.2 percent in 1995, 4.3
percent in 1994 and 3.3 percent in 1993, resulting in additional
interest costs of $1.4 million, $2.6 million and $3.5 million,
respectively.  Based on market conditions at December 31, 1995,
unwinding this interest swap would require an estimated $3.2
million.

     The minimum principal payments scheduled for each of the
five succeeding years based on the amounts and terms outstanding
at December 31, 1995 are $0.3 million, $0.4 million, $0.5
million, $0.5 million and $221.1 million.

     Capitalized interest totaled $11.1 million in 1993.

6.   PENSION AND OTHER EMPLOYEE BENEFITS

Management Services Agreement.  FRP has no employees and a
limited number of officers, each of whom is an employee or
officer of FTX.  Through December 31, 1995, FTX furnished certain
management and administrative services to FRP under a management
services agreement.  These costs, which include related overhead,
totaled $38.9 million in 1995 (including $15.3 million for stock
option costs resulting from the rise in FTX's common stock price
during the year), $25 million in 1994 and $47.1 million in 1993
(excluding restructuring costs).  As of January 1, 1996, FM
Services Company (FMS), a newly formed entity owned 50 percent
each by FTX and FCX, will provide certain administrative,
financial and other services that were previously provided by FTX
on a similar cost-reimbursement basis.  FTX operates the Main
Pass oil facilities and charges for specified overhead and other
costs, FRP's share being $1 million in 1995, $0.8 million in 1994
and $0.9 million in 1993.

Pensions.  Substantially all employees are covered by FTX's
defined benefit plan.  Additionally, for those participants in
the qualified defined benefit plan whose benefits are limited
under federal income tax laws, FTX sponsored an unfunded
nonqualified plan.  The accumulated benefits and plan assets are
not separately determined  and amounts allocated to FRP under
this plan have not been material.  As of December 31, 1995, FTX's
accumulated benefit obligation exceeded the plan assets by $9.8
million.  FMS and FCX will establish their own plans which will
assume liabilities equal to the accumulated benefit obligation
for the transferred employees and FTX will transfer assets equal
to the liabilities assumed, while providing essentially the same
benefits to employees.

     The operator of IMC-Agrico maintains non-contributory
pension plans that cover substantially all of its employees.  As
of July 1, 1995, FRP's share of the actuarial present value of
the vested projected benefit obligation was $10 million, based on
a discount rate of 8.2 percent and a 5 percent annual increase in
future compensation levels, with its share of plan assets
totaling $2.7 million.  FRP's share of the expense related to
these plans totaled $4.6 million in 1995, $3.6 million in 1994
and $1.5 million in 1993.

Other Postretirement Benefits.  FTX provides certain health care
and life insurance benefits for retired employees.  The related
expense allocated from FTX totaled $8.9 million in 1995 ($1.2
million for service cost and $7.7 million in interest for prior
period services), $9.9 million in 1994 ($1.1 million and $8.8
million, respectively) and $9.6 million in 1993 ($1.5 million and
$8.1 million, respectively).  These benefits will be provided by
FTX and FMS beginning in 1996.  Summary information of the plan
follows:

                                         December 31,
                                   ------------------------
                                      1995          1994
                                   ----------    ----------
Actuarial present value of              (In Thousands)
 accumulated postretirement
 obligation:               
  Retirees                         $   93,791    $   92,577
  Fully eligible active
   plan participants                    9,491         7,455
  Other active plan participants       14,328         3,903
                                   ----------    ----------
Total accumulated
 postretirement obligation            117,610       103,935
Unrecognized net gain (loss)           (6,327)        3,418
                                   ----------    ----------
Accrued postretirement
 benefit cost                      $  111,283    $  107,353
                                   ==========    ==========

     The initial health care cost trend rate used was 11.5
percent for 1993, decreasing 0.5 percent per year until reaching
6 percent.  A one percent increase in the trend rate would
increase the amounts by approximately 10 percent.  The discount
rate used was 7 percent in 1995 and 8.25 percent in 1994.  FTX
has the right to modify or terminate these benefits.  FRP
anticipates funding these costs, in addition to the annual cash
costs, over the expected life of its mineral reserves.

     The operator of IMC-Agrico provides certain health care
benefits for  retired employees.  At July 1, 1995, FRP's share of
the accumulated postretirement obligation was $4.2 million, which
was unfunded.  FRP's share of expense has not been material.  The
initial health care cost trend rate used was 9.8 percent,
decreasing gradually to 5.5 percent in 2003.  The discount rate
used was 8.2 percent.  Employees are not vested and benefits are
subject to change.

7.   COMMITMENTS AND CONTINGENCIES

Long-Term Contracts and Operating Leases.  FRP has an agreement
through 2009 with a third party that provides and operates a
sulphur tanker for minimum annual payments of $12.8 million.
FRP's minimum annual contractual charges under noncancelable
long-term contracts and operating leases, including the sulphur
tanker, total $197.8 million, with $19.5 million in 1996, $15.8
million in 1997, $15.2 million in 1998, $14.8 million in 1999 and
$14.9 million in 2000.

Environmental.  FRP has an indemnification for environmental
remediation costs in excess of an aggregate $5 million on certain
identified sites (FRP has previously accrued the $5 million).  In
anticipation of reaching the $5 million indemnity, the third
party has assumed management of response activities for the
indemnified sites.  Based on FRP's review of the potential
liabilities and the third party's financial condition, FRP
concluded that it is remote that FRP would have any additional
liability at the indemnified sites.  FRP believes its exposure on
other sites for which notification has been received will not
exceed amounts accrued and expects that any costs would be
incurred over a period of years.  The costs associated with those
sites for which notifications have not been received are
uncertain and cannot be estimated at present. However, FRP
believes that these costs, should they be incurred, will not have
a material adverse effect on its operations or financial
position.

     In June 1994, a sinkhole was found at a phosphogypsum
storage area at IMC-Agrico's New Wales, Florida facility.  The
Florida Department of Environmental Protection was notified and
IMC-Agrico pumped grout material into the sinkhole, thereby
plugging it and preventing further collapse.  Groundwater
monitoring wells indicate that, to date, any impacts from the
sinkhole have been contained on-site.  This issue continues to be
monitored.  If there were contamination, which IMC-Agrico
considers unlikely, the costs that would be required are
uncertain and cannot be estimated at the present.  If significant
costs were incurred it would be necessary to determine the
applicability of insurance coverage maintained by IMC-Agrico, and
separately by FRP, and for the sharing of costs between the joint
venture partners.

     FRP has made, and will continue to make, expenditures at its
operations for protection of the environment.  FRP is subject to
contingencies as a result of environmental laws and regulations.
The related future cost is indeterminable because of such factors
as the unknown timing and extent of the corrective actions that
may be required and the application of joint and several
liability.

8.   RESTRUCTURING AND VALUATION CHARGES

Restructuring Charges.  During 1993, FRP recognized restructuring
expenses totaling $33.9 million, including $22.1 million
allocated from FTX.  The charges consisted of $15.5 million for
personnel related costs, $7 million for excess office space and
furniture and fixtures resulting from staff reductions, $1.8
million for downsizing its MIS structure, $8.8 million for IMC-
Agrico formation costs and $0.8 million of deferred charges
relating to FRP's credit facility which was substantially
revised.

     In connection with the restructuring project, FRP changed
its accounting systems and undertook a detailed review of its
accounting records and valuation of various assets and
liabilities.  As a result of this process, FRP recorded charges
totaling $24.9 million, comprised of (a) $10 million of
production and delivery costs consisting of $6.3 million for
revised estimates of environmental liabilities and $3.7 million
primarily for adjustments in converting accounting systems, (b)
$7.6 million of depreciation and amortization consisting of $6.5
million for estimated future abandonment and reclamation costs
and $1.1 million for the write-down of miscellaneous properties
and (c) $7.3 million of general and administrative expenses
consisting of $4 million to downsize FRP's MIS structure and $3.3
million for the write-off of miscellaneous assets.

Asset Sales/Recoverability.  During 1993, FRP sold its remaining
interests in producing geothermal properties for $63.5 million,
consisting of $23 million in cash and $40.5 million of interest-
bearing notes, recognizing a $31 million charge to expense and
recording a $9 million charge for impairment of its undeveloped
geothermal properties.  In  1994, FRP received prepayment of
these notes.

     In 1993, FRP charged $86.6 million to expense for the
recovery of certain assets, primarily its Main Pass oil ($60
million) and non-Main Pass sulphur assets.  FRP also recognized
an $11.8 million gain primarily from the sale of certain
previously mined phosphate rock acreage.

9.   SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED)

Proved and probable mineral reserves, including proved oil
reserves, follow:

                                        December 31,
                  -------------------------------------------------------
                    1995       1994        1993        1992        1991 
                  --------   --------    --------    --------    --------
                                      (In Thousands)
Sulphur
-long tons a        55,185     41,018      38,637      41,570      42,780
Phosphate rock
-short tons b      186,375    206,661     215,156     208,655     206,183
Oil-barrels          6,638      7,279       9,962      13,861      18,496

a.   Main Pass reserves are subject to a 12.5 percent royalty
based on net mine revenues.  Culberson reserves totaled 15.4
million tons for 1995 and are subject to a 9 percent royalty
based on net mine revenues.

b.   For 1995-1993, represents FRP's share, based on its Capital
Interest ownership, of the IMC-Agrico reserves.  Contains an
average of 68 percent bone phosphate of lime.

10.  QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

                         Revenues     Operating       Income      Net Income
                        ----------    ----------    ----------    ----------
                                (In Thousands, Except Per Unit Amounts)
1995
  1st Quarter           $  254,265    $   54,315    $   46,332     $.45
  2nd Quarter              233,203        48,956        40,926      .40
  3rd Quarter a            242,908        35,085        26,835      .26
  4th Quarter b            264,736        56,269        47,315      .46
                        ----------    ----------    ----------
                        $  995,112 c  $  194,625    $  161,408     1.56
                        ==========    ==========    ==========

1994 d
  1st Quarter           $  182,073    $   23,451    $   13,413     $.13
  2nd Quarter              185,444        28,762        20,536      .20
  3rd Quarter              188,479        32,072        23,261      .22
  4th Quarter              209,282        36,333        26,756      .26
                        ----------    ----------    ----------
                        $  765,278c   $  120,618    $   83,966      .81 
                        ==========    ==========    ==========

a.   Includes a $12.3 million charge ($0.12 per unit) for stock
option costs resulting from the rise in FTX's common stock price
during the period.

b.   Includes charges totaling $5.4 million ($0.05 per unit) for
stock option costs and an early retirement program.

c.   No customers accounted for ten percent or more of total
revenues.  Export sales totaled 41 percent in 1995, 38 percent in
1994 and 32 percent in 1993.

d.   Includes charges of $2.9 million ($0.03 per unit), $0.9
million ($0.01 per unit), $3.4 million ($0.03 per unit) and $3.7
million ($0.04 per unit) for the quarterly periods of 1994,
respectively, primarily for certain remediation costs.




            REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

TO THE PARTNERS OF FREEPORT-McMoRan RESOURCE PARTNERS, LIMITED
PARTNERSHIP:

We have audited the accompanying balance sheets of Freeport-
McMoRan Resource Partners, Limited Partnership (the Partnership),
a Delaware Limited Partnership, as of December 31, 1995 and 1994,
and the related statements of operations, cash flow and changes
in partners' capital for each of the three years in the period
ended December 31, 1995.  These financial statements are the
responsibility of the General Partner's management.  Our
responsibility is to express an opinion on these financial
statements based on our audits.  We did not audit the financial
statements of IMC-Agrico Company (the Joint Venture).  The
Partnership's share of the Joint Venture constitutes 47 percent
of assets as of December 31, 1995 and 1994, and 80 percent, 85
percent and 37 percent of the Partnership's total revenues for
the years ended December 31, 1995, 1994 and 1993, respectively.
Those statements were audited by other auditors whose reports
have been furnished to us, and our opinion, insofar as it relates
to the amounts included for the Partnership's interest in the
Joint Venture, is based solely on the reports of the other
auditors.

     We conducted our audits in accordance with generally
accepted auditing standards.  Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits and the reports of other auditors
provide a reasonable basis for our opinion.

     In our opinion, based on our audits and the reports of other
auditors, the financial statements referred to above present
fairly, in all material respects, the financial position of the
Partnership as of December 31, 1995 and 1994 and the results of
its operations and its cash flow for each of the three years in
the period ended December 31, 1995 in conformity with generally
accepted accounting principles.

     As discussed in Note 1 to the financial statements,
effective January 1, 1993, the Partnership changed its method of
accounting for periodic scheduled maintenance costs, deferred
charges and costs of management information systems.

                                        Arthur Andersen LLP

New Orleans, Louisiana,
  January 23, 1996




FRP UNITS.  Our units trade on the New York Stock Exchange (NYSE)
under the symbol "FRP."  The FRP unit price is reported daily in
the financial press under "FMRP" in most listings of NYSE
securities.  At yearend 1995, the number of holders of record of
the partnership's units was 14,050.  Under federal law, ownership
of FRP units is limited to United States citizens.  A United
States citizen is defined as a person who is eligible to own
interests in federal mineral leases, which generally includes (i)
U.S. citizens, (ii) domestic entities owned by U.S. citizens, and
(iii) domestic corporations owned by U.S. citizens and/or certain
foreign persons.

     Unit price ranges on the NYSE composite tape during 1995 and
1994:

                                      1995                1994
                               ------------------  ------------------
                                 High      Low       High       Low
                               --------  --------  --------   --------
First Quarter                   $17.13     $14.25    $20.50     $17.88
Second Quarter                   17.38      14.88     20.00      17.13
Third Quarter                    20.00*     17.13     18.63      16.13
Fourth Quarter                   20.38      18.38     17.38      13.38

OWNERSHIP AT DECEMBER 31, 1995.

                                               Units     Percent
                                            -----------  --------
Public Unitholders                           50,143,845     48.46
Freeport-McMoRan Inc.                        53,321,933     51.54
                                            -----------  --------
                                            103,465,778    100.00
                                            ===========  ========

CASH DISTRIBUTIONS.  Cash distributions declared and paid to
public unitholders during the past 12 months total $2.44 per
unit.  If in any quarter through December 31, 1996, FRP's public
unitholders receive cash distributions of less than 60 cents per
unit, public unitholders are entitled to receive in subsequent
quarters any prior quarter's shortfall below 60 cents per
publicly held unit before any cash distributions may be made to
holders of general partnership interests.  Cash distributions
declared and paid per publicly held unit for the quarterly
periods of 1995 and 1994 were:

                                         1995
                       ----------------------------------------
                        Amount       Record          Payment
                       Per Unit       Date            Date
                       --------  --------------  --------------
First Quarter             $.615   Apr. 28, 1995   May  15, 1995
Second Quarter             .60    Jul. 31, 1995   Aug. 15, 1995
Third Quarter              .60    Oct. 31, 1995   Nov. 15, 1995
Fourth Quarter             .625   Jan. 31, 1996   Feb. 15, 1996


                                         1994
                       ----------------------------------------
                        Amount       Record          Payment
                       Per Unit       Date            Date
                       --------  --------------  --------------
First Quarter              $.60   Apr. 29, 1994   May  14, 1994
Second Quarter              .60   Jul. 29, 1994   Aug. 15, 1994
Third Quarter               .60   Oct. 31, 1994   Nov. 15, 1994
Fourth Quarter              .60   Jan. 31, 1995   Feb. 15, 1995


     Cash distributions in 1995 were a return of capital for
federal income tax purposes and will generally not be taxed,
although the partnership did generate taxable income that is
reportable by some, but not all, unitholders.  In March
unitholders receive individualized tax information for the
previous year from the partnership.  For additional information,
please contact the Investor Relations Department.

     FRP has announced that beginning with the cash distribution
for the fourth quarter of 1993, it no longer intends to
supplement distributable cash with borrowings.  FRP's ability to
continue to distribute cash to its public unitholders is
dependent on the cash distributions received from IMC-Agrico
Company, which will primarily be determined by its operating
results, and the future cash flow of FRP's sulphur and oil
operations.  As a result, future FRP distributions will be
effected by the cyclical nature of its agricultural minerals
business.