EXHIBIT 10.17



                  1988 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS

                               OF FREEPORT-MCMORAN INC.


                                      ARTICLE I

                                 PURPOSE OF THE PLAN

               This 1988 Stock Option Plan for Non-Employee Directors (this
          "Plan")  is  intended  to  provide  a method whereby non-employee
          directors  of  Freeport-McMoRan  Inc. (the  "Company"),  who  are
          making and will continue to make substantial contributions to the
          success  of  the  Company  and its Subsidiaries  (as  hereinafter
          defined),  may  be  compensated   for   their  contributions  and
          encouraged to acquire a proprietary interest  in the Company, and
          whereby prospective new directors may be persuaded  to  serve the
          Company as directors, and to promote the interests of the Company
          and  all its stockholders. Accordingly, the Company will,  on  or
          before  May  1,  1997, grant to such persons as are identified in
          this  Plan,  in  the   manner   hereinafter   provided,   options
          ("Options") to purchase shares of the Common Stock of the Company
          ("Common  Stock"),  on  the  terms  and subject to the conditions
          hereinafter set forth.


                                      ARTICLE II

                                     DEFINITIONS

               For  the purposes of this Plan, the  following  terms  shall
          have the meanings indicated:

                    Applicable  Rate:  The rate, expressed as a percentage,
               determined according to the following formula:

                                 x divided by (1 - x)

               in  which x equals  the  maximum  federal  income  tax  rate
               applicable to individuals in effect on the applicable Income
               Recognition  Date; provided, the Applicable Rate shall never
               exceed 100%.

                    Board:  The Board of Directors of the Company.

                    Change in Control:  A Change in Control shall be deemed
               to have occurred  if  either  (a)  any person, or any two or
               more persons acting as a group, and  all  affiliates of such
               person or persons, shall own beneficially more  than  20% of
               the  Common  Stock outstanding (exclusive of shares held  in
               the Company's  treasury  or  by  the Company's Subsidiaries)
               pursuant  to a tender offer, exchange  offer  or  series  of
               purchases or other acquisitions, or any combination of those
               transactions,  or  (b)  there  shall  be  a  change  in  the
               composition  of the Board at any time within two years after
               any tender offer,  exchange  offer,  merger,  consolidation,
               sale of assets or contested election, or any combination  of
               those  transactions  (a  "Transaction"),  so  that  (i)  the
               persons who were directors of the Company immediately before
               the first such Transaction cease to constitute a majority of
               the  Board  of  Directors  of  the  corporation  which shall
               thereafter be in control of the companies that were  parties
               to  or  otherwise involved in such Transaction, or (ii)  the
               number of  persons who shall thereafter be directors of such
               corporation  shall be fewer than two-thirds of the number of
               directors of the  Company  immediately  prior  to such first
               Transaction.   A Change in Control shall be deemed  to  take
               place upon the first to occur of the events specified in the
               foregoing clauses (a) and (b).

                    Code:  The  Internal  Revenue  Code of 1986, as amended
               from time to time.

                    Election  Period:  The period beginning  on  the  third
               business day following  a date on which the Company releases
               for publication its quarterly  or  annual summary statements
               of sales and earnings, and ending on  the  twelfth  business
               day following such date.

                    Eligible  Director:   A director of the Company who  is
               not, and within the preceding  one  year  has  not  been, an
               employee  of  the  Company  or  a  Subsidiary  or  otherwise
               eligible  for  selection  to participate in any plan of  the
               Company  or any Subsidiary that  entitles  the  participants
               therein  to   acquire   stock,   stock   options   or  stock
               appreciation rights of the Company or its Subsidiaries.

                    Fair  Market  Value:   The average of the high and  low
               quoted  sale  prices  of  a  share  of  Common  Stock  or  a
               Subsidiary Equity Security on  the  date in question (or, if
               there  is  no  reported  sale  on  such date,  on  the  last
               preceding date on which any reported  sale  occurred) on the
               Composite Tape for the New York Stock Exchange-Listed Stocks
               or,  if  on such date the Common Stock or Subsidiary  Equity
               Security is  not  quoted  on such Composite Tape, on the New
               York Stock Exchange.

                    Income Recognition Date:   With respect to any share of
               Common Stock purchased upon the exercise of an Option or any
               Subsidiary   Equity  Security  distributed   in   connection
               therewith, the  later  of  (a) the date of such exercise, or
               (b)  the date on which the rights  of  the  holder  of  such
               Option  in such security become transferable and not subject
               to a substantial  risk  of forfeiture (within the meaning of
               Section 83 of the Code);  provided,  however,  that  if such
               holder  shall make an election pursuant to Section 83(b)  of
               the  Code   with   respect   to  such  security  the  Income
               Recognition Date with respect  thereto  shall be the date of
               the Option exercise.

                    Option   Cancellation  Gain:   With  respect   to   the
               cancellation of  an  Option pursuant to Section 3 of Article
               IV hereof, the sum of  (a)  the  excess  of  the Fair Market
               Value  as of the Option Cancellation Date (as that  term  is
               defined  in  Section  3  of  Article  IV  hereof) of all the
               outstanding shares of Common Stock covered  by  such Option,
               whether or not then exercisable, over the purchase  price of
               such shares under such Option, (b) the Fair Market Value  as
               of  the  Option  Cancellation  Date of any Subsidiary Equity
               Securities  that  would have been  distributed  pursuant  to
               Section 5 of Article  VII  hereof had there been an exercise
               as of the Option Cancellation  Date  of  all the outstanding
               shares  of Common Stock covered by such Option,  whether  or
               not then  exercisable, (c) the amount of any cash in lieu of
               any  Subsidiary   Equity   Securities   and  any  fractional
               interests therein that would have been distributed  pursuant
               to  Section  5  of  Article  VII  hereof  had  there been an
               exercise  as  of  the  Option  Cancellation Date of all  the
               outstanding shares of Common Stock  covered  by such Option,
               whether or not then exercisable, plus (d) the  amount  equal
               to  the  Applicable  Rate  multiplied  by  the  total of the
               amounts set forth in clauses (a), (b) and (c).

                    Option  Gain:   The  sum of (a) the excess of the  Fair
               Market Value of the shares  of  Common  Stock covered by the
               exercise of an Option over the purchase price of such shares
               under  such Option, plus (b) the Fair Market  Value  of  any
               Subsidiary  Equity  Securities (including fractions thereof)
               distributed or paid in  the form of cash as a result of such
               exercise pursuant to Section  5  of  Article  VII hereof; as
               such Fair Market Values are determined in each  case  on (i)
               the  Income  Recognition  Date  with  respect  to  each such
               security  or  (ii)  the date of such exercise, whichever  is
               less.

                    Subsidiary:    Any    corporation    of   which   stock
               representing  at least 50% of the ordinary voting  power  is
               owned, directly  or indirectly, by the Company and any other
               entity of which equity  securities or interests representing
               at least 50% of the ordinary  voting  power  or  50%  of the
               total value of all classes of equity securities or interests
               of  such  entity  are  owned, directly or indirectly, by the
               Company.

                    Subsidiary Equity Security:   Any  security or interest
               in  the nature of an equity security or interest,  according
               to generally accepted accounting principles, of a Subsidiary
               or  a   former   Subsidiary  or  any  security  or  interest
               representing  such   a   security   or  interest;  including
               specifically,  but without limiting the  generality  of  the
               foregoing, shares  of  common stock of Freeport-McMoRan Gold
               Company,  Freeport-McMoRan   Copper   Company,   Inc.,   and
               Freeport-McMoRan  Oil  & Gas Company and depositary units of
               Freeport-McMoRan Energy  Partners, Ltd. and Freeport-McMoRan
               Resource Partners, Limited Partnership.


                                     ARTICLE III

                              ADMINISTRATION OF THE PLAN

               The Plan shall be administered by the Board.  The Board will
          interpret this Plan and may from  time  to  time adopt such rules
          and regulations for carrying out the terms and provisions of this
          Plan  as  it  may  deem best; however, the Board  shall  have  no
          discretion with respect to the selection of directors who receive
          Options, the number  of  shares  of  Common  Stock subject to any
          Options or the purchase price thereof.  All determinations by the
          Board shall be made by the affirmative vote of  a majority of its
          members, but any determination reduced to writing and signed by a
          majority of its members shall be fully as effective  as if it had
          been made by a majority vote at a meeting duly called  and  held.
          Subject to any applicable provisions of the Company's By-Laws  or
          of  this  Plan,  all  determinations by the Board pursuant to the
          provisions of this Plan, and all related orders or resolutions of
          the Board, shall be final, conclusive and binding on all persons,
          including the Company and  its stockholders, employees, directors
          and optionees.


                                      ARTICLE IV

                              STOCK SUBJECT TO THE PLAN

               SECTION  1.  The shares  to  be  issued  or  delivered  upon
          exercise of Options shall be made available, at the discretion of
          the Board, either  from  the  authorized  but  unissued shares of
          Common  Stock  of  the  Company  or  from shares of Common  Stock
          reacquired  by  the Company, including shares  purchased  by  the
          Company  in the open  market  or  otherwise  obtained;  provided,
          however, that  the  Company, at the discretion of the Board, may,
          upon  exercise  of Options  granted  under  this  Plan,  cause  a
          Subsidiary  to deliver  shares  of  Common  Stock  held  by  such
          Subsidiary.    Any   Subsidiary   Equity  Securities  distributed
          pursuant to Section 5 of Article VII  of  this Plan shall be made
          available from the Company's holdings of such  Subsidiary  Equity
          Securities  purchased  by the Company or a Subsidiary in the open
          market or otherwise obtained.

               SECTION 2.  Subject  to  the provisions of Section 3 of this
          Article IV, the aggregate number  of shares of Common Stock which
          may be purchased pursuant to Options shall not exceed 250,000.

               SECTION 3.  In the event of the  payment  of  any  dividends
          payable  in  Common Stock, or in the event of any subdivision  or
          combination of  the  Common Stock, the number of shares which may
          be purchased under this  Plan  shall  be  increased  or decreased
          proportionately, as the case may be, and the number of  shares of
          Common  Stock  deliverable  upon  the exercise thereafter of  any
          Option  theretofore granted (whether  or  not  then  exercisable)
          shall be  increased or decreased proportionately, as the case may
          be, without change in the aggregate purchase price.  In the event
          the Company  is  merged  or  consolidated  into  or  with another
          corporation  in  a  transaction  in which the Company is not  the
          survivor, or in the event that substantially all of the Company's
          assets  are  sold  to  another entity  not  affiliated  with  the
          Company,  any  holder  of  an   Option,   whether   or  not  then
          exercisable,  shall  be  entitled to receive (unless the  Company
          shall  take  such alternative  action  as  may  be  necessary  to
          preserve the economic  benefit of the Option for the optionee) on
          the  effective  date  of  any   such   transaction  (the  "Option
          Cancellation Date"), in cancellation of such Option, an amount in
          cash  equal  to  the Option Cancellation Gain  relating  thereto,
          determined as of the  Option  Cancellation Date.  In the event of
          (i) a dividend or distribution  (other  than  cash  dividends  or
          distributions)  with  respect to any Subsidiary Equity Securities
          distributable or payable  in the form of cash pursuant to Section
          5 of Article VII hereof, (ii) a subdivision or combination of any
          such Subsidiary Equity Securities,  (iii)  any  recapitalization,
          reorganization,  merger,  consolidation,  liquidation,  or  other
          extraordinary   event   affecting  any  such  Subsidiary   Equity
          Securities,  or  (iv) the disposition  by  the  Company  and  its
          Subsidiaries of all or substantially all of their holdings of any
          such  Subsidiary Equity  Securities,  the  terms  of  any  Option
          theretofore  granted  hereunder (whether or not then exercisable)
          shall  be  subject to such  adjustment  as  the  Board  may  deem
          appropriate,   including,   without  limitation,  a  proportional
          adjustment  in the number of such  Subsidiary  Equity  Securities
          deliverable upon  the  exercise  of  such  Option or of any right
          attached thereto or provided for therein or  the substitution, on
          an  equitable  basis,  of  Common Stock, other Subsidiary  Equity
          Securities, or a combination  thereof  for such Subsidiary Equity
          Securities.


                                      ARTICLE V

                          PURCHASE PRICE OF OPTIONED SHARES

               The  purchase  price per share of Common  Stock  under  each
          Option shall be 100%  of  the  Fair  Market  Value  of a share of
          Common Stock at the time such Option is granted, but  in  no case
          shall such price be less than the par value of the Common Stock.


                                      ARTICLE VI

                              ELIGIBILITY OF RECIPIENTS

               Options will be granted only to individuals who are Eligible
          Directors  at  the  time of such grant.  No individual who is  an
          employee of the Company or a Subsidiary at the time of such grant
          shall be eligible to receive an Option.


                                     ARTICLE VII

                                   GRANT OF OPTIONS

               SECTION 1.  Each  Option  shall  constitute  a non-qualified
          stock option which is not intended to qualify under  Section 422A
          of the Code.

               SECTION 2.  On May 1, 1988 and May 1 of each subsequent year
          through  and including 1997, each Eligible Director, as  of  each
          such date, shall be granted an Option to purchase 1,664 shares of
          Common Stock.   Each Option shall become exercisable with respect
          to 416 shares on  each  of  the  first,  second, third and fourth
          anniversaries of the date of grant and may  be  exercised  by the
          holder  thereof  with  respect  to  all or any part of the shares
          comprising each installment as such holder  may elect at any time
          after such installment becomes exercisable but  no later than the
          termination date of such Option; provided that each  Option shall
          become exercisable in full upon a Change in Control.

               SECTION  3.   The  purchase price of shares subject  to  any
          Option shall be the Fair  Market  Value thereof on the respective
          date of grant.

               SECTION  4.   Each  Option  shall   provide  that,  promptly
          following the last Income Recognition Date  with  respect  to  an
          exercise  of all or any portion of such Option, the Company shall
          pay to the  holder  of such Option an amount in cash equal to the
          Option Gain multiplied by the Applicable Rate.

               SECTION  5.   Each  Option  shall  provide  that,  upon  the
          exercise of such Option or portion thereof, such optionee will be
          entitled  to receive  from  the  Company  any  Subsidiary  Equity
          Securities  distributed or distributable in respect of the shares
          of Common Stock  covered  by such exercise, to which the optionee
          would have been entitled had  such  optionee  been  a  holder  of
          record of such covered shares at all times from the date of grant
          of  such  Option  to the date immediately preceding the effective
          date of such exercise.   Any  such  distribution will be in kind,
          with  cash  payment for fractional interests  of  any  Subsidiary
          Equity Security  to  be  valued  in proportion to the Fair Market
          Value of the respective Subsidiary Equity Security on the date of
          such  exercise;  provided  however,  that  in  the  case  of  any
          distribution of Subsidiary Equity Securities  to  an optionee who
          is subject to Section 16 of the Securities Exchange  Act  of 1934
          in  respect  of  such  Securities,  such  optionee  shall  not be
          entitled  to  receive  such  Securities, but shall be entitled to
          receive in lieu thereof a number of shares of Common Stock having
          an aggregate Fair Market Value,  on  the  date  of such exercise,
          equal  to the aggregate Fair Market Value, on the  date  of  such
          exercise,  of  such  Subsidiary  Equity Securities. No fractional
          shares  of  Common  Stock  shall  be delivered  pursuant  to  the
          foregoing proviso; however, fractional  shares  that  would  have
          been  delivered  upon  the exercise of the Option in part but for
          this  sentence shall be accumulated  with  fractional  shares  so
          resulting  from  any  subsequent exercise of such Option, and any
          whole shares resulting  from such accumulation shall be delivered
          upon   any  such  subsequent   exercise.    Notwithstanding   the
          foregoing,  if  an optionee is, on the date of any such exercise,
          ineligible to own  any  Subsidiary  Equity  Securities that would
          otherwise  be distributable to such optionee in  accordance  with
          this section,  such optionee will be entitled to receive from the
          Company in cash  the  Fair  Market Value, as of such date, of any
          such Subsidiary Equity Securities (including fractions thereof).


                                     ARTICLE VIII

                            NON-TRANSFERABILITY OF OPTIONS

               No Option shall be transferable  by  the  optionee otherwise
          than by will or by the laws of descent and distribution,  and any
          such  Option  shall  be  exercisable  during  the lifetime of the
          optionee  only by the optionee or the optionee's  duly  appointed
          legal representative.

                                      ARTICLE IX

                                 EXERCISE OF OPTIONS

               SECTION  1.   Each  Option  shall terminate 10 years and two
          days from the date on which it was granted.

               SECTION  2.   Except  in cases provided  for  in  Article  X
          hereof, each Option may be exercised  only  while the optionee is
          an Eligible Director.

               SECTION 3.  Each Option shall provide that the Option or any
          portion thereof may be exercised only during  an Election Period.
          Each Option shall provide, however, that in the event of a Change
          in Control, the Election Period exercise requirement is waived.

               SECTION 4.  A person electing to exercise  an  Option or any
          portion thereof then exercisable shall give written notice to the
          Company  of such election and of the number of shares  of  Common
          Stock such  person has elected to purchase, and shall at the time
          of purchase tender  the full purchase price of such shares, which
          tender shall be made  in  cash  or  cash equivalent (which may be
          such  person's  personal  check)  or in shares  of  Common  Stock
          already owned by such person (which  shares  shall  be valued for
          such purpose on the basis of their Fair Market Value  on the date
          of  exercise),  or in any combination thereof. The Company  shall
          have no obligation  to deliver shares of Common Stock pursuant to
          the exercise of any Option,  or  any Subsidiary Equity Securities
          distributable in connection therewith, in whole or in part, until
          such payment in full of the purchase  price  of  such  shares  of
          Common  Stock  is received by the Company.  No optionee, or legal
          representative, legatee or distributee of such optionee, shall be
          or be deemed to be a holder of any shares of Common Stock subject
          to such Option or  any Subsidiary Equity Securities distributable
          in connection with the  exercise  thereof,  or  entitled  to  any
          rights of a stockholder of the Company or a Subsidiary in respect
          of  any  shares  of  Common  Stock  covered by such Option or any
          Subsidiary   Equity   Securities  distributable   in   connection
          therewith until such shares of Common Stock have been paid for in
          full and certificates for  such  shares  of Common Stock and such
          Subsidiary Equity Securities have been issued or delivered by the
          Company.

               SECTION 5.  Each Option shall be subject  to the requirement
          that  if at any time the Board shall be advised by  counsel  that
          the listing,  registration  or  qualification  of  the  shares of
          Common  Stock  subject  to  such Option, or the Subsidiary Equity
          Securities distributable in connection with the exercise thereof,
          upon any securities exchange  or  under any state or federal law,
          or the consent or approval of any governmental  regulatory  body,
          is  necessary  or  desirable  as a condition of, or in connection
          with, the granting of such Option  or  the  issue  or purchase of
          shares  thereunder  or  the  distribution  of  Subsidiary  Equity
          Securities with respect thereto, such Option may not be exercised
          in   whole   or   in  part  unless  such  listing,  registration,
          qualification, consent  or  approval  shall have been effected or
          obtained  free from any conditions not reasonably  acceptable  to
          such counsel for the Board.

               SECTION 6.  The Company may establish appropriate procedures
          to provide  for  payment  or  withholding of such income or other
          taxes  as  may be required by law  to  be  paid  or  withheld  in
          connection with  the  exercise of Options, and to ensure that the
          Company receives prompt  advice  concerning the occurrence of any
          event which may create, or affect  the  timing  or amount of, any
          obligation  to pay or withhold any such taxes or which  may  make
          available to  the  Company  any  tax deduction resulting from the
          occurrence of such event.


                                      ARTICLE X

                                TERMINATION OF SERVICE
                               AS AN ELIGIBLE DIRECTOR

               SECTION 1.  If and when an optionee  shall  cease  to  be an
          Eligible  Director  for any reason other than death or retirement
          from the Board, all of the optionee's Options shall be terminated
          except that any Option,  to  the  extent then exercisable, may be
          exercised within three months after such optionee ceases to be an
          Eligible Director, but not later than the termination date of the
          Option.

               SECTION 2.  If and when an optionee  shall  cease  to  be an
          Eligible Director by reason of the optionee's retirement from the
          Board,  all  of the optionee's Options shall be terminated except
          that any Option,  to  the  extent then exercisable or exercisable
          within one year thereafter,  may  be exercised within three years
          after such retirement, but not later than the termination date of
          the Option.

               SECTION  3.  Should an optionee  die  while  serving  as  an
          Eligible  Director,   all   the   optionee's   Options  shall  be
          terminated, except that any Option to the extent  exercisable  by
          the  optionee  at  the  time  of  such  death,  together with the
          unmatured installment (if any) of such Option which  at that time
          is next scheduled to become exercisable, may be exercised  within
          one  year  after  the  date of such death, but not later than the
          termination date of the  Option,  by  the optionee's estate or by
          the person designated in the optionee's last will and testament.

               SECTION 4.  Should an optionee die  after  ceasing  to be an
          Eligible  Director,  all  of  the  optionee's  Options  shall  be
          terminated,  except that any Option, to the extent exercisable by
          the optionee at  the  time of such death, may be exercised within
          one year after the date  of  such  death,  but not later than the
          termination date of the Option, by the optionee's  estate  or  by
          the person designated in the optionee's last will and testament.


                                      ARTICLE XI

                            AMENDMENTS TO PLAN AND OPTIONS

               SECTION  1.  The provisions of this Plan that pertain to any
          matter set forth  in Rule 16b-3(c)(2)(ii)(A) under the Securities
          Exchange Act of 1934,  as  such rule or any successor thereto may
          be amended from time to time, shall not be amended more than once
          every six months, other than to comport with changes in the Code,
          the  Employee  Retirement  Income  Security  Act,  or  the  rules
          thereunder.

               SECTION 2.  Subject to  the  provisions of Section 1 of this
          Article XI, the Board may at any time  terminate  or from time to
          time amend, modify or suspend this Plan; provided,  however, that
          no  such  amendment or modification without the approval  of  the
          stockholders shall:

                    (a)   except  pursuant  to  Section  3  of  Article IV,
               increase the maximum number (determined as provided  in this
               Plan)  of  shares  of  Common  Stock  which may be purchased
               pursuant to Options, either individually or in aggregate;

                    (b)  permit the granting of any Option  at  a  purchase
               price other than 100% of the Fair Market Value of the Common
               Stock  at  the  time  such  option  is  granted,  subject to
               adjustment pursuant to Section 3 of Article IV;

                    (c)   permit the exercise of an Option unless the  full
               purchase price  of  the  shares  as  to  which the Option is
               exercised is paid at the time of exercise;

                    (d)  extend beyond May 1, 1997, the period during which
               Options may be granted;

                    (e)  modify in any respect the class of individuals who
               constitute Eligible Directors; or

                    (f)   materially  increase  the  benefits  accruing  to
               participants hereunder.