EXHIBIT 10.10

            1987 LONG-TERM PERFORMANCE INCENTIVE PLAN
                    OF FREEPORT-MCMORAN INC.


                            ARTICLE I

                         PURPOSE OF PLAN

     SECTION   1.1.   The  purpose  of  the  1987  Long-Term  Performance
Incentive Plan of  Freeport-McMoRan  Inc.  (the  "Plan")  is  to  provide
incentives  for  senior  executives  whose  performance in fulfilling the
responsibilities  of  their positions can have  a  major  impact  on  the
profitability and future  growth of Freeport-McMoRan Inc. (the "Company")
and its subsidiaries.


                            ARTICLE II

                    ADMINISTRATION OF THE PLAN

     SECTION 2.1.  Subject  to  the  authority and powers of the Board of
Directors in relation to the Plan as hereinafter provided, the Plan shall
be administered by a Committee designated  by  the Board of Directors and
composed of not fewer than two directors, each of  whom,  to  the  extent
necessary  to  comply  with Rule 16b-3 only, is a "non-employee director"
within the meaning of Rule  16b-3  and, to the extent necessary to comply
with Section 162(m) only, is an "outside  director" under Section 162(m).
The Committee shall have full authority to  interpret  the  Plan and from
time  to  time to adopt such rules and regulations for carrying  out  the
Plan as it  may  deem best.  All determinations by the Committee 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 the members
shall be fully as effective as if it had been made by a majority  vote at
a  meeting duly called and held.  All decisions by the Committee pursuant
to the  provisions of the Plan and all orders or resolutions of the Board
of Directors  pursuant  thereto shall be final, conclusive and binding on
all persons, including but  not  limited to the Participants, the Company
and its Subsidiaries and their respective equity holders.


                           ARTICLE III

         ELIGIBILITY FOR AND GRANT OF PERFORMANCE AWARDS

     SECTION 3.1.  Subject to the  provisions  of the Plan, the Committee
may  from time to time select salaried officers or  employees  (including
officers or employees who are also directors) of the Company or of any of
its Subsidiaries  to  be  granted  Performance Awards under the Plan, and
determine  the  number  of  Performance   Units   covered  by  each  such
Performance Award. Performance Awards may be granted  at  different times
to the same individual.  The Plan shall expire on December  31,  1992 and
no Performance Awards shall be granted hereunder after such date.

     SECTION   3.2.    Upon  the  grant  of  a  Performance  Award  to  a
Participant, the Company  shall establish a Performance Award Account for
such Participant and shall  credit  to such Performance Award Account the
number of Performance Units covered by such Performance Award.

     SECTION 3.3.  The number of Performance  Units  outstanding  at  any
time  shall not exceed 1,500,000.  Performance Units that shall have been
forfeited  or  with  respect  to  which payment has been made pursuant to
Section 4.2 or deferred pursuant to  Section  4.4 shall not thereafter be
deemed to be credited or outstanding for any purpose  of the Plan and may
again be the subject of Performance Awards.


                            ARTICLE IV

            CREDITS TO AND PAYMENTS FROM PARTICIPANTS'
                    PERFORMANCE AWARD ACCOUNTS

     SECTION  4.1.   Subject  to  the  provisions  of  Section  4.5,  the
Performance Award Account or Accounts of each Participant  at December 31
of  any  year shall be credited, as of such December 31, with  an  amount
equal to the  Annual  Earnings Per Share (or Net Loss Per Share) for such
year times the number of  Performance  Units  then  credited to each such
Performance Award Account; provided that, if in any year  there  shall be
any  outstanding  Net  Loss  Carryforward  applicable to such Performance
Award Account, such Net Loss Carryforward shall  be applied to reduce any
amount  which  would  otherwise  be  credited  to such Performance  Award
Account pursuant to this Section 4.1 in such year  until  such  Net  Loss
Carryforward has been fully so applied.

     SECTION 4.2.  (a)  Subject to Section 4.4, the balance credited to a
Participant's Performance Award Account shall be paid to such Participant
as  soon as practicable on or after the Award Valuation Date with respect
to such Performance Award.

     (b)  Payments pursuant to Section 4.2(a) shall be in cash.

     SECTION 4.3.  In addition to any amounts payable pursuant to Section
4.2,  the Committee may in its sole discretion determine that there shall
be payable  to  a  former Participant a supplemental amount not exceeding
the excess, if any,  of  (i)  the  amount  determined  in accordance with
Section 4.1 which would have been payable to such former  Participant  if
the  Award  Valuation  Date  with  respect to a Performance Award of such
Participant had been December 31 of  the  first, second or third calendar
year next following the year in which such  Participant's  Termination of
Employment  occurred  (the  selection  of  such  first,  second or  third
calendar year to be in the sole discretion of the Committee  subject only
to the last sentence of this Section 4.3) over (ii) the amount determined
in  accordance  with  said  Section 4.1 as of December 31 of the calendar
year in which such Termination of Employment actually occurred.  Any such
supplemental amount so payable shall be paid in a lump sum as promptly as
practicable on or after December  31  of the calendar year so selected by
the Committee or in one or more installments  ending  not later than five
years  after  such  December  31, as the Committee may in its  discretion
direct.  In no event shall any  payment  under  this  Section 4.3 be made
with  respect  to any calendar year after the year in which  such  former
Participant reaches  his  normal  retirement  date  under  the  Company's
retirement plan.

     SECTION 4.4.  (a)  Prior to January 1 of any calendar year in  which
it  is  anticipated  that  an  Award  Valuation  Date with respect to any
Performance Award may occur, a Participant may elect,  in accordance with
procedures established by the Committee, to defer, as and  to  the extent
hereinafter  provided, the payment of the amount, if any, which shall  be
paid pursuant to Section 4.2.

     (b)  All  payments deferred pursuant to Section 4.4(a) shall be paid
in one or more periodic  installments, not in excess of ten, at such time
or times after the applicable  Award  Valuation  Date, but not later than
ten years after such Award Valuation Date, as shall  be specified in such
Participant's election pursuant to Section 4.4(a).

     (c)  In the case of payments deferred as provided in Section 4.4(a),
the unpaid amounts shall, commencing with the applicable  Award Valuation
Date, be increased at a rate equal to the prime commercial  lending  rate
announced from time to time by The Chase Manhattan Bank, N.A. (compounded
quarterly)  or  at  such  other  rate  and  in  such  manner  as shall be
determined  from  time  to time by the Committee.  If subsequent to  such
Participant's election pursuant  to  Section  4.4(a)  such  Participant's
Termination  of  Employment  occurs  for  any  reason  other  than death,
Disability, retirement under the Company's retirement plan, or retirement
with  the  consent of the Company outside the Company's retirement  plan,
the Committee  may,  in its sole discretion, pay to such Participant in a
lump  sum  the  aggregate   amount   of   any   payments   so   deferred,
notwithstanding such election.

     SECTION  4.5.   Anything  contained  in  the  Plan  to  the contrary
notwithstanding:

          (a)   The  Committee  may,  in  its  sole  discretion, suspend,
     permanently  or  for  a  specified period of time or  until  further
     determination by the Committee, the making of any part or all of the
     credits which would otherwise  have  been  made  to  the Performance
     Award Accounts of all the Participants or to such Accounts of one or
     more Participants as shall be designated by the Committee.

          (b)   All  Performance  Units and other amounts credited  to  a
     Participant's Performance Award  Account  with respect to or arising
     from any Performance Award shall be forfeited  in  the  event of the
     Discharge for Cause of such Participant prior to December  31 of the
     third year following the year of grant of such Performance Award.

          (c)   All  Performance  Units  and other amounts credited to  a
     Participant's Performance Award Account  with  respect to or arising
     from a Performance Award shall, unless and to the  extent  that  the
     Committee  shall  in  its absolute discretion otherwise determine by
     reason of special mitigating  circumstances,  be  forfeited  in  the
     event  that such Participant's Termination of Employment shall occur
     for any  reason  other  than death, Disability, retirement under the
     Company's retirement plan,  or  retirement  with  the consent of the
     Company outside the Company's retirement plan, at any  time  (except
     within  two  years after the date on which a Change in Control shall
     have occurred)  prior to December 31 of the third year following the
     year of grant of such Performance Award.

          (d)  If any  suspension is in effect pursuant to Section 4.5(a)
     on a date when a credit  would  otherwise have been made pursuant to
     Section 4.1, the amounts which would have been credited but for such
     suspension shall be forfeited and  no  credits  shall  thereafter be
     made  in lieu thereof.  If the Committee shall so determine  in  its
     sole discretion, the amounts theretofore credited to any Performance
     Award Account  or Accounts shall be increased, during the suspension
     period,  at a rate  equal  to  the  prime  commercial  lending  rate
     announced  from  time  to  time  by  The  Chase Manhattan Bank, N.A.
     (compounded quarterly) or at such other rate  and  in such manner as
     shall be determined from time to time by the Committee.


                            ARTICLE V

                       GENERAL INFORMATION

     SECTION 5.1.  If Net Income, Annual Earnings Per Share  or  Net Loss
Per  Share  for  any  year  shall  have  been affected by special factors
(including material changes in accounting policies or practices, material
acquisitions or dispositions of property,  or  other unusual items) which
in the Committee's judgment should or should not  be  taken into account,
in  whole or in part, in the equitable administration of  the  Plan,  the
Committee  may,  for  any  purpose of the Plan, adjust Net Income, Annual
Earnings Per Share or Net Loss  Per  Share,  as the case may be, for such
year (and subsequent years as appropriate), or  any  combination of them,
and make credits, payments and reductions accordingly under the Plan.

     SECTION 5.2.  The Committee shall for purposes of  Articles  III and
IV make appropriate adjustments in the number of Performance Units  which
shall  remain  subject  to  Performance  Awards  and  in  the  number  of
Performance  Units  which  shall  have  been  credited  to  Participants'
accounts,  in order to reflect any merger or consolidation to  which  the
Company is a  party  or  any  stock  dividend,  split-up,  combination or
reclassification of the outstanding shares of Company Common Stock or any
other relevant change in the capitalization of the Company.

     SECTION  5.3.  A Participant may designate in writing a  beneficiary
(including the  trustee  or trustees of a trust) who shall upon the death
of such Participant be entitled  to  receive all amounts which would have
been payable hereunder to such Participant.  A Participant may rescind or
change any such designation at any time.   Except  as  provided  in  this
Section  5.3, none of the amounts which may be payable under the Plan may
be assigned  or  transferred  otherwise  than  by  will or by the laws of
descent and distribution.

     SECTION  5.4.   All  payments  made pursuant to the  Plan  shall  be
subject to withholding in respect of  income  and other taxes required by
law to be withheld, in accordance with procedures  to  be  established by
the Committee.

     SECTION  5.5.   The selection of an individual for participation  in
the Plan shall not give  such Participant any right to be retained in the
employ of the Company or any  of  its  Subsidiaries, and the right of the
Company  and  of  such  Subsidiary  to  dismiss  or  discharge  any  such
Participant  is  specifically  reserved.  The   benefits   provided   for
Participants  under the Plan shall be in addition to, and shall in no way
preclude,  other   forms  of  compensation  to  or  in  respect  of  such
Participants.

     SECTION 5.6.  The  Board  of  Directors  and  the Committee shall be
entitled  to rely on the advice of counsel and other  experts,  including
the independent  public  accountants  for  the Company.  No member of the
Board of Directors or of the Committee or any  officers of the Company or
its Subsidiaries shall be liable for any act or  failure to act under the
Plan, except in circumstances involving bad faith  on  the  part  of such
member or officer.


                            ARTICLE VI

               AMENDMENT OR TERMINATION OF THE PLAN

     SECTION  6.1.  The Board of Directors may at any time terminate,  in
whole or in part,  or  from  time  to time amend the Plan, provided that,
except  as  otherwise  provided in the  Plan,  no  such  amendment  shall
increase the number of Performance  Units which may be outstanding at any
time, nor shall any such amendment or  termination  adversely  affect the
amounts  credited to the Performance Award Account of a Participant  with
respect to  Performance  Awards  previously made to such Participant.  In
the event of such termination, in  whole  or  in  part,  of the Plan, the
Committee  may in its sole discretion direct the payment to  Participants
of any amounts  specified  in  Article  IV  and not theretofore paid out,
prior to the respective dates upon which payments would otherwise be made
hereunder to such Participants, and in a lump  sum or installments as the
Committee  shall  prescribe with respect to each such  Participant.   The
Board may at any time and from time to time delegate to the Committee any
or all of its authority under this Article VI.

                           ARTICLE VII

                           DEFINITIONS

     SECTION 7.1.   For  the  purposes  of  the Plan, the following terms
shall have the meanings indicated:

          (a)  Annual Earnings Per Share: With  respect  to any year, the
     result obtained by dividing (i) Net Income for such year by (ii) the
     average number of issued and outstanding shares (excluding  treasury
     shares and shares held by any Subsidiaries) of Company Common  Stock
     during  such  year  as  shown  in  the  Company's  Annual  Report to
     Stockholders for such year.

          (b)   Award  Valuation  Date:   With respect to any Performance
     Award, (i) December 31 of the year in which the third anniversary of
     the grant of such Performance Award to a Participant shall occur or,
     (ii) if earlier, December 31 of the year in which such Participant's
     Termination  of  Employment  shall occur,  if  such  Termination  of
     Employment occurs (x) within two  years after a Change in Control or
     (y) as a result of death, Disability, retirement under the Company's
     retirement  plan  or retirement with  the  consent  of  the  Company
     outside the Company's retirement plan.

          (c)   Board of  Directors:   The  Board  of  Directors  of  the
     Company.

          (d)  Change in Control:  A Change in Control shall be deemed to
     have occurred  if  either (i) 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 Company  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 (ii) there  shall  be a change
     in the composition of the Board of Directors of the Company  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 (A) 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
     first Transaction, or (B) 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 (i) and (ii).

         (e)  Committee:  The Committee  designated  pursuant to Section
     2.1.  Until  otherwise  determined  by  the Board of Directors,  the
     Corporate Personnel Committee designated  by such Board shall be the
     Committee under the Plan.

          (f)  Company Common Stock:  Common Stock,  par  value  $.01, of
     the Company.

          (g)   Disability:   In  the case of any Participant, disability
     which  after  the  expiration  of  more  than  26  weeks  after  its
     commencement is determined to be  total and permanent by a physician
     selected by the Company and acceptable  to  such  Participant or his
     legal representatives.

          (h)    Discharge   for   Cause:   Involuntary  Termination   of
     Employment as a result of dishonesty  or  similar serious misconduct
     directly  related  to  the performance of duties  for  any  and  all
     Related Entities.

          (i)  Net Income:  With respect to any year, the sum of:

               (i) the net income  (or  net  loss) of the Company and its
          consolidated  subsidiaries  for  such  year  as  shown  in  the
          Company's Annual Report to Stockholders for such year; plus (or
          minus)

               (ii)  the net income (or net loss) of each Subsidiary that
          is not wholly-owned, directly or indirectly, by the Company, as
          shown in such Subsidiary's annual audited  financial statements
          for such year, attributable to shares of common  stock or other
          equity securities or interests that are not owned,  directly or
          indirectly,  by  the Company for such portion of the year  that
          the Company owned  directly  or indirectly equity securities or
          interests in such Subsidiary.

          (j)  Net Loss Carryforward:  With  respect  to  any Performance
     Award Account, (i) an amount equal to the Net Loss per Share for any
     year  times  the  number  of Performance Units then outstanding  and
     credited to such Performance  Award  Account,  reduced  by  (ii) any
     portion thereof which has been applied in any prior year as provided
     in Section 4.1.

          (k)   Net  Loss  Per  Share:   The  amount  obtained  when  the
     calculation of Annual Earnings Per Share results in a number that is
     less than zero.

          (l)   Participant:   An individual who has been selected by the
     Committee to receive a Performance  Award  and  in  respect of whose
     Performance Award Account any amounts remain payable.

          (m)  Performance Award:  The grant of Performance  Units by the
     Committee to a Participant pursuant to Section 3.1.

          (n)  Performance Award Account:  An account established  for  a
     Participant pursuant to Section 3.2.

          (o)   Performance  Unit:   A unit covered by Performance Awards
     granted or subject to grant pursuant to Article III.

          (p)  Related Entities:  The  Company,  any  subsidiary  of  the
     Company,  Freeport-McMoRan  Copper  &  Gold  Inc., any subsidiary of
     Freeport-McMoRan  Copper & Gold Inc., McMoRan Oil  &  Gas  Co.,  any
     subsidiary of McMoRan  Oil  &  Gas  Co.,  and any law firm rendering
     services  to any of the foregoing entities provided  such  law  firm
     consists of  at  least  two or more members or associates who are or
     were officers of the Company or any subsidiary of the Company.

          (q)  Rule 16b-3:  Rule  16b-3 promulgated by the Securities and
     Exchange Commission under the  Securities  Exchange  Act of 1934, or
     any successor rule or regulation thereto as in effect  from  time to
     time.

          (r)   Section  162(m):   Section 162(m) of the Internal Revenue
     Code of 1986 and all regulations promulgated thereunder as in effect
     from time to time.

          (s)  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.

          (t)  Termination of Employment:  The cessation of the rendering
     of  services,  whether  or not as an employee, to any and all of the
     Related Entities.


                           As amended effective December 10, 1996