Document:

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                                                                  EXHIBIT 10.26
                             January 27, 1997

Dr. Henry A. Kissinger
Kent Associates, Inc./
Kissinger Associates, Inc.
350 Park Avenue
New York, New York 10022

Dear Dr. Kissinger:

     Freeport-McMoRan   Inc.  ("FTX")  is  a  party  to  a  consulting
agreement, dated as of December 22,  1988,  with Kissinger Associates,
Inc.  ("Kissinger Associates") and to a second  consulting  agreement,
dated  as  of  May  1,  1989,  with  Kent  Associates,  Inc.  ("Kent")
(collectively,  the  "Kissinger  Consulting  Agreements").  As you are
aware, FTX spun off its ownership interest in  Freeport-McMoRan Copper
&  Gold  Inc.  ("FCX")  to  FTX's  shareholders.   FTX  and  FCX  then
established  a  jointly  owned corporation, FM Services  Company  ("FM
Services"), to manage certain  common  activities on behalf of FTX and
FCX  and  their present and former affiliates  (collectively  with  FM
Services, the "Freeport Entities").

     This letter  evidences  the agreement of Kissinger Associates and
Kent to the assignment of the  Kissinger  Consulting  Agreements to FM
Services effective as of January 1, 1996.  All rights and  obligations
of  FTX  under  the  Kissinger  Consulting Agreements shall be deemed,
effective as of January 1, 1996,  to  have  vested in and to have been
assumed  by FM Services.  All references in either  of  the  Kissinger
Consulting  Agreements  to  FTX shall be deemed to be references to FM
Services.   Although  FM Services  shall  be  solely  responsible  for
exercising and fulfilling  FTX's  former  rights and obligations under
the Kissinger Consulting Agreements, FM Services  may direct Kissinger
Associates and Kent to provide services under the Kissinger Consulting
Agreements   to   any  of  the  Freeport  Entities.   All  duties   of
confidentiality under  the  Kissinger  Consulting  Agreements shall be
owed  to each of the Freeport Entities, and all notices  by  Kissinger
Associates  or Kent under the Kissinger Consulting Agreements shall be
provided to the Chairman or President of FM Services.

     Please execute  the  acknowledgment  blank  below  to confirm the
agreement  of  Kissinger  Associates  and  Kent  to the terms of  this
letter, and please return one executed original of  this letter to the
undersigned for FM Services' records.

                                  Freeport-McMoRan Inc.
                                  Freeport-McMoRan Copper & Gold Inc.
                                  FM Services Company

                                  By:  /s/ James R. Moffett
                                     --------------------------------
                                     James R. Moffett

AGREED TO AND ACKNOWLEDGED
THIS 27th DAY OF JANUARY, 1997.

Kissinger Associates, Inc.
Kent Associates, Inc.

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By:  /s/ Henry A. Kissinger
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       Henry A. Kissinger<PAGE>
                                                                  EXHIBIT 10.31

                              January 7, 1997

Senator J. Bennett Johnston, Jr.
1317 Merrie Ridge Road
McLean, VA  22101

Dear Senator Johnston:

     This   letter   will  confirm  the  terms  of  your  agreement  (the
"Agreement") with the  undersigned,  FM Services Company ("FM Services"),
with respect to your performance of consulting  services  for FM Services
and  its subsidiaries and affiliates (collectively with FM Services,  the
"Freeport  Entities").   The other Freeport Entities include, but are not
limited to,  Freeport-McMoRan  Inc.,  Freeport-McMoRan Resource Partners,
Limited Partnership, Freeport-McMoRan Copper &  Gold  Inc., McMoRan Oil &
Gas Co., and FM Properties Inc.

     1.   Term.  The  initial  term  of  this  Agreement  shall  commence
effective  as  of   January 4, 1997 and shall end on December  31,  1997;
provided, however, that the term of this Agreement shall be automatically
extended for additional  terms of one calendar year each unless and until
FM Services or you provides  a written notice of termination to the other
party ninety (90) or more days  prior  to  December  31st of any calendar
year.  All references in this Agreement to its "term"  shall be deemed to
include this Agreement's initial term and any renewal terms.  Termination
of  this Agreement shall not affect any obligations or liabilities  which
accrue prior to the effective date of the termination.

     2.   Scope   of   Consulting  Services.  During  the  term  of  this
Agreement, you will render  consulting  services  to  FM Services and the
other  Freeport  Entities,  upon  request, with respect to  international
relations, energy industry matters, commercial matters, and other matters
in which you have expertise.  You will  personally  perform  all  of  the
consulting  services  required  under  this  Agreement,  and you will not
delegate to others the performance of such consulting services without FM
Services' prior written consent.  The executive officers of  any Freeport
Entity  seeking  your  advice  will,  insofar  as reasonably practicable,
consider  your  convenience  in the timing of their  requests,  and  your
failure or inability, by reason  of  temporary  illness  or  other  cause
beyond your control or because of your absence for reasonable periods, to
respond  to  such  requests during any such temporary period shall not be
deemed to constitute  a  default  on your part in the performance of your
consulting services under this Agreement.

     3.   Consulting Fee.  In consideration for your consulting services,
FM  Services  shall  pay to you One Hundred  Fifty  Thousand  and  No/100
Dollars ($150,000.00)  per annum during this Agreement's term, payable in
quarterly installments of  Thirty-Seven  Thousand Five Hundred and No/100
Dollars ($37,500.00).  The first such installment  shall  be paid as soon
as practicable after the execution of this Agreement, and all  subsequent
installments shall be due and payable on or about the first day  of  each
calendar quarter thereafter during the term of this Agreement.

     FM  Services  shall  also  reimburse you for, or advance to you, all
reasonable out-of-pocket travel and other expenses incurred by you at the
request of a Freeport Entity  in  connection  with  your  performance  of
consulting  services  hereunder.   Such  expenses  shall be reimbursed or
advanced  promptly  after  your  submission  to  FM Services  of  expense
statements in such reasonable detail as FM Services may require.

     Freeport-McMoRan Copper & Gold Inc. has informed  FM  Services  that
you will be nominated to be elected a director of Freeport-McMoRan Copper
&  Gold  Inc. at its next board meeting.  The consulting fee due and paid

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under this Agreement shall include the annual director fee payable to all
directors  of  Freeport-McMoRan  Copper  &  Gold Inc.  In addition to the
previously  referenced  fee, Freeport-McMoRan Copper  &  Gold  Inc.  will
separately pay you attendance  fees  for board and committee meetings and
provide you with stock options, travel  expenses  associated  with  board
activities,  and  all  other  benefits  offered to directors of Freeport-
McMoRan  Copper  &  Gold Inc. on the same terms  and  conditions  as  are
offered to the other directors.

     4.   Nature of the  Consulting  Relationship.   You will perform the
consulting  services  required  under  this  Agreement as an  independent
contractor to, and not as an agent or employee  of, FM Services or of any
other Freeport Entity.  Except as and to the extent  that  FM Services or
another  Freeport Entity, as the case may be, may otherwise prescribe  in
writing, you shall not have any authority to negotiate or to conclude any
contracts  on  behalf  of,  or  otherwise  bind, FM Services or any other
Freeport Entity.

     5.   Assisting Competitors.  During the  term of this Agreement, you
will not, without the prior written consent of FM Services (a) render any
services, whether or not for compensation, to other  individuals,  firms,
corporations   or  entities  in  connection  with  any  matter  that  you
reasonably believe may involve material interests adverse to any Freeport
Entity or (b) engage  in  any  business  or  activity that you reasonably
believe to be materially detrimental to the business  or interests of any
Freeport Entity.

     6.   Confidential  Information.  You  shall  hold  in  a   fiduciary
capacity  for  the  benefit  of  the  Freeport  Entities  all  secret  or
confidential   information,   knowledge,   or   data  (collectively,  the
"Confidential Information") relating to any Freeport  Entity   which  you
obtain during the term of this Agreement from a Freeport Entity or from a
third  party  who  obtained such Confidential Information from a Freeport
Entity.  Unless disclosure is required by law, you shall not, without the
prior written consent  of  FM  Services,  at  any time, whether during or
after the term of this Agreement, communicate or divulge any Confidential
Information  to  anyone  other  than a Freeport Entity  or   those  other
persons  or entities designated by  FM  Services.   All  records,  files,
drawings,  documents,  notes,  and  the  like relating to the business or
activities of any Freeport Entity which you shall prepare, use or receive
shall  be  and remain the sole property of FM  Services,  or  such  other
Freeport Entity,  as  the  case  may  be,  and  shall be returned upon FM
Services' request.  "Confidential Information" shall  exclude information
(a)  known  to you prior to your association with the Freeport  Entities,
(b)  readily  available  in the public domain or (c)  obtained from third
parties  who  did  not  in turn,  directly  or  indirectly,  obtain  such
information from a Freeport Entity.

     7.   Miscellaneous.   This  Agreement  is  personal  to you, and you
shall  not   assign  this  Agreement  without FM Services' prior  written
consent.  This Agreement shall be governed by and construed in accordance
with the laws of the State of Louisiana.   This  Agreement  contains  the
entire understanding between the FM Services and yourself with respect to
the  subject  matter hereof.  This Agreement may not be amended, modified
or extended other  than  by  a  written agreement executed by the parties
hereto.

     Please confirm that the foregoing Agreement correctly sets forth the
agreement between FM Services and yourself by signing and returning to FM
Services one of the enclosed copies of this letter.

                                   Very truly yours,

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                                   FM SERVICES COMPANY

                                   By:  /s/ Michael J. Arnold
                                      ___________________________________
                                        Michael J. Arnold
                                        President

     I  hereby  confirm that the foregoing Agreement correctly sets forth
the agreement between FM Services Company and myself.

                                       /s/ J. Bennett Johnston, Jr.
                                      ___________________________________
                                      SENATOR J. BENNETT JOHNSTON, JR.

Dated: January 9, 1997.

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