Document:

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                                                                   EXHIBIT 4.10

                   CERTIFICATE OF DESIGNATIONS

                                OF

                SILVER-DENOMINATED PREFERRED STOCK
                   (Par Value $0.10 Per Share)

                                OF

               FREEPORT-McMoRan COPPER & GOLD INC.

        The number, voting powers, designations, preferences,
rights, qualifications, limitations and restrictions of the
corporation's Silver-Denominated Preferred Stock are as set forth
below:

        1.  Designation.  (a)  119,000 shares of Preferred Stock
of the corporation are hereby constituted as a series of
Preferred Stock designated as "Silver-Denominated Preferred
Stock" (hereinafter called "this Series").  Each share of this
Series shall be identical in all respects with the other shares
of this Series.  The Board of Directors is authorized to increase
or decrease (but not below the number of shares of this Series
then outstanding) the number of shares of this Series.

        (b)  Shares of this Series which have been redeemed for
cash as hereinafter provided or purchased by the corporation

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shall be canceled, and shall revert to authorized but unissued
shares of Preferred Stock undesignated as to series, and may be
reissued as a part of this Series or may be reclassified and
reissued as part of a new or existing series of Preferred Stock
to be created by resolution or resolutions of the Board of
Directors, all subject to the conditions or restrictions on
issuance set forth in any resolution or resolutions adopted by
the Board of Directors providing for the issue of such series of
Preferred Stock.

        2.  Dividends.  (a)  The holders of shares of this Series
shall be entitled to receive, but only out of funds legally
available therefor, cash dividends as hereinafter provided.  Such
dividends shall be paid when, as and if declared by the Board of
Directors on the first day of February, May, August and November
in each year until and including August 1, 2006 (or, if any
shares of this Series remain outstanding after August 1, 2006,
the last such date thereafter on which any shares of this Series
remain outstanding) (each such date being referred to herein as a
"Dividend Payment Date") to holders of record on the record date
determined by the Board of Directors in advance of the payment of
each particular dividend.  Such dividends shall be cumulative
from the date of original issuance of the shares of this Series.

        (b)  So long as any shares of this Series shall be
outstanding, the corporation shall not, unless full cumulative
dividends for all past dividend periods shall have been paid or
declared and set apart for payment upon all outstanding shares of
this Series and the shares of any other class or series of
Preferred Stock (including the Gold-Denominated Preferred Stock,
the Gold-Denominated Preferred Stock, Series II, the Step-Up
Convertible Preferred Stock and the 7% Convertible Exchangeable
Preferred Stock) and any other class or series of stock of the
corporation ranking, as to dividends, on a parity with shares of
this Series (the shares of any other class or series of Preferred
Stock and any other class or series of stock of the corporation
ranking, as to dividends, on a parity with shares of this Series
being herein referred to as "Parity Dividend Stock"), (i)
declare, pay or set apart any amounts for dividends on, or make
any other distribution in cash or other property in respect of,
the Class A Common Stock of the corporation, the Class B Common
Stock of the corporation or any other stock of the corporation
ranking junior to this Series as to dividends or distribution of
assets upon liquidation, dissolution or winding up of the affairs
of the corporation (the Class A Common Stock, the Class B Common
Stock and any such other stock being herein referred to as
"Junior Stock"), other than a dividend payable solely in Junior
Stock, (ii) purchase, redeem or otherwise acquire for value any
shares of Junior Stock, directly or indirectly, other than as a
result of a reclassification, exchange or conversion of one
Junior Stock for or into another Junior Stock, or other than
through the use of proceeds of a substantially contemporaneous
sale of other Junior Stock, or (iii) make any payment on account
of, or set aside money for, a sinking or other like fund for the
purchase, redemption or other acquisition for value of any shares
of Junior Stock.  For purposes of this Section 2 and of Section
4(f) hereof, if any depositary shares have been issued with
respect to any series of stock, actions with respect to such
depositary shares, including acquisition of and payments on or
with respect to such depositary shares, shall be regarded as
actions with respect to such series of stock.

        (c)  If the funds available for the payment of dividends
are insufficient to pay in full the dividends payable on all
outstanding shares of this Series and shares of Parity Dividend
Stock, the total available funds to be paid in partial dividends
on the shares of this Series and shares of Parity Dividend Stock
shall be divided among this Series and the Parity Dividend Stock
in proportion to the aggregate amounts of dividends accrued and
unpaid with respect to this Series and the Parity Dividend Stock.
Accruals of dividends shall not bear interest.

        3.  Dividend Rate.  (a)  The Dividend Rate per quarter on
each share of this Series shall be an amount equal to the Dollar
Equivalent Value (as defined below) of 1.65 ounces of silver.
"Dollar Equivalent Value" means the applicable Reference Silver
Price multiplied by the applicable number of ounces of silver.
"Reference Silver Price" means, when used to calculate the amount
of any dividend payable on any Dividend Payment Date, the
arithmetic average of the London silver fixing spot price for an
ounce of silver in the London bullion market on each of the
twenty trading days ending on the second trading day prior to the
last day of the calendar quarter immediately preceding such
Dividend Payment Date, as published in The Wall Street Journal
(Eastern Edition) (or, if such prices are not published in The
Wall Street Journal, as published in the Financial Times).  If
for any reason silver is not traded during any relevant period in
the London bullion market or is not quoted in U.S. dollars in
such market, silver will be valued during such period or portion

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thereof, as the case may be, on the basis of trading prices,
quoted in U.S. dollars, in the then principal international
trading market for silver as determined by the corporation's
Board of Directors.  On or before the fifth business day
preceding each record date for the payment of a dividend in
respect of the shares of this Series, the corporation will cause
to be published in The Wall Street Journal (Eastern Edition) or,
if such newspaper is not then published, in a newspaper or other
publication of national circulation, the amount of the dividend
payable in respect of each share of this Series (and, if the
shares of this Series are represented by depositary shares, the
amount so payable per depositary share) on the next succeeding
Dividend Payment Date.

        (b)  Dividends shall be calculated on the basis of a year
of 360 days consisting of 12 30-day months.  The term "Dividend
Period", as used herein, means, with respect to any Dividend
Payment Date, the period commencing on the day following the
immediately preceding Dividend Payment Date to and including such
Dividend Payment Date.

        4.  Redemption.  (a)  The Company will redeem annually on
August 1 beginning in 1999, out of funds legally available
therefor, a number of shares of this Series equal to one eighth
of the total number of shares of this Series outstanding
immediately after the date of original issuance of the shares of
this Series (including any shares issued pursuant to
underwriters' over-allotment options) (the "Original Shares"), at
the Dollar Equivalent Value per share of 160 ounces of silver.

        (b)  The shares of this Series shall not be subject to
redemption at the option of the corporation except as described
in this subsection (b).  If at any time the total number of
outstanding depositary shares representing shares of this Series
(the "Depositary Shares") shall be less than 15% of the total
number of Depositary Shares representing shares of this Series
outstanding immediately after the date of original issuance of
the shares of this Series, the corporation shall have the option
to redeem the outstanding shares of this Series, in whole but not
in part, on any subsequent Dividend Payment Date out of funds
legally available therefor, at an amount equal to the Dollar
Equivalent Value of 160 ounces of silver per share plus accrued
and unpaid dividends (as hereinafter defined) to the date fixed
for redemption.  For purposes of determining the number of shares
of this Series outstanding on any Dividend Payment Date, the
shares of this Series acquired by the corporation on or prior to
such Dividend Payment Date and not theretofore canceled (or in
the case of any shares of this Series represented by depositary
shares, the depositary shares representing shares of this Series
acquired by the corporation on or prior to such Dividend Payment
Date and not theretofore delivered to the depositary for the
depositary shares for cancellation) shall be deemed to be
outstanding.  Notice of any such redemption as described in this
subsection (b) shall be mailed to holders of the shares of this
Series within 30 days after such Dividend Payment Date in
accordance with the provisions of Section 4(c) hereof.  In
connection with any redemption pursuant to this subsection (b),
the corporation shall instruct the depositary in respect of any
Depositary Shares representing shares of this Series to redeem
such Depositary Shares on the same date as the redemption of
shares of this Series.

        (c)  At least 30 days but no more than 60 days prior to

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the date fixed for redemption of the shares of this Series in
accordance with Section 4(a) hereof or this subsection (b) (the
"Call Date"), a written notice will be mailed to each holder of
record (and each beneficial owner to the extent required by law)
of shares of this Series to be redeemed, notifying such holder of
the corporation's election to redeem such shares if such
redemption is pursuant to Section 4(b) hereof, setting forth the
method for determining the amount payable per share of this
Series on the Call Date, stating the Call Date and calling upon
such holder to surrender to the corporation on the Call Date at
the place designated in such notice the certificate or
certificates representing the shares called for redemption.

        (d)  At any time after a notice of redemption has been
given in the manner prescribed in Section 4(a) or (b) hereof and
the amount payable on the date fixed for redemption can be
determined by the corporation, and prior to the date fixed for
redemption, the corporation may deposit in trust, with a bank or
trust company identified in the notice of redemption having
capital, surplus and undistributed profits aggregating at least
$50,000,000, an aggregate amount of funds sufficient for such
redemption (including dividends accrued on the shares of this
Series called for redemption to the date fixed for redemption)
for immediate payment in the appropriate amounts upon surrender
of certificates for such shares.  Any interest accrued on such
funds shall be paid to the corporation from time to time.  Such
deposit in trust shall be irrevocable, except that any funds
deposited by the corporation which are unclaimed at the end of
two years from the date fixed for such redemption shall be paid
over to the corporation upon its request, and upon such repayment
the holders of the shares so called for redemption shall look
only to the corporation for payment of the appropriate amount.

        (e)  From and after the date fixed for redemption (unless
the corporation shall default in making payment of the amount
payable upon such redemption), whether or not certificates for
shares so called for redemption have been surrendered by the
holders thereof as described below, dividends on the shares of
this Series so called for redemption shall cease to accrue, and,
from and after the date of the deposit of trust funds for the
redemption of shares of this Series in accordance with the
provisions of Section 4(d) hereof, such shares shall be deemed to
be no longer outstanding, and all rights of the holders thereof
as stockholders of the corporation (except the right to receive
from the corporation the amount payable upon such redemption)
shall cease and terminate.  Upon surrender in accordance with the
notice of redemption of the certificates for any shares of this
Series so redeemed (properly endorsed or assigned for transfer if
the corporation shall so require and the notice shall so state),
the holder thereof shall be entitled to receive payment of the
redemption price plus an amount equal to all accrued and unpaid
dividends as aforesaid.

        (f)  If the corporation shall have failed to make any
required annual redemption then, until it shall have redeemed all
outstanding shares of this Series then required to be redeemed,
the corporation may not (i) declare, pay or set apart any amounts
for dividends on, or make any other distribution in cash or other
property in respect of, any Junior Stock other than a dividend
payable solely in Junior Stock, (ii) purchase, redeem or
otherwise acquire for value any shares of Junior Stock, directly
or indirectly, other than as a result of a reclassification,
exchange or conversion of one Junior Stock for or into another

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Junior Stock, or other than through the use of proceeds of a
substantially contemporaneous sale of other Junior Stock, (iii)
make any payment on account of, or set aside money for, a sinking
or other like fund for the purchase, redemption or other acquisi-
tion for value of any shares of Junior Stock or (iv) purchase,
redeem or otherwise acquire for value any shares of stock of the
corporation ranking on a parity with the shares of this Series as
to dividends or distribution of assets upon liquidation,
dissolution or winding up ("Parity Stock").

        (g) (i)  Within 90 days following each Calculation Date
(as defined below), the corporation shall be required to prepare
a certificate (a "Corporation Certificate") setting forth its
determination of the Reserve Amount (as defined below) as of such
Calculation Date.  If the Reserve Amount, as shown on the
Corporation Certificate prepared with respect to any Calculation
Date is less than the Aggregate Reserve Requirement (as defined
below) as of such Calculation Date, the corporation will be
required to make an offer (a "Reserve Coverage Offer") to
purchase, out of funds legally available therefor, at a price
equal to the liquidation preference thereof as of the Purchase
Date (as hereinafter defined), plus accrued and unpaid dividends
(as defined below) thereon to the Purchase Date, a sufficient
number of shares of this Series and of other Silver Parity Stock
(as defined below) (or the depositary shares, if any, issued with
respect thereto) such that, if all such shares had been
repurchased on the relevant Calculation Date, the Reserve Amount
on that date would have been greater than or equal to the
Aggregate Reserve Requirement on such date.  If the Corporation
Certificate prepared with respect to any Calculation Date shows
that the Reserve Amount is less than the Aggregate Reserve
Requirement on such date, the corporation shall include in such
Corporation Certificate its calculation of the number of shares
of this Series (or related depositary shares) and the number of
shares of other Parity Stock (or related depositary shares) it
intends to offer to purchase to satisfy the foregoing
requirements (such number with respect to any series being
referred to as the "Offer Amount" with respect to such series).
The corporation, in its sole discretion, may determine the number
of shares, if any, of this Series (or related depositary shares)
and the number of shares, if any, of each other series of Silver
Parity Stock (or related depositary shares) to which a Reserve
Coverage Offer will be made so long as such requirements are
satisfied.

        (ii)  If required to make a Reserve Coverage Offer, the
corporation will commence such offer not more than 60 days after
the date of the Corporation Certificate prepared with respect to
the applicable Calculation Date, by mailing a notice to all
holders of record of the shares of each series included in such
Reserve Coverage Offer setting forth (A) that such notice is
being given pursuant to a Reserve Coverage Offer, (B) the Offer
Amount with respect to such series, (C) the method for
determining the amount payable per share of such series on the
Purchase Date, (D) the last date (the "Purchase Date"), which
shall not be less than 30 nor more 60 days after the date of such
notice, by which a holder must elect whether to accept the
Reserve Coverage Offer, (E) the procedures that such holder must
follow to exercise its rights and (F) the procedures for
withdrawing an election.  The corporation shall also cause a copy
of such notice to be published in The Wall Street Journal
(Eastern Edition) or another daily newspaper of national
circulation.

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        (iii)  Holders of shares of any series electing to have
shares of such series purchased by the corporation pursuant to a
Reserve Coverage Offer will be required to surrender the
certificates representing such shares, with an appropriate form
duly completed, to the corporation prior to the Purchase Date.
Holders will be entitled to withdraw an election by a written
notice of withdrawal delivered to the corporation prior to the
close of business on the Purchase Date.  The notice of withdrawal
shall state the number of shares and certificate numbers to which
the notice of withdrawal relates and the number of shares and
certificate numbers, if any, which remain subject to the
election.  If the aggregate number of shares of any series
tendered exceeds the Offer Amount with respect to such series,
the corporation will select the shares of such series to be
purchased on a pro rata basis as nearly as practicable.  The
corporation shall, as promptly as reasonably practicable after
the Purchase Date, cause payment to be mailed or delivered to
each tendering holder in the amount of the purchase price, and
any unpurchased shares to be returned to the holder thereof.

        (h)  If, at the time of any annual redemption or of a
Reserve Coverage Offer, the funds of the corporation legally
available for redemption or repurchase of the shares of this
Series are insufficient to redeem or repurchase all of such
shares and all of the shares of any other series of Parity Stock
which the corporation is then obligated to redeem or repurchase,
(i) the total legally available funds shall be allocated among
the shares of this Series and of such other series in proportion
to the aggregate dollar amount of redemption or other repurchase
obligations with respect to this Series and such other series and
(ii) the portion of such funds allocated to this Series will be
used to redeem or repurchase the maximum possible number of
shares of this Series, pro rata based upon the number of shares
to be redeemed or delivered for repurchase, as the case may be.
At any time thereafter when additional funds of the corporation
become legally available for such purpose, after giving effect to
the foregoing allocation provisions, such funds shall immediately
be used to redeem or repurchase, as the case may be, any
additional shares of this Series which the corporation is
obligated to redeem or repurchase, as the case may be, but which
it has not so redeemed or repurchased.

        (i)  The corporation shall not have the right to redeem
shares of this Series pursuant to Section 4(a) or (b) hereof
unless full cumulative dividends for all past dividend periods
shall have been paid or declared and set aside for payment upon
all outstanding shares of this Series and all outstanding shares
of other series of stock of the corporation ranking, as to
dividends, on a parity with the shares of this Series.

        (j)  The corporation will not consummate or permit any
subsidiary to consummate any transaction involving the
corporation which would cause the Reserve Amount to fall below
the Aggregate Reserve Requirement immediately after consummation
of such transaction unless the corporation will have sufficient
legally available funds immediately following consummation of
such transaction to complete any Reserve Coverage Offer required
as a result thereof.

        (k)  Definitions.  For purposes of this Section 4, the
following terms shall have the meanings indicated:

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             (i)  "accrued and unpaid dividends" per share of
        this Series (A) in the case of any Reserve Coverage
        Offer, (B) in the case of any annual or optional
        redemption and (C) in the case of a liquidation event,
        shall be equal to the sum of (x) the aggregate amount of
        any accrued and unpaid dividends on such share through
        the next preceding Dividend Payment Date (calculated as
        provided in Section 3 hereof) plus (y) a proportionate
        amount of the regular quarterly dividend at the Dividend
        Rate for the period from the day following the
        immediately preceding Dividend Payment Date through the
        redemption date, Purchase Date or date of liquidating
        distribution (calculated on the basis of a year of 360
        days consisting of twelve 30-day months) multiplied by
        the Reference Silver Price used to calculate the other
        amounts payable to holders of the shares of this Series
        in connection with such redemption, purchase or
        liquidation event.  If a quarterly dividend is not
        declared and paid as provided in Section 3 hereof, the
        unpaid dividend that shall cumulate for such Dividend
        Period will be the amount of the dividend that would have
        been payable on the Dividend Payment Date if such
        dividend had been timely paid.

             (ii)  "Aggregate Reserve Requirement" as of any
        Calculation Date means the sum of the individual Reserve
        Coverage Requirements with respect to each series of
        Silver Parity Stock, including this Series.

             (iii)  "Calculation Date" means (i) December 31 of
        each year and (ii) the date of the consummation of each
        transaction undertaken by the corporation or any
        subsidiary of the corporation which would either (a)
        cause the Reserve Amount, as estimated by the
        corporation, to decrease by 50% or more from the
        preceding Calculation Date or (b) cause the Reserve
        Amount, as estimated by the corporation, to fall below
        the Aggregate Reserve Requirement on such date.

             (iv)  "Silver Parity Stock" means this Series and
        any other series of Parity Stock the liquidation
        preference of which is based on specified amounts of
        silver or the Dollar Equivalent Value thereof.

             (v)  "Reference Silver Price", when used to
        calculate the amount of any dividend payable on any
        Dividend Payment Date or of any annual or optional
        redemption payment with respect to the shares of this
        Series means the arithmetic average of the London silver
        fixing spot price for an ounce of silver in the London
        bullion market on each of the twenty trading days ending
        on the second trading day prior to the last day of the
        calendar quarter immediately preceding such quarterly
        date, as published in The Wall Street Journal (Eastern
        Edition) (or, if such prices are not published in The
        Wall Street Journal (Eastern Edition), as published in
        the Financial Times).  When used to calculate any other
        amount payable with respect to the shares of this Series
        or to purchase any shares of this Series on any date, the
        "Reference Silver Price" means the arithmetic average of
        the London silver fixing spot price for an ounce of
        silver on the London bullion market on each of the twenty
        trading days ending on the second trading day prior to

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        (i) in the case of any Reserve Coverage Offer, the date
        of commencement thereof and (ii) in the case of a
        liquidation event, the date 30 days prior to the date
        fixed for the liquidating distribution.  If for any
        reason silver is not traded during any relevant period in
        the London bullion market or is not quoted in U.S.
        dollars in such market, silver will be valued during such
        period or portion thereof, as the case may be, on the
        basis of trading prices, quoted in U.S. dollars, in the
        then principal international trading market for silver as
        determined by the corporation's Board of Directors.

             (vi)  "Required Coverage Multiplier" means (x) 2.0
        with respect to this Series, (y) with respect to any
        other series of Silver Parity Stock having the benefit of
        a provision requiring an offer similar to the Reserve
        Coverage Offer, the multiplier applicable thereto by the
        terms of such other series, and (z) 1.0 with respect to
        any other series of Silver Parity Stock.

             (vii)  "Reserve Amount" as of any Calculation Date
        means the corporation's Proportionate Interest in the
        estimated proved and probable silver reserves of the
        corporation and of any entity in which the corporation
        has a direct or indirect beneficial ownership interest.
        The estimated proved and probable silver reserves shall
        be determined based upon evaluation methods generally
        applied by the mining industry.  The corporation's
        "Proportionate Interest" in any estimated proved and
        probable silver reserves shall be the corporation's
        direct or indirect beneficial ownership interest in such
        reserves, giving effect to reductions required to reflect
        any beneficial ownership interest of any person other
        than the corporation in such reserves.

             (viii)  "Reserve Coverage Requirement" with respect
        to any series of Silver Parity Stock shall mean the
        product of (x) the aggregate liquidation preference of
        all outstanding shares of such series (expressed in
        ounces of silver) times (y) the Required Coverage
        Multiplier applicable to such series.  With respect to
        any series with respect to which depositary shares have
        been issued, the aggregate liquidation preference of such
        series shall be determined on the basis of the number of
        such depositary shares as are issued and outstanding as
        of the applicable Calculation Date (excluding any
        depositary shares which have been acquired by the
        corporation on or prior to the date of the preparation of
        the Corporation Certificate with respect to such
        Calculation Date).

        5.  Voting Rights.  (a)  Except for the voting rights
described below and except as otherwise required by law, the
holders of shares of this Series shall not be entitled to vote on
any matter or to receive notice of, or to participate in, any
meeting of the stockholders of the corporation.  Each share of
Preferred Stock of this Series will be entitled to one vote on
matters which holders of such Series are entitled to vote.

        (b)  The shares of this Series shall be entitled to vote
with respect to the election of directors in accordance with
Sections (b)(4) and (b)(5) of Article FOURTH of the certificate
of incorporation.

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        (c)  Whenever dividends payable on shares of this Series
shall be in default in an aggregate amount equal to or exceeding
six full quarterly dividends on all shares of this Series at the
time outstanding, the number of directors then constituting the
Board of Directors of the corporation shall be increased by two,
and holders of shares of this Series shall, in addition to any
other voting rights, have the right, voting separately as a class
together with holders of all other series of stock of the Company
ranking on a parity with shares of this Series either as to
dividends or the distribution of assets upon liquidation,
dissolution or winding up and upon which like voting rights have
been conferred and are exercisable (such other series of stock
being herein referred to as "Other Voting Stock"), to elect such
two additional directors.  In such case, the Board of Directors
will be increased by two directors, and the holders of shares of
this Series (either alone or with the holders of Other Voting
Stock) will have the exclusive right as members of such class, as
described above, to elect two directors at the next annual
meeting of stockholders.  Whenever such right of the holders of
shares of this Series shall have vested, such right may be
exercised initially either at a special meeting of such holders
as provided in Section 5(d) hereof or at any annual meeting of
stockholders held for the purpose of electing directors, and
thereafter at such annual meetings.  The right of the holders of
shares of this Series to vote together as a class with the
holders of shares of any Other Voting Stock shall continue until
such time as all dividends accrued on outstanding shares of this
Series to the Dividend Payment Date next preceding the date of
any such determination shall have been paid in full, or declared
and set apart in trust for payment, at which time the right of
the holders of shares of this Series so to vote shall terminate,
except as herein or by law expressly provided, subject to
revesting upon the occurrence of a subsequent default of the
character mentioned above.

        (d)  At any time when the right of the holders of shares
of this Series to elect directors as provided in Section 5(c)
hereof shall have vested, and if such right shall not already
have been initially exercised, a proper officer of the
corporation, upon the written request of the holders of record of
at least 10% of the aggregate number of shares of this Series and
shares of any Other Voting Stock at the time outstanding,
addressed to the Secretary of the corporation, shall call a
special meeting of the holders of shares of this Series and of
such Other Voting Stock for the purpose of electing directors.
Such meeting shall be held at the earliest practicable date upon
the same form of notice as is required for annual meetings of
stockholders at the place for the holding of annual meetings of
stockholders of the corporation (or such other suitable place as
is designated by such officer).  If such meeting shall not be
called by a proper officer of the corporation within 20 days
after personal service of such written request upon the Secretary
of the corporation, or within 20 days after mailing the same
within the United States of America, addressed to the Secretary
of the corporation at its principal office (such mailing to be
evidenced by the registry receipt issued by the postal
authorities), then the holders of record of at least 10% of the
aggregate number of shares of this Series and shares of any Other
Voting Stock at the time outstanding may designate in writing one
of their number to call such a meeting at the expense of the
corporation, and such meeting may be called by such person so
designated upon the same form of notice as is required for annual

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meetings of stockholders and shall be held at the place for the
holding of annual meetings of stockholders of the corporation (or
such other suitable place as is designated by such person).  Any
holder of shares of this Series so designated shall have access
to the registry books of the corporation for the purpose of
causing a meeting of stockholders to be called pursuant to this
subsection (d).  Notwithstanding anything to the contrary
contained in this subsection (d), no such special meeting shall
be called during the period within 90 days immediately preceding
the date fixed for the next annual meeting of stockholders of the
corporation.

        (e)  At any meeting held for the purpose of electing
directors at which holders of shares of this Series shall have
the right, voting together as a class with holders of shares of
any Other Voting Stock to elect directors as provided in Section
5(c) hereof, the presence, in person or by proxy, of the holders
of 33 1/3% of the aggregate number of shares of this Series and
shares of such Other Voting Stock at the time outstanding shall
be required and be sufficient to constitute a quorum of such
class for the election of directors pursuant to such Section
5(c).  At any such meeting or adjournment thereof, (i) the
absence of a quorum of the shares of this Series and shares of
such Other Voting Stock shall not prevent the election of the
directors to be elected otherwise than pursuant to Section 5(c)
hereof and (ii) in the absence of a quorum, either of the shares
of this Series and shares of such Other Voting Stock or of any
other shares of stock of the corporation, or both, a majority of
the holders, present in person or by proxy, of the class or
classes of stock which lack a quorum shall have the power to
adjourn the meeting for the election of directors whom they are
entitled to elect, from time to time without notice other than
announcement at the meeting, until a quorum shall be present.

        (f)  During any period when the holders of shares of this
Series shall have the right to vote together as a class with the
holders of shares of any Other Voting Stock for directors as
provided in Section 5(c) hereof, (i) the directors so elected by
such holders shall continue in office until their successors
shall have been elected by such holders or until termination of
the rights of such holders to vote as a class for directors and
(ii) any vacancies in the Board of Directors shall be filled only
by a majority (even if that be only a single director) of the
remaining directors theretofore elected by the holders of the
class or classes of stock which elected the director whose office
shall have become vacant.  Immediately upon termination of the
right of holders of this Series and any Other Voting Stock to
vote as a class for directors, (i) the term of office of the
directors so elected shall terminate and (ii) the number of
directors shall be such number as may be provided for in the
by-laws of the corporation irrespective of any increase pursuant
to the provisions of Section 5(c) hereof.

        (g)  In addition to any other vote required by law, the
corporation shall not (i) amend, alter or repeal, whether by
merger, consolidation or otherwise, the provisions of its
certificate of incorporation (including the terms of this Series)
so as to materially and adversely affect any right, preference,
privilege or voting power of this Series or (ii) create,
authorize or issue any series or class of stock ranking prior,
either as to payment of dividends or distributions of assets upon
liquidation, dissolution or winding up, to this Series, without
the affirmative vote or consent of the holders of at least two-

                             Page 10
<PAGE>
thirds of the aggregate number of shares of this Series at the
time outstanding, voting as a separate class; provided, that any
increase in the total number of authorized shares of Common Stock
(or any series thereof) or Preferred Stock (or any series
thereof), or the creation, authorization or issuance of any
series of stock ranking, as to dividends or distribution of
assets upon liquidation, dissolution or winding up of the affairs
of the corporation, on a parity with the shares of this Series
will not be deemed to materially and adversely affect such
rights, preferences, privileges or voting powers; provided,
further, that no class vote of the holders of shares of this
Series shall be required if, at or prior to the time when the
actions described in clause (i) or (ii) of this Section 5(g)
shall become effective, provision is made in accordance with
Section 4 hereof for the redemption of all shares of this Series
at the time outstanding.

        6.  Preference upon Liquidation.  (a)  In the event of
any voluntary or involuntary liquidation, dissolution or winding
up of the affairs of the corporation, after payment or provision
for payment of the debts and other liabilities of the corporation
and of dividends and liquidation preferences in respect of any
other stock of the corporation ranking senior to the shares of
this Series as to such payments, the holders of shares of this
Series shall be entitled to receive, out of the remaining net
assets of the corporation, the Dollar Equivalent Value of 160
ounces of silver in cash for each share of this Series, plus an
amount equal to all dividends (whether or not earned or declared)
accrued and unpaid on each such share up to the date fixed for
distribution, before any distribution shall be made to or set
apart for the holders of any Junior Stock.  If, after payment or
provision for payment of the debts and other liabilities of the
corporation and of dividends and liquidation preferences in
respect of any other stock of the corporation ranking senior to
the shares of this Series as to such payments, the remaining net
assets of the corporation are not sufficient to pay to the
holders of shares of this Series the full amount of their
preference set forth above, then the remaining net assets of the
corporation shall be divided among and paid to the holders of
shares of this Series, holders of shares of any other class or
series of Preferred Stock and holders of shares of any other
stock of the corporation on a parity with this Series as to
dividends and distribution of assets upon liquidation,
dissolution or winding up of the affairs of the corporation
ratably per share in proportion to the full per share amounts to
which they respectively are entitled.  For purposes of this
subsection (a) and Section 6(b) hereof, a consolidation or merger
of the corporation with one or more other corporations or the
sale of all or substantially all of the assets of the corporation
shall not be deemed to be a voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the corporation.

        (b)  Subject to the rights of the holders of shares of
any series or class of stock ranking prior to this Series and of
the holders of shares any stock of the corporation ranking on a
parity as to dividends and distribution of assets upon
liquidation, dissolution or winding up of the affairs of the
corporation, after payment shall have been made in full to the
holders of this Series as provided in Section 6(a) hereof and
this subsection (b), the holders of any Junior Stock shall,
subject to the respective terms and provisions (if any) applying
thereto, be entitled to receive any and all assets remaining to
be paid or distributed, and shares of this Series shall not be

                             Page 11
<PAGE>
entitled to share therein.

        7.  Taxes.  The corporation will pay any and all
documentary, stamp or similar taxes payable to the United States
of America or any political subdivision or taxing authority
thereof or therein in respect of the issue or delivery of
certificates for shares of this Series on redemption of less than
all of the shares represented by any certificate for such shares
surrendered for redemption or pursuant to a Reserve Coverage
Offer; provided, that the corporation shall not be required to
pay any tax which may be payable in respect of any transfer
involved in the issue or delivery of certificates for shares of
this Series in a name other than that of the holder of shares of
this Series to be redeemed or repurchased and no such issue or
delivery shall be made unless and until the person requesting
such issue or delivery has paid to the corporation the amount of
any such tax or has established, to the satisfaction of the
corporation, that such tax has been paid.  The corporation
extends no protection with respect to any other taxes imposed in
connection with such redemption or repurchase of shares of this
Series.

        8.  No Other Rights.  The shares of this Series shall not
have any relative, participating, optional or other special
rights and powers other than as set forth herein and other than
any which may be provided by law.

        9.  Miscellaneous.  Capitalized terms which are defined
in this Exhibit are defined only for the purposes of this
Exhibit, and not for the purposes of other Exhibits to the
certificate of incorporation.  Unless otherwise indicated,
section references contained in this Exhibit refer to the
corresponding sections of this Exhibit.

                             Page 12<PAGE>
                                                                   EXHIBIT 10.3
                       AGREEMENT to AMEND

                               and

                     RESTATE TRUST AGREEMENT

                           dated as of

                        October 11, 1996

                              among

                P.T. FREEPORT INDONESIA COMPANY,

              FREEPORT-McMoRan COPPER & GOLD INC.,

                    THE RTZ CORPORATION PLC,

                     P.T. RTZ-CRA INDONESIA,

                 RTZ INDONESIAN FINANCE LIMITED,

         FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION,
                           as Trustee,

      THE CHASE MANHATTAN BANK (formerly Chemical Bank), as
           Administrative Agent, as JAA Security Agent
                     and as Security Agent,

                               and

       THE CHASE MANHATTAN BANK (as successor to The Chase
             Manhattan Bank (National Association)),
                      as Documentary Agent
                        and as Depositary

                        TABLE OF CONTENTS

Section                                                      Page

     Recitals                                                   2
     1.   Defined Terms, etc .                                  7
     2.   The Closing; The Closing Date; Termination            9
     3.   Releases and Assignments                              9
     4.   Amendment of the Existing Trust Agreement; Change
          of Security Agent for the Bank Security Agreements   12
     5.   Representations and Warranties                       13
     6.   Conditions to Closing                                15
     7.   Amendment; Waiver                                    15
     8.   Counterparts                                         16
     9.   Applicable Law                                       16
     10.  Expenses                                             16
     11.  References; Headings                                 16
     12.  Construction                                         16
     13.  Submission to Jurisdiction; Waiver of Jury Trial;
          Commercial Obligations and Immunity                  16
     14.  Survival of Representations and Warranties           17

     Exhibit        A        Amended and Restated Trust Agreement
<PAGE>
     Exhibit        B-1                   Intercreditor Agreement
     Exhibit        B-2                   Early Closing Agreement
     Exhibit        H-3                               Side Letter
     Exhibit        C                       PT-RTZ COW Assignment
     Exhibit        D              Operator Replacement Agreement
          Annex  I  Surat Kuasa
     Exhibit        E Fiduciary Assignment of Accounts Receivable
     Exhibit        F-1        FI Bank Credit Agreement Amendment
     Exhibit        F-2       CDF Bank Credit Agreement Amendment
          Exhibit   A                     Bank Security Agreement
          Exhibit   B                            Bank Surat Kuasa
          Exhibit   C     Amended and Restated Fiduciary Transfer
          Exhibit   D        Amended and Restated Fiduciary Power
          Exhibit   EBank Fiduciary Assignment of Accounts Receivable
     Exhibit        G  Fiduciary Transfer of Joint Account Assets
     Exhibit     H Power of Attorney to Establish Fiduciary
                 Transfer of Joint Account Assets
     Exhibit     I  Consent of Minister of Mines
     Exhibit        J                     Participation Agreement
     Exhibit     K  RTZ Loan Agreement

     AGREEMENT TO AMEND AND RESTATE TRUST AGREEMENT dated as of
October 11, 1996, among P.T. FREEPORT INDONESIA COMPANY, a
limited liability company organized under the laws of Indonesia
and also domesticated in Delaware ("FI"), FREEPORT-McMoRan COPPER
& GOLD INC., a Delaware corporation ("FCX"), THE RTZ CORPORATION
PLC, a public limited company organized under the laws of England
("RTZ"), P.T. RTZ-CRA INDONESIA, a company in formation under the
laws of the Republic of Indonesia ("PT-RTZ"), RTZ INDONESIAN
FINANCE LIMITED, a company organized under the laws of England
and a wholly owned subsidiary of RTZ ("RTZ Lender"), FIRST TRUST
OF NEW YORK, NATIONAL ASSOCIATION, not in its individual capacity
but solely as Trustee under the Trust Agreement referred to
below, THE CHASE MANHATTAN BANK (formerly Chemical Bank)
("Chase"), not in its individual capacity but solely as (i)
Administrative Agent for the Banks under the CDF and FI Credit
Agreement (in such capacity, the "Administrative Agent"), (ii)
security agent for the Banks under the Bank Security Documents
referred to below (in such capacity, the "Security Agent") and
(iii) as security agent with respect to the Joint Account Assets
for RTZ Indonesian Investments Limited, a company organized under
the laws of England ("RTZ-IIL"), and the Banks under the JAA
Fiduciary Transfer and the JAA Fiduciary Power (in such capacity,
the "JAA Security Agent"), and THE CHASE MANHATTAN BANK (as
successor to The Chase Manhattan Bank (National Association)),
not in its individual capacity but solely as (i) depositary under
the Trust Agreement (in such capacity, the "Depositary") and (ii)
Documentary Agent for the Banks under the CDF and the FI Credit
Agreement (in such capacity the "Documentary Agent"; the
Administrative Agent, the Security Agent and the Documentary
Agent being sometimes collectively referred to herein as the
"Bank Agents" and FI, FCX, RTZ, PT-RTZ, RTZ Lender, the Trustee,
the JAA Security Agent, the Depositary and the Bank Agents being
each referred to herein as a "Transaction Party" and,
collectively, as the "Transaction Parties").

                            Recitals

     I.   By a letter of intent dated March 7, 1995 from FCX to
<PAGE>
RTZ and signed by RTZ as of March 7, 1995 (the "Letter of
Intent"), FCX and RTZ confirmed their mutual intention with
respect to, among other things, the establishment of joint
ventures and certain financing arrangements in connection
therewith, to explore and develop within the Contract Area
covered by the Contract of Work.

     II.  By an agreement dated as of May 2, 1995 made between
FCX and RTZ (the "Implementation Agreement"), FCX and RTZ
recorded the steps to be taken, subject to the satisfaction or
waiver of conditions, in order to implement the transactions
referred to in the Letter of Intent.

     III. Among the steps so recorded in the Implementation
Agreement are:

          (a)  the execution by FI and PT-RTZ of a participation
               agreement substantially in the form set out in
               Schedule 1 to the Implementation Agreement,
               providing for the participation of PT-RTZ in
               certain operations under the Contract of Work on
               the terms contained therein, with amendments
               agreed between them; and

          (b)  the execution by FI and RTZ Lender of a loan
               agreement substantially in the form set out in
               Schedule 2 to the Implementation Agreement,
               whereby RTZ Lender will make available to FI a
               loan facility in a principal amount of up to
               $450,000,000 on the terms contained therein, with
               amendments agreed between them.

     IV.  It is the intention of FCX and RTZ, as reflected and
provided in the Letter of Intent and the Implementation Agreement
and agreements attached as Schedules thereto, that, among other
things:

          (a)  all rights and interests of PT-RTZ in and under
               the participation agreement referred to in clause
               (a) of Recital III shall be assigned on an
               unencumbered basis, free and clear of all liens,
               security interests and other encumbrances
               whatsoever; and

          (b)  FI shall assign to PT-RTZ a partial undivided
               interest in the Contract of Work, which interest
               shall be assigned on an unencumbered basis, free
               and clear of all liens, security interests and
               other encumbrances whatsoever; and

          (c)  the repayment of all advances made pursuant to the
               loan agreement referred to in clause (b) of
               Recital III shall be secured by a first priority
               lien on 100% of FI's share of Incremental
               Expansion Cashflow (as defined therein).

     V.   FI is party to (a) a Credit Agreement dated as of
October 27, 1989 (as amended, the "FI Credit Agreement"), among
FI, FCX, certain banks (the "Banks"), the Administrative Agent,
the Security Agent, the JAA Security Agent, the Trustee and the
Documentary Agent, providing for a $550,000,000 credit facility
<PAGE>
for FI, and (b) a $450,000,000 Credit Agreement dated as of June
30, 1995 (as amended, the "CDF"), among FI, FCX, the Banks, the
Administrative Agent, the Security Agent, the JAA Security Agent,
the Trustee and the Documentary Agent, providing for a
$450,000,000 credit facility for FCX and FI.

     VI.  FI has granted to the Trustee for the benefit of the
Banks a first priority security interest in the Contract of Work
and substantially all its other assets pursuant to (a) a Trust
Agreement dated as of May 15, 1970 (as amended from time to time
and as in effect immediately prior to the Closing the "Existing
Trust Agreement"), among FI, the Trustee and the Depositary and
(b) the other FI Security Documents (as such term is defined in
the Existing Trust Agreement).

     VII. In order to effect and permit the transactions referred
to in Recitals I through IV, the following, among other things,
are required:

          (a)  the release by the Banks of any security interest
               that the Banks may now have or hereafter acquire
               with respect to the rights and properties granted
               or assigned to PT-RTZ pursuant to the
               Participation Agreement, including, but not
               limited to, (i) Sole Risk Ventures undertaken by
               PT-RTZ; (ii) PT-RTZ's interest in Joint
               Operations; (iii) PT-RTZ's interest in Joint
               Account Assets; (iv) PT-RTZ's interest in
               Incremental Expansion Cashflow from Block A, Net
               Sales Revenues from Greenfield Projects in Block A
               and Net Sales Revenues from Block B; (v) PT-RTZ's
               interest under the Restated Trust Agreement in the
               Concentrate Sales Agreements; (vi) PT-RTZ's
               interest under the Restated Trust Agreement and
               the Participation Agreement in Proceeds; and (vii)
               PT-RTZ's interest in the Contract of Work (all of
               the foregoing referred to as the "PT-RTZ Joint
               Venture Interests"), in each such case only to the
               extent necessary to grant to and vest in PT-RTZ
               the PT-RTZ Joint Venture Interests free and clear
               of any lien in favor of the Banks;

          (b)  the assignment by FI to PT-RTZ of a partial
               undivided beneficial interest in the Contract of
               Work (the "PT-RTZ COW Interest");

          (c)  the assignment by FI to RTZ Lender of a first
               priority security interest (the "RTZ Lender Lien")
               with respect to FI Incremental Expansion Cashflow
               (and FI's related rights under the Contract of
               Work and Concentrate Sales Agreements) (the "FIEC
               Interests");

          (d)  the subordination by the Banks for the benefit of
               RTZ Lender of any security interest that the Banks
               may now have or hereafter acquire with respect to
               the FIEC Interests until the RTZ Lender Loan is
               repaid (the "Bank FIEC Lien"); and

          (e)  after giving effect to (i) the prior release of
               the Banks' security interest in the PT-RTZ Joint
<PAGE>
               Venture Interests and (ii) the subordination to
               the RTZ Lender Lien of the security interest of
               the Banks with respect to the FIEC Interests, the
               continuance of the security interests granted to
               the Trustee for the benefit of the Banks pursuant
               to the Existing Trust Agreement, the Restated
               Trust Agreement and the other FI Security
               Documents, including the Bank Security Documents.

     VIII.     In order to implement and give effect to various
provisions of the Participation Agreement, in particular the
orderly administration and collection of accounts receivable
arising in connection with the Concentrate Sales Agreements,
PT-RTZ is willing to, among other things, permit the Trustee to
hold in trust, for the benefit of PT-RTZ, the PT-RTZ CSA
Interests (as defined below) assigned by FI to the Trustee upon
the terms and conditions of the Restated Trust Agreement (as
defined below).

     IX.  In order to perfect the RTZ Lender Lien and to provide
for the orderly administration and collection of accounts
receivable, RTZ Lender is willing to, among other things, permit
the Trustee to hold in trust, as security for the benefit of RTZ
Lender and the Banks, the FIEC Interests.

     X.   In order to accommodate and take into account all of
the foregoing transactions, FI and the Banks are willing to make
certain amendments to the CDF, the FI Credit Agreement and the FI
Security Documents pursuant to the Bank Credit Agreement
Amendments, including (i) replacement of the Trustee by Chase as
security agent for the Banks under the FI Security Documents (in
the case of FI's interest in Joint Account Assets, by Chase as
JAA Security Agent) respect to all assets and interests of FI
other than the Contract of Work, the Concentrate Sales Agreements
and Proceeds (for which the Trustee will continue to act as
security trustee for the Banks pursuant to the Restated Trust
Agreement) and (ii) transfer of the Banks' security interests in
such other assets from the Existing Trust Agreement to the Bank
Security Agreement, and to give the undertakings contained in
this Agreement.

     XI.  In order to consummate the transactions referred to in
Recitals I through X, the Transaction Parties are entering into
this Agreement and the other Transaction Documents, effective as
of the Closing, as follows:

          (a)  FI, FCX, PT-RTZ, RTZ, RTZ Jersey Investments One
               Limited, RTZ Jersey Nominees Limited, the Trustee,
               the Bank Agents, the Depositary and the JAA
               Security Agent are executing and delivering an
               early closing agreement in the form of Exhibit B-2
               hereto (such early closing agreement, as amended,
               modified, supplemented and restated from time to
               time, the "Early Closing Agreement");

          (b)  FI and PT-RTZ, pursuant to the Implementation
               Agreement, are executing and delivering a
               participation agreement in the form attached as
               Exhibit J hereto (such participation agreement, as
               amended, modified, supplemented and restated from
               time to time, the "Participation Agreement");
<PAGE>
          (c)  FI and RTZ Lender, pursuant to the Implementation
               Agreement, are executing and delivering an RTZ
               loan agreement in the form of Exhibit K hereto
               (such RTZ loan agreement, as amended, modified,
               supplemented and restated from time to time, the
               "RTZ Loan Agreement");

          (d)  FI, PT-RTZ, the Depositary and the Trustee are
               executing and delivering a Restated Trust
               Agreement substantially in the form of Exhibit A
               hereto (as amended, modified, supplemented and
               restated from time to time, the "Restated Trust
               Agreement"), which gives effect to, or as the case
               may be is after giving effect to, (i) the release
               herein by the Trustee on behalf of the Banks of
               the security interest of the Banks in the PT-RTZ
               Joint Venture Interests to the extent necessary to
               grant to and vest in PT-RTZ the PT-RTZ Joint
               Venture Interests, free and clear of such security
               interest, (ii) the subordination for the benefit
               of RTZ Lender of the security interest of the
               Banks with respect to the FIEC Interests, (iii)
               the grant by FI to the Trustee for the benefit of
               RTZ Lender of the RTZ Lender Lien, (iv) the
               assignment by FI to PT-RTZ of the PT-RTZ COW
               Interest pursuant to the PT-RTZ COW Assignment,
               (v) the absolute assignment by FI to the Trustee
               of all FI's right, title and interest in and to
               the Contract of Work (after giving effect to the
               assignment referred to in clause (iv) above), the
               Concentrate Sales Agreements and the Proceeds
               (including the undivided beneficial interest in
               the Concentrate Sales Agreements and the Proceeds
               to be held for the benefit of PT-RTZ ("the PT-RTZ
               CSA Interests") to be held in trust on the terms
               of the Restated Trust Agreement), and (vi) certain
               other arrangements as provided in the Restated
               Trust Agreement, including arrangements for (1)
               the receipt, allocation and payment of cashflow
               resulting from the Contract of Work, the
               Concentrate Sales Agreements and the Proceeds, and
               (2) the continuance of the security interests
               granted by FI to the Trustee for the benefit of
               the Banks in all FI's retained right, title and
               interest in and to the Contract of Work, the
               Concentrate Sales Agreements and the Proceeds (in
               the case of the FIEC Interests only, subject and
               subordinate to the RTZ Lender Lien on the terms of
               the Intercreditor Agreement);

          (e)  RTZ, PT-RTZ, RTZ Lender and the Bank Agents
               (acting on behalf of the Banks) are executing and
               delivering an intercreditor agreement
               substantially in the form of Exhibit B-1 hereto
               (as amended, modified, supplemented and restated
               from time to time, the "Intercreditor Agreement"),
               which provides for certain intercreditor
               arrangements and agreements relating to, among
               other things, (i) FI's interests in the Contract
               of Work, Concentrate Sales Agreements, Proceeds,
<PAGE>
               Joint Account Assets and FI Available Assets, (ii)
               the RTZ Lender Lien, (iii) the PT-RTZ CSA
               Interests, and (iv) the PT-RTZ COW Interest;

          (f)  FI, RTZ, PT-RTZ, the Bank Agents, the JAA Security
               Agent, the Depositary, the Trustee, RTZ Lender and
               RTZ-IIL are executing and delivering an agreement
               in the form of Exhibit B-3 hereto (as amended,
               modified, supplemented and restated from time to
               time, the "Side Letter"), which provides for
               certain additional intercreditor arrangements and
               agreements relating to, among other things, FI's
               and PT-RTZ's respective interests in the accounts
               receivable in relation to the Concentrate Sales
               Agreements and the Proceeds and Joint Account
               Assets;

          (g)  FI and PT-RTZ are executing and delivering an
               assignment substantially in the form of Exhibit C
               hereto (as amended, modified, supplemented and
               restated from time to time, the "PT-RTZ COW
               Assignment"), which provides for the assignment to
               PT-RTZ of the PT-RTZ COW Interest;

          (h)  the parties thereto are executing and delivering
               the Operator Replacement Agreement, substantially
               in the form of Exhibit D hereto (as amended,
               modified, supplemented and restated from time to
               time, the "Operator Replacement Agreement");

          (i)  FI and PT-RTZ are executing and delivering a surat
               kuasa substantially in the form attached as Annex
               I to the Operator Replacement Agreement (as
               amended, modified, supplemented and restated from
               time to time, the "Surat Kuasa");

          (j)  for the purposes of providing the Trustee (i) for
               the benefit of the Banks (subject to the interest
               of RTZ Lender with respect to the FIEC Interests
               only) a security interest in FI's accounts
               receivable in relation to the Concentrate Sales
               Agreements and the Proceeds and (ii) for the
               benefit of RTZ-IIL a security interest in PT-RTZ's
               interest in accounts receivable in relation to the
               Concentrate Sales Agreements and the Proceeds, the
               parties thereto are executing and delivering a
               Fiduciary Assignment of Accounts Receivable
               substantially in the form of Exhibit E hereto (as
               amended, modified supplemented and restated from
               time to time, the "Fiduciary Assignment of
               Accounts Receivable");

          (k)  FI, the Bank Agents, the JAA Security Agent, the
               Trustee and the Banks have executed and delivered
               an FI Bank Credit Agreement Amendment
               substantially in the form of Exhibit F-1 hereto
               and a CDF Bank Credit Agreement Amendment
               substantially in the form of Exhibit F-2 hereto
               (as such agreements may be amended, modified,
               supplemented and restated from time to time,
               collectively the "Bank Credit Agreement
<PAGE>
               Amendments"), and, pursuant thereto the Bank Surat
               Kuasa. Bank Fiduciary Assignment of Accounts
               Receivable, Amended Fiduciary Transfer, Amended
               Fiduciary Power and Bank Security Agreement are
               being executed and delivered by the parties
               thereto, all such documents to be effective as of
               the Closing;

          (1)  for the purpose of providing the JAA Security
               Agent (i) for the benefit of the Banks a security
               interest in FI's interest in Joint Account Assets
               and (ii) for the benefit of RTZ-IIL a security
               interest in PT-RTZ's interest in Joint Account
               Assets, the JAA Security Agent, FI and PT-RTZ are
               executing and delivering a Fiduciary Transfer of
               Joint Account Assets substantially in the form of
               Exhibit G hereto (as amended, modified,
               supplemented and restated from time to time, the
               "JAA Fiduciary Transfer") and a Power of Attorney
               to Establish Fiduciary Transfer of Joint Account
               Assets substantially in the form of Exhibit H
               hereto (as amended, modified, supplemented and
               restated from time to time, the "JAA Fiduciary
               Power");

          (m)  The Trustee shall release the PT-RTZ Joint Venture
               Interests (as such term is defined in the
               Participation Agreement) from the Lien of the FI
               Security Documents as in effect prior to the RTZ
               Closing Date pursuant to an Indonesian release
               document dated the RTZ Closing Date (the "RTZ
               Release").

     In order to accomplish the arrangements described above and
certain related transactions, the Transaction Parties agree as
follows:

     SECTION 1. Defined Terms etc.  The terms defined below in
this Section 1 shall for all purposes of this agreement have the
meanings specified below unless the context otherwise requires.

     "Amended Fiduciary Power" means the amended and restated
fiduciary power substantially in the form of Exhibit D to the
Bank Credit Agreement Amendments.

     "Amended Fiduciary Transfer" means the amended and restated
fiduciary transfer substantially in the form of Exhibit C to the
Bank Credit Agreement Amendments.

     "Bank Fiduciary Assignment of Accounts Receivable" means the
fiduciary assignment of accounts receivable substantially in the
form of Exhibit E to the Bank Credit Agreement Amendments.

     "Bank Lien" means any lien on any asset of FI or any of its
subsidiaries granted from time to time during the term of this
Agreement to the Trustee pursuant to the Restated Trust Agreement
and the Fiduciary Assignment of Accounts Receivable, to the JAA
Security Agent pursuant to the JAA Fiduciary Power and the JAA
Fiduciary Transfer or to the Security Agent pursuant to the Bank
Security Documents or any other agreement or instrument, in each
case for the benefit of the Banks, as security for the payment of
<PAGE>
the FI Indebtedness owing to the Banks.

     "Bank Security Agreement" means a security agreement
substantially in the form of Exhibit A to the Bank Credit
Agreement Amendments.

     "Bank Security Documents" means the Bank Security Agreement,
the Bank Surat Kuasa, the Bank Fiduciary Assignment of Accounts
Receivable, the Amended Fiduciary Transfer and the Amended
Fiduciary Power.

     "Bank Surat Kuasa" means a surat kuasa substantially in the
form of Exhibit B to the Bank Credit Agreement Amendments.

     "Governmental Agency" means the Government of the Republic
of Indonesia (including the President and any Minister) and any
material state, provincial or local court or governmental agency,
authority, instrumentality or regulatory body of Indonesia or any
other country.

     "Indonesian Notarized Documents" means the PT-RTZ COW
Assignment, the Surat Kuasa, the Fiduciary Assignment of Accounts
Receivable, the Bank Surat Kuasa, the Bank Fiduciary Assignment
of Accounts Receivable, the Amended Fiduciary Transfer, the
Amended Fiduciary Power, the JAA Fiduciary Power, the JAA
Fiduciary Transfer, the RTZ Release and the Side Letter.

     "Remedial Action" means (a) any claim, proceeding or action
to foreclose upon, take possession or control of, sell, lease or
otherwise dispose of, or in any other manner realize, take steps
to realize or seek to realize upon, the whole or any part of the
assets, properties or interests of FI and its subsidiaries,
whether pursuant to the UCC, by foreclosure, by setoff, by self-
help repossession, by notification to account debtors, by deed in
lieu of foreclosure, by exercise of power of sale, by judicial
action or otherwise, and (b) any action taken to remove FI as
Operator in accordance with the Participation Agreement, the FI
Credit Documents or the Operator Replacement Agreement.

     "Transaction Documents" means this Agreement, the Restated
Trust Agreement, the Participation Agreement, the RTZ Loan
Agreement, the Intercreditor Agreement, the Bank Credit Agreement
Amendments, the PT-RTZ COW Assignment, the Indonesian Notarized
Documents, the Bank Security Agreement, the Early Closing
Agreement (including the related Ratifying Agreement in the form
attached to the Early Closing Agreement as Schedule 1 thereto,
which shall not be executed on the Closing Date referred to in
Section 2(b) below) and the Operator Replacement Agreement.

     "Trust Agreement" means, prior to the Closing, the Existing
Trust Agreement and, from and after the Closing, the Restated
Trust Agreement.

     Capitalized terms used herein and not otherwise defined
herein (including in Section 1) shall have the meanings assigned
to such terms in, or by reference in, the Restated Trust
Agreement (including certain terms defined therein by reference
to the Participation Agreement).

     SECTION 2. The Closing; The Closing Date. (a) The
transactions provided for in Sections 3 and 4 are being
<PAGE>
consummated simultaneously at a closing (collectively, the
"Closing") on the Closing Date referred to in Section 2(b) (i> at
the offices of Davis Polk & Wardwell., New York, New York, for
all Transaction Documents other than the Indonesian Notarized
Documentation and the PT-RTZ COW Assignment (the "NY Closing"),
and (ii) at the notary office of Ramah Arie Soetardjo, Jakarta,
Indonesia, for the Indonesian Notarized Documents and the PT-RTZ
COW Assignment (the "Indonesian Closing").

     (b)  The "Closing Date" shall be the date of execution of
this Agreement. All documentation to be executed and delivered at
the NY Closing shall have been finalized and duly executed prior
to the Closing Date and shall have been held in escrow pending
completion of the Indonesian Closing on the Closing Date (Jakarta
time), whereupon the documents held in escrow for the NY Closing
shall have been released from escrow on the Closing Date (New
York City time) and the Closing thereby deemed fully consummated
in all respects. All transactions constituting the Closing shall
be deemed to have been consummated on the Closing Date and,
except for the sequencing of certain transactions as expressly
provided herein, all such transactions shall be deemed to have
occurred concurrently.

     3.   Releases and Assignments.     (a)  Effective upon the
Closing, the Administrative Agent hereby instructs the Trustee
and the Security Agent to release, and they shall be deemed to
have hereby released, any security interest that the Banks may
now have or hereafter acquire with respect to the PT-RTZ Joint
Venture Interests. The release of the Banks' security interests
in the PT-RTZ Joint Venture Interests shall be and become
effective upon the Closing and shall be further evidenced by the
RTZ Release; provided that, without derogation from the
foregoing, to the extent that any of the PT-RTZ Joint Venture
Interests is created or comes into effect in accordance with the
Participation Agreement subsequent to the Closing Date, the Banks
shall at the Closing be deemed to have automatically released any
security interest they may then or thereafter have under the
Restated Trust Agreement or the Bank Security Documents in such
subsequently created or arising PT-RTZ Joint Venture Interests
without the necessity of any further act, document or instrument,
with full force and effect as if the Banks had specifically
released their security interests at such subsequent time. All
FI's right, title and interest in and to the Contract of Work,
the Concentrate Sales Agreements and the Proceeds which is not
assigned to PT-RTZ pursuant to the PT-RTZ COW Assignment or
assigned to the Trustee pursuant to the Restated Trust Agreement
to be held for the benefit of PT-RTZ, as applicable, and all of
FI's other assets and interests heretofore pledged to the Banks
but not constituting PT-RTZ Joint Venture Interests
(collectively, the "FI Retained Interests") shall continue to be
retained by FI subject to the RTZ Lender Lien as to the FIEC
Interests only and the security interests of the Banks. Each of
the Transaction Parties acknowledges and agrees that, subject and
subordinate to the RTZ Lender Lien as to the FIEC Interests only,
the continuity, perfection, priority and validity of the Banks'
security interests in the FI Retained Interests shall not in any
manner be affected, interrupted, waived or released by the Banks'
release of the PT-RTZ Joint Venture Interests, the assignment by
FI to PT-RTZ of the PT-RTZ COW Interest or the assignment by FI
to the Trustee of the PT-RTZ CSA Interests to be held for the
benefit of PT-RTZ.
<PAGE>
     (b)  Effective as of the Closing and the concurrent release
of the Banks' security interests therein pursuant to Section 3(a)
and the RTZ Release, FI hereby assigns, sets over, transfers and
conveys to PT-RTZ the PT-RTZ COW Interest, to have and to hold
the same unto PT-RTZ on the terms, conditions and obligations
contained in the Participation Agreement. PT-RTZ hereby accepts
the assignment of the PT-RTZ COW Interest and covenants and
agrees that it shall, at any such time as PT-RTZ shall become
Operator pursuant to the terms of the Participation Agreement, be
bound by, observe and perform all of the provisions of the
Contract of Work to be observed and performed by the Operator
under the Participation Agreement. Until it is replaced as
Operator in accordance with the Operator Replacement Agreement,
FI shall remain responsible to the Government of the Republic of
Indonesia for the conduct of all operations under the Contract of
Work and for all communications with the Government of the
Republic of Indonesia under the Contract of Work on behalf of
itself and PT-RTZ. In order to effect, confirm and evidence the
assignment of the PT-RTZ COW Interest to PT-RTZ, FI and PT-RTZ
are executing and delivering the PT-RTZ COW Assignment at the
Indonesian Closing. Each of FI and PT-RTZ covenants and agrees
with each other that at the request of the other it will execute
such further documents and do all such further acts as may
reasonably be required for the purpose of vesting the PT-RTZ COW
Interest in PT-RTZ.

     (c)  Effective as of the Closing, FI hereby assigns, sets
over and transfers to the Trustee the Concentrate Sales
Agreements and the Proceeds to hold in trust for the benefit of
FI (and the Secured Creditors) and PT-RTZ on the terms and
conditions set forth in the Restated Trust Agreement (in the case
of PT-RTZ, to the extent necessary to grant to and vest in PT-RTZ
the PT-RTZ Joint Venture Interests listed in clauses (a)(iv)-(vi)
of Recital VII (collectively, the "PT-RTZ Revenue Interests"));
provided that, without derogation from the foregoing, to the
extent that any PT-RTZ Revenue Interest is created or comes into
effect in accordance with the Participation Agreement subsequent
to the Closing Date, FI shall be deemed to have automatically
assigned, set over, transferred and conveyed to the Trustee to
hold in trust for the benefit of PT-RTZ a further undivided
beneficial interest in the Concentrate Sales Agreements and
Proceeds with respect thereto commensurate with such subsequently
created or arising PT-RTZ Revenue Interest without the necessity
of any further act, document or instrument, with full force and
effect as if FI had assigned, set over, transferred and conveyed
to the Trustee to hold in trust for the benefit of PT-RTZ (and
the Banks had concurrently released their security interest in)
such undivided beneficial interest in the Concentrate Sales
Agreements and Proceeds at such subsequent time and such
undivided beneficial interest shall be deemed to be a PT-RTZ CSA
Interest for all purposes of this Agreement, the Participation
Agreement, the Concentrate Sales Agreements and the Restated
Trust Agreement. Such assignment of the Concentrate Sales
Agreements and the Proceeds to the Trustee pursuant to the
immediately preceding sentence is intended by FI, the Trustee and
the other parties hereto to be not merely a security assignment,
but rather a present and absolute assignment (subject to the
Banks' security interests therein) of the Concentrate Sales
Agreements and the Proceeds. The Trustee and PT-RTZ each hereby
accepts the assignment of the PT-RTZ CSA Interests and covenants
<PAGE>
and agrees that it shall, at all times hereafter, be bound by,
observe and perform all of the provisions of the Restated Trust
Agreement insofar as they relate to the PT-RTZ CSA Interests.
Each of FI and PT-RTZ covenants and agrees with each other and
the Trustee that, at the request of the other or of the Trustee,
it will execute such further documents and do all such further
acts as may reasonably be required for the purpose of vesting the
PT-RTZ CSA Interests in the Trustee for the benefit of PT-RTZ
under the Restated Trust Agreement. For the purposes of (i)
granting a security interest for the benefit of the Banks
(subject to the interest of RTZ Lender with respect to FIEC
Interests only) in FI's interest in accounts receivable in
relation to the Concentrate Sales Agreements and the Proceeds
(and not by way of security for the benefit of the Banks over
PT-RTZ's interest therein) and (ii) granting a security interest
for the benefit of RTZ-IIL in PT-RTZ's interest in accounts
receivable in relation to the Concentrate Sales Agreements and
the Proceeds (and not by way of security for the benefit of RTZ
Lender or RTZ-IIL over FI's interest therein) the parties thereto
have executed and delivered the Fiduciary Assignment of Accounts
Receivable at the Closing.

     (d)  After giving effect to the releases by the Banks
contained in clause (a) of this Section 3 and the assignment by
FI to the Trustee for the benefit of PT-RTZ contained in clause
(c) of this Section 3, FI hereby assigns, sets over, transfers
and conveys to the Trustee, to be held on the terms and
conditions of the Restated Trust Agreement for the benefit of the
various persons and interests (including FI and the Secured
Creditors) provided therein, FI's entire right, title and
interest in and to the Contract of Work, subject, however, to the
existing first priority perfected security interest therein of
the Banks, which in the case of the FIEC Interests only is itself
subject to the first priority security interests in favor of RTZ
Lender referred to in Section 3(f), such assignment, setting
over, transfer and conveyance being effective as of the Closing.

     (e)  Each of the Transaction Parties acknowledges and agrees
that the continuity, perfection, priority and validity of the
Banks' security interests in the Concentrate Sales Agreements and
the Proceeds shall not in any manner be affected, interrupted,
waived or released by the present and absolute assignment by FI
of the Concentrate Sales Agreements and the Proceeds to the
Trustee; provided that upon the effectiveness of such absolute
and present assignment of the Concentrate Sales Agreements and
the Proceeds to the Trustee, the Banks shall be deemed without
the necessity of any further action or instrument to have
automatically released their security interests in the PT-RTZ CSA
Interests in order to permit the Trustee to hold the PT-RTZ CSA
Interests for the benefit of PT-RTZ on the terms and conditions
contained in the Restated Trust Agreement.

     (f)  FI hereby assigns, sets over and transfers to RTZ
Lender on the terms and conditions set forth in the RTZ Loan
Agreement, effective as of the Closing, as security for the RTZ
Loan Indebtedness outstanding from time to time pursuant to the
RTZ Loan Agreement, a first priority security interest in the
FIEC Interests; provided that, without derogation from the
foregoing, to the extent that any FIEC Interest is created or
comes into effect in accordance with the Participation Agreement
subsequent to the Closing, FI shall be deemed to have
<PAGE>
automatically assigned, set over, transferred and conveyed to RTZ
Lender a further first priority security interest in such
subsequently created or arising FIEC Interest without the
necessity of any further act, document or instrument, with full
force and effect as if FI had assigned, set over, transferred and
conveyed to RTZ Lender (and the Banks had concurrently
subordinated their security interest pursuant to the
Intercreditor Agreement in) such FIEC Interests at such
subsequent time and such FIEC Interests shall be deemed to be
subject to the RTZ Lender Lien. Each of FI and RTZ Lender
covenants and agrees with each other and the Trustee that, at the
request of the other or of the Trustee, it will execute such
further documents and do all such further acts as may reasonably
be required for the purpose of vesting the RTZ Lender Lien in the
Trustee for the benefit of RTZ Lender under the Restated Trust
Agreement.

     (g)  Notwithstanding the present and absolute assignment of
interests in the Contract of Work, the Concentrate Sales
Agreements and the Proceeds to the Trustee pursuant to the
Restated Trust Agreement, FI and PT-RTZ and each other party
hereto agree that the Trustee shall not be obligated to perform
or see to the performance or enforce the performance of any
obligations or duties under the Contract of Work or the
Concentrate Sales Agreements and shall not have any liability
whatsoever thereunder.

     SECTION 4. Amendment of tag Existing Trust Agreement; Change
of Security Agent for the Bank Security Agreements. (a) Effective
as of the Closing and after giving effect to the releases of
security interests, assignments and transfers on the Closing Date
provided for or described in Section 3, the Existing Trust
Agreement (including the exhibits and schedules thereto) shall be
amended and restated in the form attached hereto as Exhibit A.
The provisions of Section 4.01 of the Existing Trust Agreement
relating to indemnification of the Trustee shall survive the
amendment and restatement of the Existing Trust Agreement. All
security interests granted under the Existing Trust Agreement in
assets or interests of FI (the "Other Security") other than the
Contract of Work, the Concentrate Sales Agreements, the Proceeds
and the FIEC Interests are hereby transferred as of the Closing
to the Bank Security Agreement and each of the Transaction
Parties acknowledges and agrees that the continuity, perfection,
priority and validity of the Banks' security interests in the
Other Security shall not in any manner be affected, interrupted,
waived or released (i) by the transfer of such security interests
from the Existing Trust Agreement to the Bank Security Agreement
or (ii) as a result of Chase (in its capacity as Security Agent
for the Banks under the Bank Security Agreement) becoming the
successor to First Trust of New York, National Association (in
its capacity as Trustee under the Existing Trust Agreement), as
the secured party with respect to the Other Security.

     (b)  Chase has been appointed by the Banks as of the Closing
as Security Agent for the Banks under the Bank Security
Agreement, the Bank Surat Kuasa and the Bank Fiduciary Assignment
of Accounts Receivable and as successor Security Agent (in
replacement of First Trust of New York, National Association,
acting as Trustee under the Existing Trust Agreement) under the
Amended Fiduciary Transfer and the Amended Fiduciary Power. First
Trust of New York, National Association, has been appointed by
<PAGE>
the Banks and RTZ-IIL as of the Closing as Security Agent for the
Banks and RTZ-IIL under the Fiduciary Assignment of Accounts
Receivable with respect to accounts receivable in relation to the
Concentrate Sales Agreements and the Proceeds. Chase has been
appointed by the Banks and RTZ-IIL as of the Closing as JAA
Security Agent for the Banks and RTZ-IIL under the JAA Fiduciary
Transfer and the JAA Fiduciary Power with respect to Joint
Account Assets. First Trust of New York, National Association,
shall continue to be entitled to all the fees, immunities,
indemnities and protections provided to it as Security Agent
under the FI Security Documents, including under the CDF and the
FI Credit Agreement (including without limitation Article VIII
and Section 10.4 thereof) as well as under the FI Security
Documents, for the period up to the Closing Date, including in
respect of any actions taken or omitted to be taken by it while
acting as Security Agent under the FI Security Documents.

     SECTION 5. Representations and Warranties. As of the Closing
Date (i) each Transaction Party represents and warrants with
respect to itself only (except for the Bank Agents, who act for
themselves both in their individual capacities and as agents on
behalf of the Banks), (ii) FCX and FI jointly and severally
represent and warrant with respect to FI, (iii) RTZ and PT-RTZ
represent and warrant jointly and severally with respect to
PT-RTZ and (iv) RTZ and RTZ Lender represent and warrant jointly
and severally with respect to RTZ Lender, in each case to each
other Transaction Party as follows:

     (a)  Qualified, in the case of PT-RTZ, as to its status as a
company in formation, the representations and warranties by such
Transaction Party set forth in each Transaction Document entered
into on the Closing Date are true and correct in all material
respects as if made on and as of the Closing Date. Such
Transaction Party is in compliance with all the terms and
conditions of each Transaction Document to which it is a party
(except, in the case of FI, for satisfaction of the conditions
set forth in Section 6(b) of the CDF), and no default or event of
default has occurred or is continuing with respect to it under
any Transaction Document to which it is a party.

     (b)  Qualified, in the case of PT-RTZ, as to its status as a
company in formation, such Transaction Party has the corporate
power and authority to enter into and perform this Agreement and
each Transaction Document to which it is a party. Qualified, in
the case of PT-RTZ, as to its status as a company in formation,
the execution, delivery and performance of this Agreement and
each Transaction Document to which it is a party (i) have been
duly authorized by such Transaction Party and each such
Transaction Document constitutes the legal, valid and binding
obligation of such Transaction Party, enforceable against such
Transaction Party in accordance with its terms (subject, as to
the enforcement of remedies against it, to applicable bankruptcy,
reorganization, insolvency, moratorium and similar laws affecting
creditors' rights against it generally in connection with its
bankruptcy, reorganization or insolvency or a moratorium or
similar event relating to it), (ii) will not violate (A) the
Certificate of Incorporation, the Certificate of Domestication,
or the Articles of Association, as applicable, or the By-laws of
such Transaction Party or any other of its constituent documents,
(B) any Governmental Rule (as defined in the CDF) binding upon
such Transaction Party (except, in the case of FI, for any
<PAGE>
Governmental Rule required to be satisfied in order to satisfy
the conditions set forth in Section 6(b) of the CDF) or (C) any
provision of any indenture, agreement or other instrument to
which such Transaction Party is a party or by which it or any of
its properties or assets are or may be bound, (iii) will not be
in conflict with, result in a breach of or constitute (alone or
with notice or lapse of time or both) a default under any such
indenture, agreement or other instrument referred to in clause
(ii)(C) above and (iv) will not result in the creation or
imposition of any Lien upon the assets of such Transaction Party,
except (i) in the case of FI, the liens of the Restated Trust
Agreement, the Surat Kuasa and the Fiduciary Assignment of
Account Receivables, the Bank Security Documents and the RTZ Loan
Agreement.

     (c)  The Bank Agents represent and warrant that each Bank
has (i) authorized the Bank Agents, acting on behalf of such Bank
and the other Banks, to enter into and perform the Early Closing
Agreement, the Intercreditor Agreement, the Restated Trust
Agreement, the Side Letter and this Agreement (including the
subordination of the Bank FIEC Lien to the RTZ Lender Lien on the
terms of the Intercreditor Agreement), (ii) authorized the
Trustee to enter into this Agreement, the Restated Trust
Agreement, the Operator Replacement Agreement, the Surat Kuasa,
the Side Letter and the Fiduciary Assignment of Accounts
Receivable, the RTZ Release and the transactions contemplated
thereby and to release all the security interests of the Banks in
the PT-RTZ Joint Venture Interests upon the Closing, pursuant to
this Agreement, in order to permit their unencumbered assignment
to PT-RTZ pursuant to the Participation Agreement, this
Agreement, and the PT-RTZ COW Assignment, (iii) authorized the
Security Agent to enter into and perform the Bank Security
Documents for the benefit of such Bank and the other Banks, (iv)
authorized the JAA Security Agent to enter into and perform the
JAA Fiduciary Transfer, the JAA Fiduciary Power and the Side
Letter for the benefit of the Banks and RTZ-IIL, (v) consented to
RTZ Lender and the Trustee (acting on behalf of RTZ Lender)
taking Remedial Actions against the RTZ Lender Collateral as
provided in the RTZ Loan Agreement and the Restated Trust
Agreement, and (vi) consented to FI entering into and performing
the transactions contemplated by the Transaction Documents to
which it is a party, including the entry into and performance of
the Participation Agreement, the incurrence of the RTZ Loan
Indebtedness and FI's granting the RTZ Lender Lien to RTZ Lender
on the terms of the Restated Trust Agreement; provided, however,
that the foregoing shall not be deemed vis-a-vis any of the
Freeport Entities in any manner to constitute a modification or
waiver of the full and timely performance of any of the
obligations of any of the Freeport Entities under the Amended
Loan Documents in accordance with the terms thereof.

     (d)  Each of PT-RTZ, RTZ and RTZ Lender acknowledges that it
has received a copy of each of the CDF and the FI Credit
Agreement (including the exhibits thereto) and hereby (i)
consents to FI entering into and performing the Amended Loan
Documents, including the grant by FI of the Bank Lien for the
benefit of the Banks, (ii) acknowledges the restrictions on FI
under Sections 5.3 and 10.17 of each of the CDF and the FI Credit
Agreement with respect to certain dealings with PT-RTZ, RTZ,
RTZ-IIL and RTZ Lender, (iii) consents to the assignment by FI to
the Security Agent of all FI's right, title and interest in and
<PAGE>
to the Participation Agreement, the Privatization Agreements and
the RTZ Loan Agreement; provided, however, that none of the
foregoing in this Section 5(d) shall be deemed to waive in any
manner vis-a-vis FI the full and timely performance by FI of the
obligations of FI under the Participation Agreement, the Restated
Trust Agreement or the RTZ Loan Agreement.

     (e)  FI represents and warrants with respect to itself that
it has authorized the Trustee to enter into this Agreement, the
Restated Trust Agreement, the Operator Replacement Agreement, the
Surat Kuasa, the Side Letter, the RTZ Release and the Fiduciary
Assignment of Accounts Receivable and the transactions
contemplated thereby and that (other than the Banks and the
Trustee) there is no other beneficiary under the Existing Trust
Agreement or other Person whose authorization or consent is
required for the Trustee to enter into the foregoing agreements
and the transactions contemplated thereby.

     SECTION 6. Conditions to Closing. The following conditions
precedent have been satisfied prior to or simultaneously with the
execution of this Agreement:

     (a)  Consent of the Minister of Mines of the Government of
Indonesia, substantially in the form of Exhibit I, has been
obtained and is in full force and effect.

     (b)  All other consents, approvals and agreements necessary
or advisable in the judgment of each Transaction Party and its
counsel for consummation of the Closing have been obtained and
are in full force and effect and there is not any action, suit,
litigation or other proceeding at law or in equity or by or
before any court of any Governmental Agency pending which, in the
judgment of such Transaction Party or its counsel, is likely to
restrain, prevent or impose materially adverse conditions upon
the Closing or the transactions contemplated by the Transaction
Documents or the full and timely performance by the Transaction
Parties of their obligations under the Transaction Documents.

     (c)  No judgment, order or decree is outstanding, and no
action has been taken by any Governmental Agency, that, in the
reasonable judgment of a Transaction Party or its counsel, has or
is likely to have the effect of restraining, preventing or
imposing materially adverse conditions upon the transactions
contemplated by the Transaction Documents, or the full and timely
performance by the Transaction Parties of their obligations under
the Transaction Documents.

     (d)  The Trustee has received opinions to the effect that it
does not have to qualify to do business in Louisiana or Indonesia
by virtue of the Restated Trust Agreement or the activities
contemplated thereby.

     (e)  Copies of this Agreement which, when taken together,
bear the signatures of all the parties hereto have been received
by each Transaction Party.

     (f)  The Restated Trust Agreement has been executed by all
the parties thereto (including the Representative (as defined in
the Restated Trust Agreement) under each Financing Annex in
effect on the Closing Date) and is in full force and effect, and
a copy of such executed Restated Trust Agreement has been
<PAGE>
delivered to each party thereto.

     (g)  All other Transaction Documents shall be or have been
executed and delivered by the relevant Transaction Parties and
shall be or are in full force and effect (with all conditions to
their effectiveness duly satisfied or waived).

     (h)  All UCC filings and other filings and registrations
required to perfect and accomplish the assignments and security
interests contemplated as of the Closing Date under the Restated
Trust Agreement and the Bank Security Documents have been made
and are in full force and effect.

     SECTION 7. Amendment; Waiver. This Agreement may not be
amended nor any provision hereof waived except pursuant to a
writing signed by each Transaction Party or as otherwise provided
herein. Any amendment or waiver of the provisions hereof pursuant
to such a writing shall be binding upon each party hereto.

     SECTION 8. Counterparts. This Agreement may be executed in
multiple counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute
but one instrument.

     SECTION 9. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS.

     SECTION 10. Expenses. FI shall pay all out-of-pocket
expenses incurred by the Bank Agents and the JAA Security Agent
in connection with the preparation, review and negotiation of the
Transaction Documents and with the Closing, including, but not
limited to, the reasonable fees and disbursements of Cravath,
Swaine & Moore, special counsel for the Bank Agents, and Mochtar,
Karuwin & Komar, special Indonesian counsel to the Bank Agents
and the JAA Security Agent. The out-of-pocket expenses incurred
by the Trustee, the Depositary and their counsel in connection
with the preparation, review and negotiation of the Transaction
Documents and the Closing shall be paid by FI and PT-RTZ based on
the allocation thereof provided in the Restated Trust Agreement;
provided that PT-RTZ shall not be responsible for and shall have
no liability for any costs (including, without limitation, notary
fees and taxes) incurred in connection with the notarization of
any Indonesian Notarized Documents which are Bank Security
Documents. Each other Transaction Party shall be responsible for
all its own expenses incurred in connection with the preparation,
review and negotiation of the Transaction Documents and with the
Closing.

     SECTION 11. References; Headings. Unless otherwise stated,
Section, Recital, Exhibit and Schedule references made herein are
to Sections, Recitals, Exhibits and Schedules, as the case may
be, of this Agreement. The headings of this Agreement are for
reference only and shall not limit or otherwise affect the
meaning hereof.

     SECTION 12. Construction. This Agreement shall be deemed
jointly drafted by all the Transaction Parties equally and shall
not be specially construed against any Transaction Party based on
any claim that such Transaction Party or its counsel was the
draftsman of this Agreement.
<PAGE>
     SECTION 13. Submission to Jurisdiction; Waiver of Jury
Trial; Commercial Obligations and Immunity. Each Transaction
Party hereby submits to the exclusive jurisdiction of the United
States District Court for the Southern District of New York and
of any New York State court sitting in Manhattan for the purposes
of all suits, actions or proceedings arising out of or relating
to this Agreement or the transactions contemplated hereby. Each
Transaction Party irrevocably waives, to the fullest extent
permitted by law, any objection which it may now or hereafter
have to the laying of the venue of any such suit, action or
proceeding brought in such a court and any claim that any such
suit, action or proceeding brought in such a court has been
brought in an inconvenient forum. EACH TRANSACTION PARTY HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. To the extent that any Transaction Party may
now or hereafter be entitled, in any jurisdiction in which
judicial proceedings may at any time be commenced with respect to
this Agreement, to claim for itself or its property, assets or
revenues any immunity (whether by reason of sovereignty or
otherwise) from suit, jurisdiction of any court, attachment prior
to judgment, setoff, execution of a judgment or from any other
legal process or remedy, and to the extent that there may be
attributed to any Transaction Party such an immunity (whether or
not claimed), such Transaction Party hereby irrevocably agrees as
to itself not to claim and hereby irrevocably waives such
immunity.

     SECTION 14. Survival of Representations and Warranties. The
provisions of Section 5 of this Agreement shall survive the
consummation of the Closing referred to herein.

     IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized officers or
agents as of the date first above written.

                                   P.T. FREEPORT INDONESIA
                                   COMPANY,

                                   By:________________________________
                                     Name:
                                     Title:

                                   FREEPORT-McMoRan COPPER & GOLD
                                   INC.,

                                   By:________________________________
                                     Name:
                                     Title:

                                   THE RTZ CORPORATION PLC,

                                   By:________________________________
                                     Name:
                                     Title:

                                   P.T. RTZ-CRA INDONESIA,

                                   By:________________________________
                                     Name:
                                     Title:
<PAGE>
In  anticipation of the completion of formation of  P.T.  RTZ-CRA
INDONESIA  under  the  laws of the Republic  of  Indonesia,  this
Agreement is also executed by RTZ Jersey Investments One  Limited
and  RTZ  Jersey  Nominees Limited, jointly  and  severally,  the
founding shareholders.

                                   RTZ JERSEY INVESTMENTS ONE LIMITED,

                                   By:________________________________
                                     Name:
                                     Title:

                                   RTZ JERSEY NOMINEES LIMITED,

                                   By:________________________________
                                     Name:
                                     Title:

                                   RTZ INDONESIAN FINANCE
                                   LIMITED,

                                   By:________________________________
                                     Name:
                                     Title:

                                   FIRST   TRUST  OF  NEW   YORK,
                                   NATIONAL ASSOCIATION,  not  in
                                   its  individual capacity,  but
                                   solely  as  Trustee under  the
                                   Trust Agreement,

                                   By:________________________________
                                     Name:
                                     Title:

                                   THE   CHASE   MANHATTAN   BANK
                                   (formerly Chemical Bank),  not
                                   in  its  individual  capacity,
                                   but  solely  as Administrative
                                   Agent   under  the  FI  Credit
                                   Agreement  and  the  CDF,   as
                                   Security Agent under the  Bank
                                   Security Documents and as  JAA
                                   Security Agent under  the  JAA
                                   Fiduciary Transfer and the JAA
                                   Fiduciary Power,

                                   By:________________________________
                                     Name:
                                     Title:

                                   THE  CHASE MANHATTAN BANK  (as
                                   successor    to   The    Chase
                                   Manhattan    Bank    (National
                                   Association)),  not   in   its
                                   individual    capacity,    but
                                   solely  as  Documentary  Agent
                                   under  the FI Credit Agreement
                                   and  the CDF and as Depositary
                                   under the Trust Agreement,

                                   By:________________________________
                                     Name:
                                     Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]