FREEPORT-McMoRan COPPER & GOLD INC. Freeport-McMoRan Copper & Gold Inc. (FCX) conducts its operations through its subsidiaries, PT Freeport  Indonesia, PT Puncakjaya Power, PT Irja Eastern Minerals and Atlantic Copper, S.A. PT Freeport Indonesia’s operations in the Indonesian province of Papua include exploration and development, mining and milling of ore  containing copper, gold and silver, and the worldwide marketing of concentrates containing those metals. PT Puncakjaya Power supplies power to PT Freeport Indonesia’s operations. PT Irja Eastern Minerals conducts mineral exploration activities in Papua. Atlantic Copper, FCX’s wholly owned subsidiary in Huelva, Spain, and PT Smelting, PT Freeport Indonesia’s 25-percent-owned smelter facility in the Indonesian province of East Java, are engaged in the smelting and refining of copper concentrates. Our common stock trades on the New York Stock Exchange under the symbol “FCX.” Summary Financial Highlights Years Ended December 31,  2004  2003  2002  2001  2000 (In Thousands, Except Per Share Amounts) Revenues  $2,371,866  $2,212,165  $1,910,462 $1,838,866 $1,868,610 Operating income  703,576  823,308  640,137  542,926  492,293 Net income applicable to common stock  156,776   154,219  127,050  76,496  39,500 Diluted net income per common share  0.85  0.97  0.87  0.53  0.26 Dividends paid per common share  1.10  0.27  —  —  — At December 31: Total assets  5,086,995  4,718,366  4,192,193  4,211,929  3,950,741 Long-term debt, including current portion,  short-term borrowings and redeemable preferred stock  1,951,906  2,228,330  2,488,393  2,801,104  2,665,030 Cash and restricted cash and investments  551,950  498,616  115,782  149,475  7,968 Stockholders’ equity  1,163,649  775,984  266,826  104,444  37,931 On the cover:  Massive copper sulphide ore from  the Grasberg mine’s high-grade central stockwork zone,  Section 6 South. The minerals present in the specimen  are: chalcopyrite (brassy yellow/orange), bornite (dark blue/purple), covellite (violet/light blue), quartz  (clear/round patches), with fragments of the original  Grasberg monzodiorite rock (white patches). The gold in  the specimen occurs as particles too small to see within  the copper sulphide minerals. This sample was presented to Richard C. Adkerson, President and Chief Executive  Officer of Freeport-McMoRan Copper & Gold Inc. by  Armando Mahler, Executive Vice President and General  Manager of PT Freeport Indonesia, on one of Mr. Adkerson’s  recent visits to the mining operations.  Background photo:  The south wall of the Grasberg  open-pit mine following resumption of mining in higher-grade  ore in 2004. Table of Contents: Letter to Shareholders  2 Operations Overview  4 Economic, Social and Environmental Overview  12 Board of Directors and Management  16 Financial and Operating Information  17 Stockholder Information  81