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At the end of 2004, PT Freeport Indonesia’s share of proven and probable reserves totaled more than 40 billion pounds of recoverable copper and more than 46 million ounces of recoverable gold contained in 2.8 billion metric tons of ore averaging 1.09 percent copper and 0.97 grams per metric ton of gold. 

PT Freeport Indonesia’s exploration efforts in 2005 will be focused on evaluating potential extensions of the ML Z and Deep MLZ deposits, a potential expansion of the Grasberg underground resource, and assessing reconn aissance targets along the Wanagon and Idenberg fault t rends, located south of the Grasberg open-pit mine. The resumption of exploration activities in the 2.2 mil lion acre highly prospective exploration area outside the ex isting producing area of the Grasberg minerals distric t is being assessed. 

G eologists working in the richly endowed Grasberg minerals district apply high technology to grow the reserve base. 

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AnnualReportonForm10-K  A detailed discussi on of our operations and financial matters, including our audited financial statements, is included in this repo rt. We invite you to review “Management’s Discussion and Analysis,” as well as the financial statements in the following pages. If you have any questions or would li ke additional information about FCX or its affiliates, plea se contact our Investor Relations Department, 1615 Poydra s Street, New Orleans, LA 70112, (504) 582-4000; or access our web site, www.fcx.com. 

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