<SEC-DOCUMENT>0001193125-13-139365.txt : 20130822
<SEC-HEADER>0001193125-13-139365.hdr.sgml : 20130822
<ACCEPTANCE-DATETIME>20130403060540
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-139365
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FREEPORT MCMORAN COPPER & GOLD INC
		CENTRAL INDEX KEY:			0000831259
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				742480931
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6023668100

	MAIL ADDRESS:	
		STREET 1:		333 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FREEPORT MCMORAN COPPER COMPANY INC
		DATE OF NAME CHANGE:	19910114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gulf Coast Ultra Deep Royalty Trust
		CENTRAL INDEX KEY:			0001565146
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				466448579

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 N. CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		504.582.8326

	MAIL ADDRESS:	
		STREET 1:		333 N. CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<TITLE>Response Letter</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[LETTERHEAD OF WACHTELL, LIPTON, ROSEN&nbsp;&amp; KATZ] </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR AND FEDEX</U></B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;H.
Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assistant Director </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States
Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gulf Coast Ultra Deep Royalty Trust</B></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendment No.&nbsp;2 to Registration Statement on Form S-4</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Filed March&nbsp;12, 2013</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;333-185742</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;Schwall: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On behalf of Gulf Coast Ultra Deep Royalty Trust (the &#147;<U>Royalty Trust</U>&#148;) and Freeport-McMoRan Copper&nbsp;&amp; Gold Inc. (&#147;<U>FCX</U>&#148;), set forth below are responses to the
comments of the Staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) that appeared in the Staff&#146;s letter dated March&nbsp;28, 2013, with respect to the above-referenced filing. We have also included in this letter, where
applicable, responses communicated to us by counsel to, and/or representatives of, McMoRan Exploration Co. (&#147;<U>MMR</U>&#148;), Ryder Scott, L.P. (&#147;<U>Ryder Scott</U>&#148;) and Morris, Nichols, Arsht &amp; Tunnell LLP. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;3, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter and
Amendment No.&nbsp;3 (&#147;<U>Amendment No.&nbsp;3</U>&#148;) to the Registration Statement on Form S-4 (File No.&nbsp;333-185742) are being filed electronically via the EDGAR system today. In addition to the EDGAR filing, we are delivering a hard
copy of this letter, along with five copies of Amendment No.&nbsp;3 marked to indicate changes from the version filed on March&nbsp;12, 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For the Staff&#146;s convenience, the text of the Staff&#146;s comments is set forth below in bold followed in each case by the response. Terms not otherwise defined in this letter shall have the meanings
set forth in Amendment No.&nbsp;3. All references to page numbers in these responses are to the pages in the marked version of Amendment No.&nbsp;3. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>General</U> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note that you have filed a report from Ryder Scott as Exhibit 99.6 that relates to your proved, probable and possible reserves as of July&nbsp;1, 2012. We
understand that Ryder Scott may have also produced a longer reserve report that relates to such reserves as of July&nbsp;1, 2012. We also note the petroleum engineering and geological reports provided to us on a supplemental basis for our review.
Please provide an analysis supporting your apparent belief that these referenced reports are not required to be filed with your registration statement pursuant to Item&nbsp;21(c) of Form S-4, or are not required to be filed with the related Schedule
13E-3 pursuant to Item&nbsp;16 of Schedule 13E-3 and Item&nbsp;1016(c) of Regulation M-A. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>FCX and the Royalty Trust (the &#147;<U>Filing Parties</U>&#148;) have reviewed the referenced reports in light
of Item&nbsp;21(c) of Form S-4, Item&nbsp;16 of Schedule 13E-3 and Item&nbsp;1016(c) of Regulation M-A, and have concluded such reports are not &#147;materially related&#148; to the transaction and as such are not required to be filed with the Form
S-4 or the related Schedule 13E-3. Ryder Scott is MMR&#146;s regular third-party petroleum reserve engineer, and in such capacity provides MMR with reports of this type on a bi-annual basis, with reports typically delivered as of July&nbsp;1 and
December&nbsp;31 of each year. MMR views the periodic reports it receives from Ryder Scott as ordinary course reserve monitoring and evaluation of the type typically engaged in by companies in the oil and gas exploration and production business,
whether produced by internal or external sources. In particular, the referenced reports are used by MMR as part of its normal course internal and external financial reporting, development of its operating plan, allocation of its resources and
preparation of its publicly filed annual oil and gas reserves disclosures. The July&nbsp;1, 2012 report was delivered to MMR as part of this ongoing relationship with Ryder Scott according to MMR&#146;s normal specifications, in the typical form of
such report, without modification in form or timing as a result of the contemplation of any extraordinary transaction involving MMR. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Filing Parties have included the summary Report of Ryder Scott relating to McMoRan Oil and Gas LLC as of July&nbsp;1, 2012, which was filed as Exhibit 99.6 of Amendment No.&nbsp;2 to the Registration
Statement, and have filed as Exhibit 99.7 to </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
H. Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;3, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 3 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No.&nbsp;3 the Report of Ryder Scott relating to K-Mc Ventures I LLC, as of July&nbsp;1, 2012, in the interests of providing
MMR stockholders with fulsome disclosure regarding MMR and its assets. By the same rationale, the Filing Parties have also filed these reports as exhibits (c)-9 and (c)-10, respectively, with Amendment No.&nbsp;3 to the Schedule 13E-3 through
incorporation by reference. In filing these reports, neither the Filing Parties nor MMR is indicating or conceding that they are materially related to the transaction or are required to be filed with the Form S-4 or the related Schedule 13E-3, and
the Filing Parties respectfully submit that they are not required to be filed with either of such filings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to
the petroleum engineering and geological reports provided on a supplemental basis for the Staff&#146;s review (the &#147;<U>Supplemental Data</U>&#148;), the Filing Parties respectfully submit that such reports are also not materially related to the
merger and therefore are not required to be filed under any applicable rule, including Item&nbsp;21(c) of Form S-4, Item&nbsp;16 of Schedule 13E-3 or Item&nbsp;1016(c) of Regulation M-A. In determining that the Supplemental Data are not materially
related to the merger, the Filing Parties have considered that all material information included in the Supplemental Data has been disclosed or summarized in MMR&#146;s periodic reports incorporated by reference in Amendment No.&nbsp;3, in
applicable disclosures of Amendment No.&nbsp;3 itself (e.g, <I>Special Factors&#151;Certain Information Prepared by the Management of MMR</I>, <I>Special Factors&#151;Opinion of Financial Advisor to the MMR Special Committee</I> and <I>Description
of the Subject Interests</I>) or in Ryder Scott&#146;s summaries filed as Exhibits 99.6 and 99.7 described above. To the extent the Supplemental Data includes additional technical details regarding the geological and engineering data underlying the
disclosures referenced in the preceding sentence, the Filing Parties respectfully submit that such detail is not material to investors and was not prepared in connection with the contemplated transaction and therefore should not be deemed to be
materially related to the merger. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Please revise your disclosure throughout your filing, wherever you refer to the Ryder Scott reserve report, dated as of July&nbsp;1, 2012, to indicate the version to
which you are referring.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the applicable
disclosure regarding the Ryder Scott reserve reports on pages 42, 43, 47, 52 and 53 in Amendment No.&nbsp;3 has been revised. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;3, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 4 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Questions and Answers About the
MMR Special Meeting, page iii</U> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>What consideration will MMR stockholders receive if the merger is completed&#133;, page vi</U>
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your response to comment 3 in our letter dated March&nbsp;5, 2013, and reissue such comment in part. Please disclose in percentage terms the equity ownership
of Gulf Coast Ultra Deep Royalty Trust that would be held by PXP if the trust units were issued before the PXP merger is consummated.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the disclosure on pages viii and ix of Amendment No.&nbsp;3 has been revised to include the disclosure in the case that the trust units
were issued prior to the consummation of the PXP merger. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>To enhance investor understanding, please quantify in tabular form the equity ownership in the royalty trust held by FCX and PXP under the following scenarios
(i)&nbsp;where the PXP merger is consummated prior to the consummation of the MMR merger, and (ii)&nbsp;where the PXP merger is not consummated prior to the consummation of the MMR merger (presenting such information at the time the trust units are
first issued, and separately presenting such information that assumes that the PXP merger is consummated after the MMR merger).</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the disclosure on pages viii and ix of Amendment No.&nbsp;3 has been revised to disclose the requested information in tabular form.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>In addition, where you state that the number of outstanding shares of MMR common stock beneficially owned by persons other than FCX and its affiliates (and therefore
entitled to receive the merger consideration) will fluctuate, please revise your disclosure to clarify how you anticipate that this number will fluctuate.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the disclosure on page viii of Amendment No.&nbsp;3 has been revised to specify in additional detail the factors which could cause this
number to fluctuate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Special Factors, page 24</U> </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your claim to proved undeveloped reserves for the Lineham Creek well. Please tell us whether the operator has committed to the completion of this well. If
that is not the case, please explain how the completion is reasonably certain. Address whether you would complete the well without the operator&#146;s participation.</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>MMR has advised us that the Lineham Creek well is currently drilling below the salt weld at 28,998 feet, with a
revised proposed total depth of 30,500 feet. MMR does not expect the operator to make any decisions with respect to completion activities </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;3, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 5 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2">until drilling
operations have been completed. Under the joint operating agreement, MMR has rights to complete the well whether or not the operator proposes or participates in completion. In the event the operator does not propose completing the Lineham Creek well
in a deeper horizon, MMR has advised that it is prepared to exercise its rights to complete the well in the proved undeveloped horizon (i.e., the Yegua) with or without the participation of the operator. For these reasons, MMR has determined that
completion is reasonably certain. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Background of the Merger, page 24</U> </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your disclosure at page 39 regarding a vote of the disinterested directors of the MMR board. Please revise your filing to identify the disinterested
directors in this context.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the disclosure
on page 39 of Amendment No.&nbsp;3 has been revised. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>MMR&#146;s Reasons for the Merger..., page 39</U> </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your revised disclosure in response to comment 21 in our letter dated March&nbsp;5, 2013. Where you refer to the financial advisors&#146; respective
estimates of the resource potential for MMR&#146;s ultra-deep assets, please refer to the volume amounts consistently either in trillion cubic feet (Tcfe) or billion cubic feet (Bcfe) to facilitate comparison.</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the disclosure on page 43 and page 48 of Amendment No.&nbsp;3 has been
revised to refer to volume amounts in Bcfe. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Position of the FCX Parties as to the Fairness of the Merger and Purpose of the Merger,
page 45</U> </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your response to comment 17 in our letter dated March&nbsp;5, 2013, including your explanation that Evercore&#146;s net asset valuation analysis measured
MMR&#146;s value as a going concern. To the extent that Credit Suisse&#146;s discounted cash flow/net asset value analysis also measured MMR&#146;s value as a going concern, please make corresponding revisions to your disclosure on page 49, where
currently you indicate that the FCX Parties did not consider MMR&#146;s going concern value.</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the disclosure on pages 47 and 49 of Amendment No.&nbsp;3 has been
revised. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;3, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 6 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your response to comment 32 in our letter dated March&nbsp;5, 2013, and reissue such comment in part. Please disclose whether, and if so, how each of the FCX
Parties</B> <B>took into account, for purposes of its fairness determination, the discounted cash flow analysis provided by Evercore.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, the disclosure on page 49 of Amendment No.&nbsp;3 has been revised. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Related Party Transactions, page 153</U> </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Please revise your filing to provide updated information required by Item&nbsp;402 of Regulation S-K for the fiscal year ended December&nbsp;31, 2012. Please refer
to Item&nbsp;18(a)(7)(ii) of Form S-4, and Question 123.01 of the Securities Act Forms Compliance and Disclosure Interpretations, available on our website at: http://www.sec.gov/divisions/corpfin/guidance/safinterp.htm.</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, we advise the Staff that the parties intend to provide the information
required by Item&nbsp;402 of Regulation S-K in a Form 10-K/A to be filed prior to the filing deadline of April&nbsp;30, 2013. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibits</U> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit 5.1</U>
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note that counsel has assumed for purposes of the opinion the due formation or organization, valid existence and good standing of each entity that is a signatory
to any of the documents reviewed by counsel under the laws of the jurisdiction of its respective formation or organization. However, such assumption does not appear to be appropriate with respect to the registrants. Please obtain and file a revised
opinion that does not include such assumption. For guidance, refer to Staff Legal Bulletin No.&nbsp;19, Legality and Tax Opinions in Registered Offerings, at Section II.B.3(a).</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, we have filed a revised Exhibit 5.1 which opines with respect to the due
formation, valid existence and good standing of the Royalty Trust, the issuer of the royalty trust units, and has modified the assumption to exclude the due formation, valid existence and good standing of the Royalty Trust. </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note that counsel has assumed for purposes of the opinion the due adoption, authorization, execution and delivery by, or on behalf of, each of the parties of the
referenced documents and of all documents contemplated by the governing documents to be executed by persons desiring to become unitholders of the trust. Please tell us why such assumptions are both necessary and appropriate. For guidance, refer to
Staff Legal Bulletin No.&nbsp;19 at Section II.B.3(a).</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the
Staff&#146;s comment, we have filed a revised Exhibit 5.1 which includes a narrower assumption relating to the due adoption, authorization, execution and delivery of the documents pursuant to which the royalty trust units will be issued, prior to
the first issuance of the royalty trust units, by each of the parties thereto other than the Trust. In addition, counsel has revised the opinion to delete the part of this assumption regarding the due adoption, authorization, execution and delivery
of all documents contemplated by the governing documents to be executed by persons desiring to become unitholders of the Trust. In order for royalty trust units to be legally issued, it is required that the documents pursuant to which such units
will be issued are enforceable. One of the prerequisites to the enforceability of such documents is the due adoption, authorization, execution and delivery, as applicable, of such documents by each of the parties thereto. Counsel believes that it is
beyond the scope of their opinion to address the due adoption, authorization, execution and delivery of any documents by any other parties, and that for such reasons the assumptions are both necessary and appropriate within the guidance set forth in
Staff Legal Bulletin No. 19. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;3, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 7 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note the following statement in the opinion: &#147;We have not reviewed any documents other than those identified above in connection with this opinion, and we
have assumed that there are no other documents that are contrary to, or inconsistent with the opinions expressed herein.&#148; This limitation does not appear to be appropriate. Please obtain and file a revised opinion.</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, we have filed an amended opinion of counsel as Exhibit 5.1. </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note the following statement in the opinion: &#147;This opinion is intended solely for the benefit of the Trust and the Unitholders of the Trust in connection
with the matters contemplated hereby and may not be relied upon by any other person or entity, or for any other purpose, without our prior written consent.&#148; Please obtain and file a revised opinion that does not include such limitation, as the
recipients of the royalty trust units in this offering are entitled to rely on the opinion. For guidance, refer to Staff Legal Bulletin No.&nbsp;19 at Section II.B.3(d).</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, Counsel&#146;s opinion has been revised to confirm that recipients of
the royalty trust units in this offering are entitled to rely on the opinion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit 99.6</U> </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>16.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note that the report filed as Exhibit 99.6 to the Form S-4 indicates that it was prepared for the use and sole benefit of McMoRan Oil&nbsp;&amp; Gas LLC and may
not be put to other use without Ryder Scott&#146;s prior written consent for such use. Please obtain and file a revised report which does not suggest that the recipients of the royalty trust units in this offering are not entitled to rely on such
report.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>:<B> </B>In response to the Staff&#146;s comment, Ryder Scott Company, L.P. has
provided written consent under separate cover that recipients of units of the Royalty Trust in the merger are entitled to rely on such reports. A copy of such consent has been filed as Exhibit 99.8 to Amendment No.&nbsp;3. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. Roger Schwall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;3, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 8 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hope the foregoing
has been responsive to the Staff&#146;s comments. If you have any questions, please do not hesitate to contact the undersigned at (212)&nbsp;403-1314 (telephone) or deshapiro@wlrk.com (e-mail). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We thank the Staff in advance for its assistance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:55%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:55%"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ David E. Shapiro </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:55%"><FONT STYLE="font-family:Times New Roman" SIZE="2">David E. Shapiro </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:55%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Douglas N. Currault II, Freeport-McMoRan Copper&nbsp;&amp; Gold Inc.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">John Amato, McMoRan Exploration Co.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Aiello, Weil, Gotshal&nbsp;&amp; Manges
LLP</FONT></P></TD></TR>
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