<SEC-DOCUMENT>0001193125-13-161726.txt : 20130822
<SEC-HEADER>0001193125-13-161726.hdr.sgml : 20130822
<ACCEPTANCE-DATETIME>20130419062153
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-161726
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130419

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>
<HTML><HEAD>
<TITLE>Response Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <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:18px;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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gulf Coast Ultra Deep Royalty Trust <BR>Amendment No.&nbsp;3 to Registration Statement on Form S-4 <BR>Filed April&nbsp;3, 2013 <BR>File No.&nbsp;333-185742
</B></FONT></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 April&nbsp;16, 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;). FCX and MMR request that the Staff note that Section 7.1(b) of the Agreement and Plan of Merger by and among MMR,
FCX and INAVN Corp., dated as of December 5, 2012, contemplates an &#147;end date&#148; of June 5, 2013.&nbsp;We appreciate the Staff&#146;s continued efforts in working with FCX and MMR to finalize the S-4 and receive a declaration of effectiveness
on a timeframe that will allow for satisfaction of applicable filing and mailing requirements in order to ensure that the MMR special meeting of stockholders is held prior to June 5, 2013. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter, Amendment No.&nbsp;5 (&#147;<U>Amendment No.&nbsp;5</U>&#148;) and Amendment No.&nbsp;6 (&#147;<U>Amendment
No.&nbsp;6</U>&#148;) to the Registration Statement on Form S-4 (File No.&nbsp;333-185742) (the &#147;<U>Form S-4</U>&#148;) are being filed electronically via the EDGAR system today, and Amendment No.&nbsp;4 to the Form S-4 was filed electronically
via the EDGAR system on April&nbsp;18, 2013.&nbsp;In addition to the EDGAR filing, we are delivering a hard copy of this letter, along with five copies of Amendment No.&nbsp;4 marked to indicate changes from the version filed on April&nbsp;3, 2013,
and five copies of each of Amendment No.&nbsp;5 and Amendment No.&nbsp;6.&nbsp;Please note that Amendment No.&nbsp;5 and Amendment No.&nbsp;6 were filed solely to add new Exhibits 99.10 and 99.12, which constitute a single reserve report which was
required to be split between multiple filings due to file size.</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;4. All references to page numbers in these responses are to the pages in
the marked version of Amendment No.&nbsp;4. </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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your response to comment 1 in our letter dated March&nbsp;28, 2013. The fact that a report, opinion or appraisal was not specifically
prepared for purposes of the going-private transaction is not dispositive of its materiality to the transaction. For guidance, </B></FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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;19, 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:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>
see <U>In the Matter of Meyers Parking System, Inc.</U>, SEC Release No.&nbsp;34-26069 (September 12, 1988) and <U>Charles L. Ephraim </U>(September 30, 1987). In this regard, we are unable to
concur with your determination that the full-length versions of the Ryder Scott reports, summaries of which you filed as Exhibits 99.6 and 99.7 to the Form S-4, are not materially related to the transaction, given that you provided the full-length
versions to the financial advisors. Please file the reports underlying the summaries filed as Exhibits 99.6 and 99.7 as exhibits to both the Form S-4 and the Schedule 13E-3. </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 full-length versions of the Ryder Scott reports have been filed as
Exhibits 99.9, 99.10 and 99.12 to the Form S-4. Exhibits 99.9, 99.10 and 99.12 to the Form S-4 have been incorporated by reference as Exhibits (c)-11 and (c)-12 to the Schedule 13E-3. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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>Similarly, please file as exhibits all other petroleum engineering and geological reports relating to the reserves or resources of McMoRan Exploration Co. that were
prepared by Ryder Scott and provided to the financial advisors or Freeport-McMoRan Copper&nbsp;&amp; Gold Inc. We note your statement in the response letter that the additional technical detail contained in certain reports is either disclosed, or
otherwise is not material to investors. Refer to Item&nbsp;1015(b)(6) and Item&nbsp;1016(c) of Regulation M-A, which require a summary concerning a report or appraisal to be furnished in the narrative disclosure, but the actual report or appraisal
to be filed as an exhibit. </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 and FCX confirm that there are no such additional
reports prepared by Ryder Scott and provided to the financial advisors or to FCX. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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>With respect to any petroleum engineering and geological reports relating to the reserves or resources of McMoRan Exploration Co. that were prepared by Ryder Scott
but not provided to the financial advisors or Freeport-McMoRan Copper&nbsp;&amp; Gold Inc., such reports may be materially related to the transaction if they were considered by the MMR board or special committee in connection with the merger
negotiations or fairness determinations. Please file as exhibits all such reports. </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 confirms that there are no such additional reports prepared by Ryder Scott. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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>Please revise the disclosure in your proxy statement/prospectus to furnish a summary of each of the Ryder Scott reports referenced in the comments above. See
Item&nbsp;1015(b)(6) of Regulation M-A. To the extent that any report is the same as another report previously summarized in the registration statement, you may describe only the material differences between the two in the disclosure document.
</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>As set forth above, MMR and FCX have determined that there are no additional Ryder
Scott reports responsive to comments 2 or 3. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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;19, 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:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Special Factors, page 24 </U></B></FONT></P> <P STYLE="margin-top:6px;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:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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>We note your response to comment 10 in our letter dated March&nbsp;28, 2013, and we reissue such comment. We note your revised disclosure on page 49 that &#147;[t]he
FCX Parties did not view the analyses and assumptions utilized by the financial advisor to the MMR special committee or the results of such analyses as determinative&#133;.&#148; Please disclose more specifically whether, and if so, how each of the
FCX Parties considered, 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 FCX Parties respectfully submit that the language in the second bullet point on page 47 of Amendment No.&nbsp;4 discloses the
consideration that the FCX Parties gave to the discounted cash flow analysis, to the extent that the FCX Parties believe the discounted cash flow analysis relates to an analysis of the going concern value of MMR. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Related Party Transactions, page 154</U> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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 response to comment 11 in our letter dated March&nbsp;28, 2013, including your representation in the response letter 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. In order to have a complete Securities Act Section&nbsp;10(a) prospectus, the registrants must provide the
information in a Form 10-K/A (or in the definitive proxy statement) prior to the Form S-4&#146;s effectiveness. For guidance, see 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>The Staff&#146;s
comment is noted. Information required by Item&nbsp;402 of Regulation S-K will be filed in a Form 10-K/A prior to the filing deadline of April&nbsp;30, 2013, and the company acknowledges that the information must be provided prior to the Form
S-4&#146;s effectiveness. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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;19, 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:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibits </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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 the references in the opinion filed as Exhibit 5.1 to the certificate of amendment to the initial certificate of trust. Please tell us why you have not filed
a form of such amendment as an exhibit to your filing. Please refer to Item&nbsp;601(b)(3)(i) of Regulation S- K. Similarly, we note the reference in the opinion to the letter agreement among McMoRan Exploration Co., Freeport-McMoRan
Copper&nbsp;&amp; Gold Inc. and INAVN Corp. dated as of March&nbsp;11, 2013. Please tell us why you have not filed such agreement as an exhibit to your filing, and why you have not described such agreement in your filing. Please refer to
Item&nbsp;601(b)(10) of Regulation S-K. </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 referenced documents have been filed as Exhibit 3.2 (incorporated by reference to and included as Exhibit A in Exhibit 5.1) and Exhibit 99.11, respectively, to Amendment No.&nbsp;4. </FONT></P> <P STYLE="margin-top:18px;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:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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 response to comment 13 in our letter dated March&nbsp;28, 2013, and reissue such comment. Please obtain and file a revised opinion that does not include
the assumption related to the due formation or organization, valid existence and good standing of Freeport-McMoRan Copper&nbsp;&amp; Gold Inc., which is a co-registrant. </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>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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>Similarly, with respect to assumption (iv), it does not appear to be appropriate to assume the due adoption, authorization, execution and delivery by, or on behalf
of, Freeport- McMoRan Copper&nbsp;&amp; Gold Inc. to the referenced documents. </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> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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 the following assumption in counsel&#146;s revised opinion: &#147;(iii) that an amendment to the Initial Certificate of Trust in the form of the Amendment to
the Certificate of Trust will be duly filed in the State Office prior to the first issuance of Units[.]&#148; Please confirm that you will file an appropriately unqualified opinion by post-effective amendment or on Form 8-K.
</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, Morris Nichols has confirmed that they
will either file an unqualified opinion by post-effective amendment or on Form 8-K, or will file an unqualified opinion prior to effectiveness of the Form S-4 if the filing of the amendment to the Certificate of Trust with the State Office occurs
prior to the date of effectiveness.</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;&nbsp;&nbsp;
&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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;19, 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:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;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:18px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><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:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">David E. Shapiro </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Douglas N. Currault II, Freeport-McMoRan Copper&nbsp;&amp; Gold Inc. <BR>John Amato, McMoRan Exploration Co. <BR>Michael Aiello, Weil, Gotshal&nbsp;&amp; Manges LLP
</FONT></TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
