EXHIBIT 12
FREEPORT-McMoRan COPPER & GOLD INC.
Computation of Ratio of Earnings to Fixed Charges:
Years Ended December 31,
-------------------------------------------------
1995 1996 1997 1998 1999
--------- --------- --------- --------- ---------
(In Thousands)
Income from continuing
operations $ 253,618 $ 226,249 $ 245,108 $ 153,848 $ 136,467
Add:
Provision for income taxes 234,044 247,168 231,315 170,566 195,653
Minority interests' share
of net income 57,100 48,529 40,343 37,012 48,714
Interest expense 50,080 117,291 151,720 205,588 194,069
Rental expense factor(a) 1,002 457 240 323 188
--------- --------- --------- --------- ---------
Earnings available for
fixed charges $ 595,844 $ 639,694 $ 668,726 $ 567,337 $ 575,091
========= ========= ========= ========= =========
Interest expense $ 50,080 $ 117,291 $ 151,720 $ 205,588 $ 194,069
Capitalized interest 49,758 22,979 23,021 19,612 3,768
Rental expense factor(a) 1,002 457 240 323 188
--------- --------- --------- --------- ---------
Fixed charges $ 100,840 $ 140,727 $ 174,981 $ 225,523 $ 198,025
========= ========= ========= ========= =========
Ratio of earnings to
fixed charges(b) 5.9x 4.5x 3.8x 2.5x 2.9x
==== ==== ==== ==== ====
Computation of Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends:
Years Ended December 31,
-------------------------------------------------
1995 1996 1997 1998 1999
--------- --------- --------- --------- ---------
(In Thousands)
Income from continuing
operations $ 253,618 $ 226,249 $ 245,108 $ 153,848 $ 136,467
Add:
Provision for income taxes 234,044 247,168 231,315 170,566 195,653
Minority interests' share
of net income 57,100 48,529 40,343 37,012 48,714
Interest expense 50,080 117,291 151,720 205,588 194,069
Rental expense factor(a) 1,002 457 240 323 188
--------- --------- --------- --------- ---------
Earnings available for
fixed charges $ 595,844 $ 639,694 $ 668,726 $ 567,337 $ 575,091
========= ========= ========= ========= =========
Interest expense $ 50,080 $ 117,291 $ 151,720 $ 205,588 $ 194,069
Capitalized interest 49,758 22,979 23,021 19,612 3,768
Rental expense factor(a) 1,002 457 240 323 188
Preferred dividends 101,125 101,083 65,896 65,847 68,697
--------- --------- --------- --------- ---------
Fixed charges $ 201,965 $ 241,810 $ 240,877 $ 291,370 $ 266,722
========= ========= ========= ========= =========
Ratio of earnings to
fixed charges(b) 3.0x 2.6x 2.8x 1.9x 2.2x
==== ==== ==== ==== ====
a. Portion of rent deemed representative of an interest factor.
b. For purposes of this calculation, earnings consist of income from
continuing operations before income taxes, minority interests and
fixed charges. Fixed charges include interest and that portion of
rent deemed representative of interest.