EXHIBIT 12.1
FREEPORT-McMoRan COPPER & GOLD INC.
Computation of Ratio of Earnings to Fixed Charges:
Years Ended December 31,
--------------------------------------------------------
1992 1993 1994 1995 1996
-------- -------- -------- -------- --------
(In Thousands)
Income from
continuing
operations $129,893 $ 60,670 $130,241 $253,618 $226,249
Add:
Provision for
income taxes 103,726 67,589 123,412 234,044 247,168
Minority
interests' share
of net income 31,075 9,134 25,439 57,100 48,529
Interest expense 18,897 15,327 - 50,080 117,291
Rental expense
factor(a) 876 3,190 2,333 1,002 457
-------- -------- -------- -------- --------
Earnings
available for
fixed charges $284,467 $155,910 $281,425 $595,844 $639,694
======== ======== ======== ======== ========
Interest expense $ 18,897 $ 15,327 $ - $ 50,080 $117,291
Capitalized
interest 23,974 24,519 35,110 49,758 22,979
Rental expense
factor(a) 876 3,190 2,333 1,002 457
-------- -------- -------- -------- --------
Fixed charges $ 43,747 $ 43,036 $ 37,443 $100,840 $140,727
======== ======== ======== ======== ========
Ratio of earnings
to fixed charges(b) 6.5x 3.6x 7.5x 5.9x 4.5x
==== ==== ==== ==== ====
Computation of Ratio of Earnings to Fixed Charges,
Preferred Stock Dividends and Minimum Distributions:
Years Ended December 31,
--------------------------------------------------------
1992 1993 1994 1995 1996
-------- -------- -------- -------- --------
(In Thousands)
Income from
continuing
operations $129,893 $ 60,670 $130,241 $253,618 $226,249
Add:
Provision for
income taxes 103,726 67,589 123,412 234,044 247,168
Minority
interests'
share of net
income 31,075 9,134 25,439 57,100 48,529
Interest expense 18,897 15,327 - 50,080 117,291
Rental expense
factor(a) 876 3,190 2,333 1,002 457
-------- -------- -------- -------- --------
Earnings available
for fixed
charges $284,467 $155,910 $281,425 $595,844 $639,694
======== ======== ======== ======== ========
Interest expense $ 18,897 $ 15,327 $ - $ 50,080 $117,291
Capitalized
interest 23,974 24,519 35,110 49,758 22,979
Rental expense
factor(a) 876 3,190 2,333 1,002 457
Preferred
dividends 12,773 52,643 94,251 101,125 101,083
Minimum required
Class A
distributions(c) 24,970 29,447 - - -
-------- -------- -------- -------- --------
Fixed charges $ 81,490 $125,126 $131,694 $201,965 $241,810
======== ======== ======== ======== ========
Ratio of earnings
to fixed
charges (b) 3.5x 1.2x 2.1x 3.0x 2.6x
==== ==== ==== ==== ====
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.
c. Minimum required distributions on Class A Common Stock ended on
May 1, 1993.