EXHIBIT 12.1
FREEPORT-McMoRan COPPER & GOLD INC.
Computation of Ratio of Earnings to Fixed Charges:
Years Ended December 31,
--------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
(In Thousands)
Income from continuing
operations $153,848 $245,108 $226,249 $253,618 $130,241
Add:
Provision for income taxes 170,566 231,315 247,168 234,044 123,412
Minority interests'
share of net income 37,012 40,343 48,529 57,100 25,439
Interest expense 205,588 151,720 117,291 50,080 -
Rental expense factor(a) 323 240 457 1,002 2,333
-------- -------- -------- -------- --------
Earnings available for
fixed charges $567,337 $668,726 $639,694 $598,844 $281,425
======== ======== ======== ======== ========
Interest expense $205,588 $151,720 $117,291 $ 50,080 $ -
Capitalized interest 19,612 23,021 22,979 49,758 35,110
Rental expense factor(a) 323 240 457 1,002 2,333
-------- -------- -------- -------- --------
Fixed charges $225,523 $174,981 $140,727 $100,840 $ 37,443
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges(b) 2.5x 3.8x 4.5x 5.9x 7.5x
==== ==== ==== ==== ====
Computation of Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends:
Years Ended December 31,
--------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
(In Thousands)
Income from continuing
operations $153,848 $245,108 $226,249 $253,618 $130,241
Add:
Provision for income taxes 170,566 231,315 247,168 234,044 123,412
Minority interests' share
of net income 37,012 40,343 48,529 57,100 25,439
Interest expense 205,588 151,720 117,291 50,080 -
Rental expense factor(a) 323 240 457 1,002 2,333
-------- -------- -------- -------- --------
Earnings available
for fixed charges $567,337 $668,726 $639,694 $595,844 $281,425
======== ======== ======== ======== ========
Interest expense $205,588 $151,720 $117,291 $ 50,080 $ -
Capitalized interest 19,612 23,021 22,979 49,758 35,110
Rental expense factor(a) 323 240 457 1,002 2,333
Preferred dividends 65,847 65,896 101,083 101,125 94,251
-------- -------- -------- -------- --------
Fixed charges $291,370 $240,877 $241,810 $201,965 $131,694
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges(b) 1.9x 2.8x 2.6x 3.0x 2.1x
==== ==== ==== ==== ====
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.