Exhibit 12.1
FREEPORT-McMoRan COPPER & GOLD INC.
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 31,
-----------------------------------------------
1993 1992 1991 1990 1989
-------- -------- -------- -------- ------
(In Thousands)
Income from continuing
operations $ 60,670 $129,893 $101,962 $ 90,179 $ 98,927
Add:
Provision for income taxes 67,589 103,726 45,585 88,330 89,624
Minority interest share of
net income 9,134 31,075 12,199 13,726 17,415
Interest expense 15,327 18,897 21,451 13,517 187
Rental expense factor(a) 3,190 876 841 693 223
-------- -------- -------- -------- --------
Earnings available for fixed
charges $155,910 $284,467 $182,038 $206,445 $206,376
======== ======== ======== ======== ========
Interest expense $ 15,327 $ 18,897 $ 21,451 $ 13,517 $ 187
Capitalized interest 24,519 23,974 18,276 8,244 7,074
Rental expense factor(a) 3,190 876 841 693 223
-------- -------- -------- -------- --------
Fixed charges $ 43,036 $ 43,747 $ 40,568 $ 22,454 $ 7,484
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges(b) 3.6x 6.5x 4.5x 9.2x 27.6x
==== ==== ==== ==== =====
<FN>
a. Portion of rent which is deemed representative of interest.
b. For purposes of this calculation, earnings consist of income from
continuing operations before income taxes, minority interest and fixed
charges. Fixed charges include interest and that portion of rent deemed
representative of interest.