EXHIBIT 12.1
FREEPORT-McMoRan COPPER & GOLD INC.
Computation of Ratio of Earnings to Fixed Charges:
<Table>
<Caption>
Years Ended December 31,
2001 2000 1999 1998 1997
---------- ---------- ---------- ---------- ----------
(In Thousands)
Income from continuing operations $ 113,025 $ 76,987 $ 136,467 $ 153,848 $ 245,108
Add:
Provision for income taxes 202,979 159,573 195,653 170,566 231,315
Minority interests' share
of net income 42,772 36,680 48,714 37,012 40,343
Interest expense, net 173,595 205,346 104,069 205,588 151,720
Rental expense factor(a) -- -- 188 323 240
---------- ---------- ---------- ---------- ----------
Earnings available for
fixed charges $ 532,371 $ 478,586 $ 575,091 $ 567,337 $ 668,726
========== ========== ========== ========== ==========
Interest expense, net $ 173,595 $ 205,346 $ 194,069 $ 205,588 $ 151,720
Capitalized interest 9,438 7,216 3,768 19,612 23,021
Rental expense factor(a) -- -- 188 323 240
---------- ---------- ---------- ---------- ----------
Fixed charges $ 183,033 $ 212,562 $ 198,025 $ 225,523 $ 174,981
========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges(b) 2.9x 2.3x 2.9x 2.5x 3.8x
========== ========== ========== ========== ==========
</Table>
Computation of Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends:
<Table>
<Caption>
Years Ended December 31,
2001 2000 1999 1998 1997
---------- ---------- ---------- ---------- ----------
(In Thousands)
Income from continuing operations $ 113,025 $ 76,987 $ 136,467 $ 153,848 $ 245,108
Add:
Provision for income taxes 202,979 159,573 195,653 170,566 231,315
Minority interests' share
of net income 42,772 36,680 48,714 37,012 40,343
Interest expense, net 173,595 205,346 194,069 205,588 151,720
Rental expense factor(a) -- -- 188 323 240
---------- ---------- ---------- ---------- ----------
Earnings available for
fixed charges $ 532,371 $ 478,586 $ 575,091 $ 567,337 $ 668,726
========== ========== ========== ========== ==========
Interest expense, net $ 173,595 $ 205,346 $ 194,069 $ 205,588 $ 151,720
Capitalized interest 9,438 7,216 3,768 19,612 23,021
Rental expense factor(a) -- -- 188 323 240
Preferred dividends(c) 70,563 72,717 68,697 65,847 65,896
---------- ---------- ---------- ---------- ----------
Fixed charges $ 253,596 $ 285,279 $ 266,722 $ 291,370 $ 240,877
========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges(b) 2.1x 1.7x 2.2x 1.9x 2.8x
========== ========== ========== ========== ==========
</Table>
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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. For purposes of this calculation, we assume that our preferred stock
dividend requirements were equal to the pre-tax earnings that would be
required to cover those dividend requirements.
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