<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>p65436ex12.txt
<DESCRIPTION>EX-12
<TEXT>
<PAGE>   1
                    PHELPS DODGE CORPORATION AND SUBSIDIARIES

                                   Exhibit 12

COMPUTATION OF TOTAL DEBT TO TOTAL CAPITALIZATION
(Unaudited; dollars in millions)


<TABLE>
<CAPTION>
                                          June 30,        December 31,
                                            2001             2000
                                            ----             ----
<S>                                       <C>             <C>
Short-term debt                           $   60.0            518.2
Current portion of long-term debt            369.1            206.5
Long-term debt                             2,538.0          1,963.0
                                          --------          -------
       Total debt                          2,967.1          2,687.7

Minority interests in consolidated
subsidiaries                                  59.4             91.7
Common shareholders' equity                2,892.2          3,105.0
                                          --------          -------
       Total capitalization               $5,918.7          5,884.4
                                          ========          =======

Ratio of total debt to total
capitalization                                50.1%            45.7%
                                          ========          =======
</TABLE>


</TEXT>
</DOCUMENT>