PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

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

		September 30,			December 31,
		2001			2000
Short-term debt		$	64.3			518.2
Current portion of long-term debt			374.6			206.5
Long-term debt			2,555.0			1,963.0
	Total debt		2,993.9			2,687.7
Minority interests in consolidated subsidiaries			59.9			91.7
Common shareholders’ equity			2,752.7			3,105.0
	Total capitalization	$	5,806.5			5,884.4
Ratio of total debt to total capitalization			51.6	%		45.7	%