PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

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

		March 31,			December 31,
		2002			2001
Short-term debt		$	54.5			59.3
Current portion of long-term debt			261.3			269.7
Long-term debt			2,515.2			2,522.0
	Total debt		2,831.0			2,851.0
Minority interests in consolidated subsidiaries			59.6			59.4
Common shareholders’ equity			2,678.9			2,707.2
	Total capitalization	$	5,569.5			5,617.6
Ratio of total debt to total capitalization			50.8	%		50.8	%