PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

COMPUTATION OF TOTAL DEBT TO TOTAL CAPITALIZATION
($ in millions)

		September 30,			December 31,
		2003			2002
Short-term debt		$	48.5			35.2
Current portion of long-term debt			124.4			127.0
Long-term debt			1,847.8			1,948.4
	Total debt		2,020.7			2,110.6
Minority interests in consolidated subsidiaries			74.0			65.3
Shareholders’ equity			2,832.7			2,813.6
	Total capitalization	$	4,927.4			4,989.5
Ratio of total debt to total capitalization			41.0	%		42.3	%