PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12.2

COMPUTATION OF RATIOS OF TOTAL DEBT TO TOTAL CAPITALIZATION
(in millions)
	December 31,
	2003			2002			2001
Short-term debt	$	50.5			35.2			59.3
Current portion of long-term debt		204.6			127.0			274.0
Long-term debt		1,703.9			1,948.4			2,538.3
Total debt		1,959.0			2,110.6			2,871.6
Minority interests in subsidiaries		70.2			65.3			61.3
Common shareholders’ equity		3,063.8			2,813.6			2,730.1
Total capitalization	$	5,093.0			4,989.5			5,663.0
Ratio of total debt to total capitalization		38.5	%		42.3	%		50.7	%