PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

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

	March 31,			December 31,
	2004			2003
Short-term debt	$	27.3			50.5
Current portion of long-term debt		258.2			204.6
Long-term debt		1,586.1			1,703.9
Total debt		1,871.6			1,959.0
Minority interests in consolidated subsidiaries		417.9			70.2
Shareholders’ equity		3,382.5			3,063.8
Total capitalization	$	5,672.0			5,093.0
Ratio of total debt to total capitalization		33.0	%		38.5	%