PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

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

	September 30,			December 31,
	2004			2003
Short-term debt	$	35.8			50.5
Current portion of long-term debt		294.1			204.6
Long-term debt		1,304.8			1,703.9
Total debt		1,634.7			1,959.0
Minority interests in consolidated subsidiaries		501.2			70.2
Shareholders’ equity		4,016.5			3,063.8
Total capitalization	$	6,152.4			5,093.0
Ratio of total debt to total capitalization		26.6	%		38.5	%