PHELPS DODGE CORPORATION AND SUBSIDIARIES
Exhibit 12.2

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

	December 31,
	2004			2003			2002
Short-term debt	$	78.8			50.5			35.2
Current portion of long-term debt		45.9			204.6			127.0
Long-term debt		972.2			1,703.9			1,948.4
Total debt		1,096.9			1,959.0			2,110.6
Minority interests in consolidated subsidiaries		555.1			70.2			65.3
Common shareholders’ equity		4,343.1			3,063.8			2,813.6
Total capitalization	$	5,995.1			5,093.0			4,989.5
Ratio of total debt to total capitalization		18.3	%		38.5	%		42.3	%