PHELPS DODGE CORPORATION AND SUBSIDIARIES
Exhibit 12.2

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

	December 31,
	2005			2004			2003
Short-term debt	$	14.3			78.8			50.5
Current portion of long-term debt		2.5			45.9			204.6
Long-term debt		677.7			972.2			1,703.9
Total debt		694.5			1,096.9			1,959.0
Minority interests in consolidated subsidiaries		915.9			555.1			70.2
Common shareholders’ equity		5,601.6			4,343.1			3,063.8
Total capitalization	$	7,212.0			5,995.1			5,093.0
Ratio of total debt to total capitalization		9.6	%		18.3	%		38.5	%