PHELPS DODGE CORPORATION AND SUBSIDIARIES
Exhibit 12.2

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

	December 31,
	2006			2005			2004
Short-term debt	$	33.7			14.3			78.8
Current portion of long-term debt		88.1			2.5			45.9
Long-term debt		770.1			677.7			972.2
Total debt		891.9			694.5			1,096.9
Minority interests in consolidated subsidiaries		1,249.6			915.9			555.1
Common shareholders’ equity		7,690.4			5,601.6			4,343.1
Total capitalization	$	9,831.9			7,212.0			5,995.1
Ratio of total debt to total capitalization		9.1	%		9.6	%		18.3	%