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| Computation of Ratio of Earnings                           |                     |   |
|------------------------------------------------------------|--------------------------|--------|
| to Fixed Charges:                                          |                     |   |
|                                                       | Years Ended December 31, |   |
|                                                       | 2010                     |   | 2009 |   | 2008 |   | 2007 |   | 2006 |   |
| Loss from Continuing Operations a                          | (116,976                 | )      | (204,889 | ) | (211,198 | ) | (63,561 | ) | (44,716 | ) |
| ADD:                                                       |                     |   |   |   |   |   |   |   |   |   |
| (Benefit) Provision for Income Taxes                       | -                        |   | (2,445 | ) | 2,508 |   | - |   | - |   |
| Interest Expense                                           | 38,216                   |   | 42,943 |   | 50,890 |   | 66,366 |   | 10,203 |   |
| Rental Expense Factor                                      | 653                      |   | 598 |   | 387 |   | 248 |   | 41 |   |
| Earnings Available For Fixed Charges                       | (78,107                  | )      | (163,793 | ) | (157,413 | ) | 3,053 |   | (34,472 | ) |
|                                                       |                     |   |   |   |   |   |   |   |   |   |
| Interest Expense                                           | 38,216                   |   | 42,943 |   | 50,890 |   | 66,366 |   | 10,203 |   |
| Capitalized Interest                                       | 10,100                   |   | 3,929 |   | 5,001 |   | 6,361 |   | 5,260 |   |
| Rental Expense Factor                                      | 653                      |   | 598 |   | 387 |   | 248 |   | 41 |   |
| Fixed Charges                                              | 48,969                   |   | 47,470 |   | 56,278 |   | 72,975 |   | 15,504 |   |
|                                                       |                     |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                         | -                        | b      | - | b | - | b | - | b | - | b |
|                                                       |                     |   |   |   |   |   |   |   |   |   |
| Computation of Ratio of Earnings                           |                     |   |   |   |   |   |   |   |   |   |
| to Fixed Charges and Preferred Dividends:                  |                     |   |   |   |   |   |   |   |   |   |
|                                                       |                     |   |
|                                                       | 2010                     |   | 2009 |   | 2008 |   | 2007 |   | 2006 |   |
| Loss from Continuing Operations a                          | (116,976                 | )      | (204,889 | ) | (211,198 | ) | (63,561 | ) | (44,716 | ) |
| ADD:                                                       |                     |   |   |   |   |   |   |   |   |   |
| (Benefit) Provision for Income Taxes                       | -                        |   | (2,445 | ) | 2,508 |   | - |   | - |   |
| Interest Expense                                           | 38,216                   |   | 42,943 |   | 50,890 |   | 66,366 |   | 10,203 |   |
| Rental Expense Factor                                      | 653                      |   | 598 |   | 387 |   | 248 |   | 41 |   |
| Earnings Available For Fixed Charges and                   |                     |   |   |   |   |   |   |   |   |   |
| Preferred Dividends                                        | (78,106                  | )      | (163,793 | ) | (157,413 | ) | 3,053 |   | (34,472 | )  |
|                                                       |                     |   |   |   |   |   |   |   |   |   |
| Interest Expense                                           | 38,216                   |   | 42,943 |   | 50,890 |   | 66,366 |   | 10,203 |   |
| Capitalized Interest                                       | 10,100                   |   | 3,929 |   | 5,001 |   | 6,361 |   | 5,260 |   |
| Preferred dividends c                                      | 77,101                   |   | 14,332 |   | 22,286 |   | 3,367 |   | 1,494 |   |
| Rental Expense Factor                                      | 653                      |   | 598 |   | 387 |   | 248 |   | 41 |   |
| Fixed Charges and Preferred Dividends                      | 126,070                  |   | 61,802 |   | 78,564 |   | 76,342 |   | 16,998 |   |
|                                                       |                     |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges and preferred dividends | -                        | d      | - | d | - | d | - | d | - | d |
|                                                       |                     |   |   |   |   |   |   |   |   |   |

| a.   | Loss represents McMoRan's continuing oil and gas operations. |
|----------------|--------------------------------------------------------------|

| b.   | McMoRan sustained a net loss from continuing operations of $117.0 million in 2010, $204.9 million in 2009, $211.2 million in 2008 and $44.7 million in 2006.  These losses were inadequate to cover McMoRan’s fixed charges of $49.0 million in 2010, $47.5 million in 2009, $56.3 million in 2008 and $15.5 million in 2006.  McMoRan’s earnings available for fixed charges for 2007 were insufficient to cover it fixed charges by $69.9 million. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | Preferred dividends associated with McMoRan's 8% convertible perpetual preferred stock, 6¾% mandatory convertible preferred stock and 5.75% convertible perpetual preferred stock. 2010 amount includes a $51.6 million preferred dividend recognized upon issuance of the 5.75% convertible perpetual preferred stock representing a beneficial conversion option for the intrinsic value of the amount by which McMoRan’s common stock at the date of issuance exceeded the conversion price of the 5.75% convertible perpetual preferred stock attributable to the total underlying equivalent common shares associated with the 5.75% convertible perpetual preferred stock. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | McMoRan sustained a net loss from continuing operations of $117.0 million in 2010, $204.9 million in 2009, $211.2 million in 2008 and $44.7 million in 2006.  These losses were inadequate to cover McMoRan’s fixed charges and preferred dividends of $126.1 million in 2010, $61.8 million in 2009, $78.6 million in 2008 and $17.0 million in 2006.  In 2007, McMoRan’s earnings available for fixed charges and preferred dividends were insufficient to cover its fixed charges and preferred dividends by $73.3 million. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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