----

| Computation      of Ratio of Earnings          |                          |   |
|------------------------------------------------|-------------------------------|--------|
| to      Fixed Charges:                         |                          |   |
|                                           | Years      Ended December 31, |   |
|                                           | 2008                          |   | 2007 |   | 2006 |   | 2005 |   | 2004 |   |
| Loss      from Continuing Operations a         | (211,198                      | )      | (63,561 | ) | (44,716 | ) | (31,470 | ) | (52,032 | ) |
| ADD:                                           |                          |   |   |   |   |   |   |   |   |   |
| Provision      for Income Taxes                | 2,508                         |   | - |   | - |   | - |   |             - |   |
| Interest      Expense                          | 50,890                        |   | 66,366 |   | 10,203 |   | 15,282 |   | 10,252 |   |
| Rental      Expense Factor                     | 387                           |   | 248 |   | 41 |   |            60 |   | 66 |   |
| Earnings      Available For Fixed Charges      | (157,413                      | )      | 3,053 |   | (34,472 | ) |     (16,128 | ) |    (41,714 | ) |
|                                           |                          |   |   |   |   |   |   |   |   |   |
| Interest      Expense                          | 50,890                        |   | 66,366 |   | 10,203 |   | 15,282 |   |     10,252 |   |
| Capitalized      Interest                      | 5,001                         |   | 6,361 |   | 5,260 |   |        2,121 |   |         892 |   |
| Rental      Expense Factor                     | 387                           |   | 248 |   | 41 |   |            60 |   |           66 |   |
| Fixed      Charges                             | 56,278                        |   | 72,975 |   | 15,504 |   |      17,463 |   |     11,210 |   |
|                                           |                          |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges        | -                             | b      | - | b | - | b | - | b |             - | b |
|                                           |                          |   |   |   |   |   |   |   |   |   |
| Computation      of Ratio of Earnings          |                          |   |   |   |   |   |   |   |   |   |
| to      Fixed Charges and Preferred Dividends: |                          |   |   |   |   |   |   |   |   |   |
|                                           |                          |   |
|                                           | 2008                          |   | 2007 |   | 2006 |   | 2005 |   | 2004 |   |
| Loss      from Continuing Operations a         | (211,198                      | )      | (63,561 | ) | (44,716 | ) | (31,470 | ) |    (52,032 | ) |
| ADD:                                           |                          |   |   |   |   |   |   |   |   |   |
| Provision      for Income Taxes                | 2,508                         |   | - |   | - |   | - |   |             - |   |
| Interest      Expense                          | 50,890                        |   | 66,366 |   | 10,203 |   | 15,282 |   |     10,252 |   |
| Rental      Expense Factor                     | 387                           |   | 248 |   | 41 |   |            60 |   |           66 |   |
| Earnings      Available For Fixed Charges and  |                          |   |   |   |   |   |   |   |   |   |
| Preferred      Dividends                       | (157,413                      | )      | 3,053 |   | (34,472 | ) |     (16,128 | )  |    (41,714 | )  |
|                                           |                          |   |   |   |   |   |   |   |   |   |
| Interest      Expense                          | 50,890                        |   | 66,366 |   | 10,203 |   | 15,282 |   |     10,252 |   |
| Capitalized      Interest                      | 5,001                         |   | 6,361 |   | 5,260 |   |        2,121 |   |         892 |   |
| Preferred      dividends c                     | 22,286                        |   | 3,367 |   | 1,494 |   |        1,503 |   |      1,531 |   |
| Rental      Expense Factor                     | 387                           |   | 248 |   | 41 |   |            60 |   |           66 |   |
| Fixed      Charges and Preferred Dividends     | 78,564                        |   | 76,342 |   | 16,998 |   |      18,966 |   |     12,741 |   |
|                                           |                          |   |   |   |   |   |   |   |   |   |
| Ratio      of earnings to fixed charges        | -                             | 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 $211.2 million in 2008,      $44.7 million in 2006, $31.5 million in 2005 and $52.0 million in      2004.  These losses were inadequate to cover McMoRan’s fixed      charges of $56.3 million in 2008, $15.5 million in 2006, $17.5 million in      2005 and $11.2 million in 2004.  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 5% and 6 ¾% mandatorily redeemable      convertible preferred stock. |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| d.   | McMoRan      sustained a net loss from continuing operations of $211.2 million in 2008,      $44.7 million in 2006, $31.5 million in 2005 and $52.0 million in      2004.  These losses were inadequate to cover McMoRan fixed      charges of $78.6 million in 2008, $17.0 million in 2006, $19.0 million in      2005 and $12.7 million in 2004.  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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----