**Exhibit        12.1**

**MMR**

**COMPUTATION        OF RATIO OF EARNINGS TO FIXED CHARGES**

**(in        Thousands)**

| **Computation                  of Ratio of Earnings**          |                                          |   |
|----------------------------------------------------------------|-----------------------------------------------|--------|
| **to                  Fixed Charges:**                         |                                          |   |
|                                                           | **Years                  Ended December 31,** |   |
|                                                           | **2006**                                      |   | **2005** |   | **2004** |   | **2003** |   | **2002** |   |
| Income                  (Loss) from Continuing Operations (a)  | (44,716                                       | )      | (31,470 | ) | (52,032 | ) | (41,847 | ) | 18,544 |   |
| ADD:                                                           |                                          |   |   |   |   |   |   |   |   |   |
| Provision                  for Income Taxes                    | -                                             |   | - |   | - |   | 1 |   | 7 |   |
| Interest                  Expense                              | 10,203                                        |   | 15,282 |   | 10,252 |   | 4,599 |   | 704 |   |
| Rental                  Expense Factor (b)                     | 41                                            |   | 60 |   | 66 |   | 74 |   | - |   |
| Earnings                  Available For Fixed Charges          | (34,472                                       | )      | (16,128 | ) | (41,714 | ) | (37,173 | ) | 19,255 |   |
|                                                           |                                          |   |   |   |   |   |   |   |   |   |
| Interest                  Expense                              | 10,203                                        |   | 15,282 |   | 10,252 |   | 4,599 |   | 704 |   |
| Capitalized                  Interest                          | 5,260                                         |   | 2,121 |   | 892 |   | - |   | 250 |   |
| Rental                  Expense Factor                         | 41                                            |   | 60 |   | 66 |   | 74 |   | - |   |
| Fixed                  Charges                                 | 15,504                                        |   | 17,463 |   | 11,210 |   | 4,673 |   | 954 |   |
|                                                           |                                          |   |   |   |   |   |   |   |   |   |
| Ratio                  of Earnings to Fixed Charges            | -                                             | (c)    | - | (c) | - | (c) | - | (c) | 20.18 |   |
|                                                           |                                          |   |   |   |   |   |   |   |   |   |
| **Computation                  of Ratio of Earnings:**         |                                          |   |   |   |   |   |   |   |   |   |
| **to                  Fixed Charges and Preferred Dividends:** |                                          |   |   |   |   |   |   |   |   |   |
|                                                           |                                          |   |
|                                                           | **2006**                                      |   | **2005** |   | **2004** |   | **2003** |   | **2002** |   |
| Income                  (Loss) from Continuing Operations (a)  | (44,716                                       | )      | (31,470 | ) | (52,032 | ) | (41,847 | ) | 18,544 |   |
| ADD:                                                           |                                          |   |   |   |   |   |   |   |   |   |
| Provision                  for Income Taxes                    | -                                             |   | - |   | - |   | 1 |   | 7 |   |
| Interest                  Expense                              | 10,203                                        |   | 15,282 |   | 10,252 |   | 4,599 |   | 704 |   |
| Rental                  Expense Factor (b)                     | 41                                            |   | 60 |   | 66 |   | 74 |   | - |   |
| Earnings                  Available For Fixed Charges          | (34,472                                       | )      | (16,128 | )  | (41,714 | )  | (37,173 | ) | 19,255 |   |
|                                                           |                                          |   |   |   |   |   |   |   |   |   |
| Interest                  Expense                              | 10,203                                        |   | 15,282 |   | 10,252 |   | 4,599 |   | 704 |   |
| Capitalized                  Interest                          | 5,260                                         |   | 2,121 |   | 892 |   | - |   | 250 |   |
| Preferred                  dividends (d)                       | 1,494                                         |   | 1,503 |   | 1,531 |   | 1,631 |   | 924 |   |
| Rental                  Expense Factor                         | 41                                            |   | 60 |   | 66 |   | 74 |   | - |   |
| Fixed                  Charges                                 | 16,998                                        |   | 18,966 |   | 12,741 |   | 6,304 |   | 1,878 |   |
|                                                           |                                          |   |   |   |   |   |   |   |   |   |
| Ratio                  of earnings to fixed charges            | -                                             | (e)    | - | (e) | - | (e) | - | (e) | 10.25 |   |
|                                                           |                                          |   |   |   |   |   |   |   |   |   |
|                                                           |                                          |   |   |   |   |   |   |   |   |   |

| (a)   | Income                (loss) represents McMoRan's continuing oil and gas                operations. |
|-----------------|-----------------------------------------------------------------------------------------------------|
| (b)   | McMoRan's                rental expense has historically related solely to its discontinued                sulphur                operations. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| (c)   | McMoRan                sustained a net loss from continuing operations of $44.7 million                in 2006,                $31.5 million in 2005, $52.0 million in 2004 and $41.8 million in                2003.                These losses were inadequate to cover McMoRan fixed charges of $15.5                million in 2006, $17.5 million in 2005, $11.2 million in 2004 and                $4.7                million in 2003. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d)   | Preferred                dividends associated with McMoRan's 5% mandatorily reedeemable convertible                preferred stock. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|
| (e)   | McMoRan                sustained a net loss from continuing operations of $44.7 million                in 2006,                $31.5 million in 2005, $52.0 million in 2004 and $41.8 million in                2003.                These losses were inadequate to cover McMoRan fixed charges of $17.0                million in 2006, $19.0 million in 2005, $12.7 million in 2004 and                $6.3                million in 2003. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|