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| Computation of Ratio of Earnings          |                     |   |
|-------------------------------------------|--------------------------|--------|
| to Fixed Charges:                         |                     |   |
|                                      | Years Ended December 31, |   |
|                                      | 2009                     |   | 2008 |   | 2007 |   | 2006 |   | 2005 |   |
| Loss from Continuing Operations a         | (204,889                 | )      | (211,198 | ) | (63,561 | ) | (44,716 | ) | (31,470 | ) |
| ADD:                                      |                     |   |   |   |   |   |   |   |   |   |
| (Benefit) Provision for Income Taxes      | (2,445                   | )      | 2,508 |   | - |   | - |   | - |   |
| Interest Expense                          | 42,943                   |   | 50,890 |   | 66,366 |   | 10,203 |   | 15,282 |   |
| Rental Expense Factor                     | 598                      |   | 387 |   | 248 |   | 41 |   |            60 |   |
| Earnings Available For Fixed Charges      | (163,793                 | )      | (157,413 | ) | 3,053 |   | (34,472 | ) |     (16,128 | ) |
|                                      |                     |   |   |   |   |   |   |   |   |   |
| Interest Expense                          | 42,943                   |   | 50,890 |   | 66,366 |   | 10,203 |   | 15,282 |   |
| Capitalized Interest                      | 3,929                    |   | 5,001 |   | 6,361 |   | 5,260 |   |        2,121 |   |
| Rental Expense Factor                     | 598                      |   | 387 |   | 248 |   | 41 |   |            60 |   |
| Fixed Charges                             | 47,470                   |   | 56,278 |   | 72,975 |   | 15,504 |   |      17,463 |   |
|                                      |                     |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges        | -                        | b      | - | b | - | b | - | b | - | b |
|                                      |                     |   |   |   |   |   |   |   |   |   |
| Computation of Ratio of Earnings          |                     |   |   |   |   |   |   |   |   |   |
| to Fixed Charges and Preferred Dividends: |                     |   |   |   |   |   |   |   |   |   |
|                                      |                     |   |
|                                      | 2009                     |   | 2008 |   | 2007 |   | 2006 |   | 2005 |   |
| Loss from Continuing Operations a         | (204,889                 | )      | (211,198 | ) | (63,561 | ) | (44,716 | ) | (31,470 | ) |
| ADD:                                      |                     |   |   |   |   |   |   |   |   |   |
| (Benefit) Provision for Income Taxes      | (2,445                   | )      | 2,508 |   | - |   | - |   | - |   |
| Interest Expense                          | 42,943                   |   | 50,890 |   | 66,366 |   | 10,203 |   | 15,282 |   |
| Rental Expense Factor                     | 598                      |   | 387 |   | 248 |   | 41 |   |            60 |   |
| Earnings Available For Fixed Charges and  |                     |   |   |   |   |   |   |   |   |   |
| Preferred Dividends                       | (163,793                 | )      | (157,413 | ) | 3,053 |   | (34,472 | ) |     (16,128 | )  |
|                                      |                     |   |   |   |   |   |   |   |   |   |
| Interest Expense                          | 42,943                   |   | 50,890 |   | 66,366 |   | 10,203 |   | 15,282 |   |
| Capitalized Interest                      | 3,929                    |   | 5,001 |   | 6,361 |   | 5,260 |   |        2,121 |   |
| Preferred dividends c                     | 14,332                   |   | 22,286 |   | 3,367 |   | 1,494 |   |        1,503 |   |
| Rental Expense Factor                     | 598                      |   | 387 |   | 248 |   | 41 |   |            60 |   |
| Fixed Charges and Preferred Dividends     | 61,802                   |   | 78,564 |   | 76,342 |   | 16,998 |   |      18,966 |   |
|                                      |                     |   |   |   |   |   |   |   |   |   |
| 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 $204.9 million in 2009, $211.2 million in 2008, $44.7 million in 2006 and $31.5 million in 2005.  These losses were inadequate to cover McMoRan’s fixed charges of $47.5 million in 2009, $56.3 million in 2008, $15.5 million in 2006 and $17.5 million in 2005.  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, 6 ¾% mandatory convertible preferred stock and 5% mandatorily redeemable convertible preferred stock. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | McMoRan sustained a net loss from continuing operations of $204.9 million in 2009, $211.2 million in 2008, $44.7 million in 2006 and $31.5 million in 2005.  These losses were inadequate to cover McMoRan fixed charges of $61.8 million in 2009, $78.6 million in 2008, $17.0 million in 2006 and $19.0 million in 2005.  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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