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| Computation      of Ratio of Earnings                           |                          |   |
|-----------------------------------------------------------------|-------------------------------|--------|
| to      Fixed Charges:                                          |                          |   |
|                                                            | Years      Ended December 31, |   |
|                                                            | 2007                          |   | 2006 |   | 2005 |   | 2004 |   | 2003 |   |
| Loss      from Continuing Operations a                          | (63,561                       | )      | (44,716 | ) | (31,470 | ) | (52,032 | ) | (41,847 | ) |
| ADD:                                                            |                          |   |   |   |   |   |   |   |   |   |
| Provision      for Income Taxes                                 | -                             |   | - |   | - |   |             - |   | 1 |   |
| Interest      Expense                                           | 66,366                        |   | 10,203 |   | 15,282 |   | 10,252 |   | 4,599 |   |
| Rental      Expense Factor                                      | 248                           |   | 41 |   |            60 |   | 66 |   | 74 |   |
| Earnings      Available For Fixed Charges                       | 3,053                         |   | (34,472 | ) |     (16,128 | ) |    (41,714 | ) |    (37,173 | ) |
|                                                            |                          |   |   |   |   |   |   |   |   |   |
| Interest      Expense                                           | 66,366                        |   | 10,203 |   | 15,282 |   |     10,252 |   |      4,599 |   |
| Capitalized      Interest                                       | 6,361                         |   | 5,260 |   |        2,121 |   |         892 |   | - |   |
| Rental      Expense Factor                                      | 248                           |   | 41 |   |            60 |   |           66 |   |           74 |   |
| Fixed      Charges                                              | 72,975                        |   | 15,504 |   |      17,463 |   |     11,210 |   |      4,673 |   |
|                                                            |                          |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                         | -                             | b      | - | b | - | b |             - | b |             - | b |
|                                                            |                          |   |   |   |   |   |   |   |   |   |
| Computation      of Ratio of Earnings                           |                          |   |   |   |   |   |   |   |   |   |
| to      Fixed Charges and Preferred Dividends:                  |                          |   |   |   |   |   |   |   |   |   |
|                                                            |                          |   |
|                                                            | 2007                          |   | 2006 |   | 2005 |   | 2004 |   | 2003 |   |
| Loss      from Continuing Operations a                          | (63,561                       | )      | (44,716 | ) | (31,470 | ) |    (52,032 | ) |    (41,847 | ) |
| ADD:                                                            |                          |   |   |   |   |   |   |   |   |   |
| Provision      for Income Taxes                                 | -                             |   | - |   | - |   |             - |   |             1 |   |
| Interest      Expense                                           | 66,366                        |   | 10,203 |   | 15,282 |   |     10,252 |   |      4,599 |   |
| Rental      Expense Factor                                      | 248                           |   | 41 |   |            60 |   |           66 |   |           74 |   |
| Earnings      Available For Fixed Charges and                   |                          |   |   |   |   |   |   |   |   |   |
| Preferred      Dividends                                        | 3,053                         |   | (34,472 | ) |     (16,128 | )  |    (41,714 | )  |    (37,173 | ) |
|                                                            |                          |   |   |   |   |   |   |   |   |   |
| Interest      Expense                                           | 66,366                        |   | 10,203 |   | 15,282 |   |     10,252 |   |      4,599 |   |
| Capitalized      Interest                                       | 6,361                         |   | 5,260 |   |        2,121 |   |         892 |   |             - |   |
| Preferred      dividends c                                      | 3,367                         |   | 1,494 |   |        1,503 |   |      1,531 |   |      1,631 |   |
| Rental      Expense Factor                                      | 248                           |   | 41 |   |            60 |   |           66 |   |           74 |   |
| Fixed      Charges and Preferred Dividends                      | 76,342                        |   | 16,998 |   |      18,966 |   |     12,741 |   |      6,304 |   |
|                                                            |                          |   |   |   |   |   |   |   |   |   |
| 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’s      earnings available for fixed charges for 2007 are insufficient to cover it      fixed charges by $69.9 million.  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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | Preferred      dividends associated with McMoRan's 5% and 6 ¾% mandatorily redeemable      convertible preferred stock. |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| d.   | In      2007,McMoRan’s earnings available for fixed charges wand preferred      dividends were insufficient to cover its fixed charges and preferred      dividends by $73.3 million.  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 $11.8 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. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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