** **

**Exhibit 12.1**

 

SOUTHERN COPPERCORPORATION

 

COMPUTATION OF FINANCIAL RATIOS

 

**(**In millionsexcept ratios)

** **
| **EARNINGS TO FIXED CHARGES**                                                                   | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** |
|-------------------------------------------------------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Earnings before  tax, minority interest and cumulative effect of change in accounting principle |       | $        | 3,411.9    |     | $          | 3,006.0  |       | $        | 2,002.4    |     | $          | 1,420.9 |   | $ | 209.5 |   |
| Fixed charges                                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Interest expense                                                                                |       | 123.2    |       | 113.4    |       | 108.9    |       | 106.5    |       | 117.0    |       |
| (Gain) loss on debt prepayment                                                                  |       | 16.6     |       | 1.1      |       | 10.6     |       | 16.5     |       | 5.8      |       |
| Total fixed charges                                                                             |       | 139.8    |       | 114.5    |       | 119.5    |       | 123.0    |       | 122.8    |       |
|                                                                                            |       |     |       |     |       |     |       |     |       |     |       |
| Earning plus fixed charges                                                                      |       | $        | 3,551.7    |     | $          | 3,120.5  |       | $        | 2,121.9    |     | $          | 1,543.9 |   | $ | 332.3 |   |
|                                                                                            |       |     |       |     |       |     |       |     |       |     |       |
| **Earnings to fixed charges**                                                                   | ** ** | **25.4** | ** ** | **27.2** | ** ** | **17.8** | ** ** | **12.6** | ** ** | **2.7**  | ** ** |

 

 
| ** **                            | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** |
|---------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Total debt                            |       | $        | 1,449.8    |     | $          | 1,528.1  |       | $        | 1,172.1    |     | $          | 1,330.3 |   | $ | 1,671.2 |   |
| Cash and cash equivalent balance      |       | (1,409.3 | )          | (1,022.8 | )          | (876.0   | )          | (710.7   | )          | (351.6   | )          |
| Net debt                              |       | 40.5     |       | 505.3    |       | 296.1    |       | 619.6    |       | 1,319.6  |       |
|                                  |       |     |       |     |       |     |       |     |       |     |       |
| Total capitalization                  |       |     |       |     |       |     |       |     |       |     |       |
| Net debt                              |       | 40.5     |       | 505.3    |       | 296.1    |       | 619.6    |       | 1,319.6  |       |
| Stockholders’ equity             |       | 3,848.1  |       | 3,666.6  |       | 3,326.1  |       | 2,813.6  |       | 2,022.7  |       |
| Total capitalization                  |       | $        | 3,888.6    |     | $          | 4,171.9  |       | $        | 3,622.2    |     | $          | 3,433.2 |   | $ | 3,342.3 |   |
|                                  |       |     |       |     |       |     |       |     |       |     |       |
| **Net debt/total capitalization (*)** | ** ** | **1.0**  | **%**      | **12.1** | **%**      | **8.2**  | **%**      | **18.0** | **%**      | **39.5** | **%**      |

 

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(*)Represents net debt divided by total capitalization.

 

 

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