**Exhibit 12.1**

 

SOUTHERN COPPERCORPORATION

 

COMPUTATION OF FINANCIAL RATIOS

 

**(**In millionsexcept ratios)

** **
| **EARNINGS TO FIXED CHARGES**                                                                   | ** ** | **2008** | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** |
|-------------------------------------------------------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Earnings before  tax, minority interest and cumulative effect of change in accounting principle |       | $        | 2,093.8    |     | $          | 3,411.9  |       | $        | 3,006.0    |     | $          | 2,002.4 |   | $ | 1,420.9 |   |
| Fixed charges                                                                                   |       |     |       |     |       |     |       |     |       |     |       |
| Interest expense                                                                                |       | 105.9    |       | 123.2    |       | 113.4    |       | 108.9    |       | 106.5    |       |
| (Gain) loss on  debt prepayment                                                                 |       | —   |       | 16.6     |       | 1.1      |       | 10.6     |       | 16.5     |       |
| Total fixed  charges                                                                            |       | 105.9    |       | 139.8    |       | 114.5    |       | 119.5    |       | 123.0    |       |
|                                                                                            |       |     |       |     |       |     |       |     |       |     |       |
| Earning plus  fixed charges                                                                     |       | $        | 2,199.7    |     | $          | 3,551.7  |       | $        | 3,120.5    |     | $          | 2,121.9 |   | $ | 1,543.9 |   |
|                                                                                            |       |     |       |     |       |     |       |     |       |     |       |
| **Earnings  to fixed charges**                                                                  | ** ** | **20.8** | ** ** | **25.4** | ** ** | **27.2** | ** ** | **17.8** | ** ** | **12.6** | ** ** |

 
| ** **                             | ** ** | **2008** | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** |
|----------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Total debt                             |       | $        | 1,290.0    |     | $          | 1,449.8  |       | $        | 1,528.1    |     | $          | 1,172.1 |   | $ | 1,330.3 |   |
| Cash and cash  equivalent balance      |       | (716.7   | )          | (1,409.3 | )          | (1,022.8 | )          | (876.0   | )          | (710.7   | )          |
| Net debt                               |       | 573.3    |       | 40.5     |       | 505.3    |       | 296.1    |       | 619.6    |       |
|                                   |       |     |       |     |       |     |       |     |       |     |       |
| Total  capitalization                  |       |     |       |     |       |     |       |     |       |     |       |
| Net debt                               |       | 573.3    |       | 40.5     |       | 505.3    |       | 296.1    |       | 619.6    |       |
| Stockholders’  equity             |       | 3,381.3  |       | 3,848.1  |       | 3,666.6  |       | 3,326.1  |       | 2,813.6  |       |
| Total  capitalization                  |       | $        | 3,954.6    |     | $          | 3,888.6  |       | $        | 4,171.9    |     | $          | 3,622.2 |   | $ | 3,433.2 |   |
|                                   |       |     |       |     |       |     |       |     |       |     |       |
| **Net  debt/total capitalization (*)** | ** ** | **14.5** | **%**      | **1.0**  | **%**      | **12.1** | **%**      | **8.2**  | **%**      | **18.0** | **%**      |

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(*)   Represents net debt divided by total capitalization

 

 

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