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PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

COMPUTATION OF TOTAL DEBT TO TOTAL CAPITALIZATION
(Unaudited; dollars in millions)

|                                                |                      |   |               |         |              |  |         |         | 
|----------------------------------------------- | -------------------- | - | ------------- | ------- | ------------ |  | ------- | ------- | 
|                                                |                      |   | September 30, |         | December 31,
|                                                |                      |   | 2001          |         | 2000        
|                                                |                      |   |               |         |             
|Short-term debt                                 |                      | $ | 64.3          |         |              |  | 518.2   |        
|                                               
|                                               
|                                               
|                                               
|Current portion of long-term debt               |                      |   | 374.6         |         |              |  | 206.5   |        
|                                               
|                                               
|                                               
|                                               
|Long-term debt                                  |                      |   | 2,555.0       |         |              |  | 1,963.0 |        
|                                                |                      |   |               |         |              |  |         |        
|                                                | Total debt           |   |               | 2,993.9 |              |  |         | 2,687.7 | 
|                                               
|                                               
|                                               
|                                               
|Minority interests in consolidated subsidiaries |                      |   | 59.9          |         |              |  | 91.7    |        
|                                               
|                                               
|                                               
|                                               
|Common shareholders equity                     |                      |   | 2,752.7       |         |              |  | 3,105.0 |        
|                                                |                      |   |               |         |              |  |         |        
|                                                | Total capitalization |   | $             | 5,806.5 |              |  |         | 5,884.4 | 
|                                                |                      |   |               |         |              |  |         |        
|Ratio of total debt to total capitalization     |                      |   | 51.6          | %       |              |  | 45.7    | %      
|                                                |                      |   |               |         |              |  |         |