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PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

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

|                                                |                      |   |           |         |              |  |         |         | 
|----------------------------------------------- | -------------------- | - | --------- | ------- | ------------ |  | ------- | ------- | 
|                                                |                      |   | March 31, |         | December 31,
|                                                |                      |   | 2002      |         | 2001        
|                                                |                      |   |           |         |             
|Short-term debt                                 |                      | $ | 54.5      |         |              |  | 59.3    |        
|                                               
|                                               
|                                               
|                                               
|Current portion of long-term debt               |                      |   | 261.3     |         |              |  | 269.7   |        
|                                               
|                                               
|                                               
|                                               
|Long-term debt                                  |                      |   | 2,515.2   |         |              |  | 2,522.0 |        
|                                                |                      |   |           |         |              |  |         |        
|                                                | Total debt           |   |           | 2,831.0 |              |  |         | 2,851.0 | 
|                                               
|                                               
|                                               
|                                               
|                                               
|Minority interests in consolidated subsidiaries |                      |   | 59.6      |         |              |  | 59.4    |        
|                                               
|                                               
|                                               
|                                               
|Common shareholders equity                     |                      |   | 2,678.9   |         |              |  | 2,707.2 |        
|                                                |                      |   |           |         |              |  |         |        
|                                                | Total capitalization |   | $         | 5,569.5 |              |  |         | 5,617.6 | 
|                                                |                      |   |           |         |              |  |         |        
|Ratio of total debt to total capitalization     |                      |   | 50.8      | %       |              |  | 50.8    | %      
|                                                |                      |   |           |         |              |  |         |