Exhibit 12.1

FREEPORT-McMoRan COPPER & GOLD INC.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(in millions except ratios)

	For the years ended December 31,
	2013			2012		2011		2010		2009
Income (loss) from continuing operations before income taxes and equity in affiliated companies' net earnings	$	4,913		5,486		8,818		8,512		5,816
Amortization of previously capitalized interest	45			41		36		34		31
Less: capitalized interest	(174		)	(81	)	(109	)	(66	)	(78	)
Less: preferred dividends of a consolidated subsidiary	(31		)	—		—		—		—
Earnings (losses) from continuing operations before fixed charges	$	4,753		5,446		8,745		8,480		5,769
Fixed charges:
Interest expense, net of capitalized interest	$	550		180		301		448		568
Capitalized interest	174			81		109		66		78
Amortization of debt expenses, premiums and and discounts	(32		)	7		11		14		18
Interest portion of rental expense	23			22		23		26		32
Preferred dividends of a consolidated subsidiary	31			—		—		—		—
Total fixed charges	$	746		290		444		554		696
Adjusted earnings (losses)	5,499			5,736		9,189		9,034		6,465
Ratio of earnings to fixed charges (a)	$	7.4		19.8		20.7		16.3		9.3
Preferred dividend requirements:
Total fixed charges	$	746		290		444		554		696
Preferred stock dividends	—			—		—		96		370
Combined fixed charges and preferred stock dividends	746			290		444		650		1,066
Ratio of earnings to combined fixed charges and preferred stock dividends (a)	$	7.4		19.8		20.7		13.9		6.1

(a) For purposes of computing the consolidated ratio of earning to fixed charges, earnings consist of income (loss) from continuing operations before income taxes, equity in affiliated companies' net earnings and cumulative effect of accounting changes. Noncontrolling interests were not deducted from earnings as all such subsidiaries had fixed charges. Fixed charges from continuing operations consist of interest (including capitalized interest) of all indebtedness; amortization of debt discounts, premiums and expenses; and that portion of rental expense that FCX believes to be representative of interest. For purposes of calculating the ratio of earnings to combined fixed charges and preferred stock dividends, the preferred stock dividend requirements were assumed to be equal to the pre-tax earnings that would be required to cover such dividend requirements. The amount of pre-tax earnings required to cover such preferred stock dividends was computed using the effective tax rate for each applicable year.