Exhibit 12.1

BHP Billiton Combined

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Half year ended 31 December 2006		Year ended 30 June
			2006		2005
(US$ Millions)
In accordance with IFRS
Earnings
Income before income taxes, excluding minority interest and equity in earnings of associates and JVs, after exceptional items	6,282.0		10,472.0		7,153.0
add:
Fixed charges	326.4		618.2		392.9
Distributed income of equity method investees	2,554.0		2,644.0		965.0
subtract:
Capitalized interest	(145.0	)	(144.0	)	(78.0	)
Preference security dividend requirements of consolidated subsidiaries	(1.0	)	(17.0	)	(25.0	)
Total adjusted earnings	9,016.4		13,573.2		8,407.9
Fixed Charges
Interest costs (expensed and capitalized)	264.0		522.0		294.0
Portion of rent expense representative of interest factor	61.4		79.2		73.9
Pre-tax earnings required to cover any preferred stock dividend requirements	1.0		17.0		25.0
Total fixed charges	326.4		618.2		392.9
Ratio of Adjusted Earnings to Fixed Charges	27.6		22.0		21.4
			Year ended 30 June
			2006		2005		2004		2003		2002
In accordance with US GAAP
Earnings
Income before income taxes, excluding minority interest and equity in earnings of associates and JV’s, after exceptional items			9,692.0		6,971.0		3,140.0		2,261.0		2,235.0
add:
Fixed charges			618.2		392.9		423.8		441.9		591.2
Distributed income of equity method investees			2,644.0		965.0		203.0		197.0		149.0
subtract:
Capitalized interest			(144.0	)	(78.0	)	(97.0	)	(103.0	)	(58.0	)
Preference security dividend requirements of consolidated subsidiaries			(17.0	)	(25.0	)	(23.0	)	(24.0	)	(39.0	)
Total adjusted earnings			12,793.2		8,225.9		3,646.8		2,772.9		2,878.2
Fixed Charges
Interest costs			522.0		294.0		344.0		376.0		477.0
Portion of rent expense representative of interest factor			79.2		73.9		56.8		41.9		75.2
Pre-tax earnings required to cover any preferred stock dividend requirements			17.0		25.0		23.0		24.0		39.0
Total fixed charges			618.2		392.9		423.8		441.9		591.2
Ratio of Adjusted Earnings to Fixed Charges			20.7		20.9		8.6		6.3		4.9