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,
	2012			2011		2010		2009		2008
Income (loss) from continuing operations before income taxes and equity in affiliated companies' net earnings	$	5,486		8,818		8,512		5,816		(13,309	)
Amortization of previously capitalized interest	41			36		34		31		25
Less: capitalized interest	(81		)	(109	)	(66	)	(78	)	(122	)
Earnings (losses) from continuing operations before fixed charges	$	5,446		8,745		8,480		5,769		(13,406	)
Fixed charges:
Interest expense, net of capitalized interest	$	180		301		448		568		567
Capitalized interest	81			109		66		78		122
Amortization of debt expenses, premiums and and discounts	7			11		14		18		17
Interest portion of rental expense	22			23		26		32		18
Total fixed charges	$	290		444		554		696		724
Adjusted earnings (losses)	5,736			9,189		9,034		6,465		(12,682	)
Ratio of earnings to fixed charges (a)	$	19.8		20.7		16.3		9.3		—		(b)
Preferred dividend requirements:
Total fixed charges	$	290		444		554		696		724
Preferred stock dividends	—			—		96		370		347
Combined fixed charges and preferred stock dividends	290			444		650		1,066		1,071
Ratio of earnings to combined fixed charges and preferred stock dividends (a)	$	19.8		20.7		13.9		6.1		—		(c)

(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.

(b) As a result of the loss recorded in 2008, the ratio coverage was less than 1:1. FCX would have needed to generate additional earnings of $13.4 billion to achieve coverage of 1:1 in 2008.

(c) As a result of the loss recorded in 2008, the ratio coverage was less than 1:1. FCX would have needed to generate additional earnings of $13.8 billion to achieve coverage of 1:1 in 2008.