EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

NEWMONT MINING CORPORATION AND SUBSIDIARIES

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in thousands except ratio)

 

      

Three Months Ended March 31, 2003

  
      

(Unaudited)

  

Earnings:

           

Income before income taxes, net of minority interest in income of affiliates

     

$

217,540

 

Adjustments:

           

Net interest expense (1)

     

 

29,946

 

Amortization of capitalized interest

     

 

2,081

 

Portion of rental expense representative of interest

     

 

745

 

Undistributed income of affiliate

     

 

(8,514

)

Minority interest in net income of affiliates

     

 

37,789

 

      
      

$

279,587

 

      

Fixed Charges:

           

Net interest expense (1)

     

$

29,946

 

Capitalized interest

     

 

1,290

 

Portion of rental expense representative of interest

     

 

745

 

      
      

$

31,982

 

      

Ratio of earnings to fixed charges

     

 

8.7

 

      
(1)   Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs.