EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNING TO FIXED CHARGES Computation of Ratio of Earning to Fixed Charges
Exhibit 12.1
 
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Amounts in thousands except ratio)
(Unaudited)
 
      
Nine Months Ended September 30, 2002
  
Earnings:
           
Income before income taxes
     
$
93,131
 
Adjustments:
           
Net interest expense (1)
     
 
99,320
 
Amortization of capitalized interest
     
 
6,777
 
Portion of rental expense representative of interest
     
 
2,050
 
Undistributed income of affiliate
     
 
34,024
 
Preferred dividends (2)
     
 
(2,875
)
Minority interest of majority-owned subsidiaries
     
 
54,760
 
      
      
$
287,187
 
      
Fixed Charges:
           
Net interest expense (1)
     
$
99,320
 
Capitalized interest
     
 
3,912
 
Preferred dividends (2)
     
 
2,875
 
Portion of rental expense representative of interest
     
 
2,050
 
      
      
$
108,157
 
      
Ratio of earnings to fixed charges and preferred dividends
     
 
2.7
 
      
(1)
 
Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs.
(2)
 
During the second quarter of 2002, the Company redeemed all outstanding shares of preferred stock.