EX-12.1 4 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Computation of Ratio of Earnings 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)
 
      
Six Months Ended June 30, 2002
  
Earnings:
           
Income before income taxes
     
$
73,185
 
Adjustments:
           
Net interest expense (1)
     
 
60,357
 
Amortization of capitalized interest
     
 
4,815
 
Portion of rental expense representative of interest
     
 
1,765
 
Undistributed income of affiliate
     
 
17,391
 
Preferred dividends (2)
     
 
(2,875
)
Minority interest of majority owned subsidiaries
     
 
26,965
 
      
      
$
181,603
 
      
Fixed Charges:
           
Net interest expense (1)
     
$
60,357
 
Capitalized interest
     
 
2,294
 
Preferred dividends (2)
     
 
2,875
 
Portion of rental expense representative of interest
     
 
1,765
 
      
      
$
67,291
 
      
Ratio of earnings to fixed charges
     
 
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.