EX-12.1 4 dex121.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

Exhibit 12.1

 

NEWMONT MINING CORPORATION AND SUBSIDIARIES

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in thousands except ratio)

 

     Six Months Ended
June 30, 2003
  

Earnings:

         

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

    $ 487,443  

Adjustments:

         

Net interest expense(1)

      52,615  

Amortization of capitalized interest

      3,159  

Portion of rental expense representative of interest

      1,653  

Undistributed income of affiliate

      (93,207 )

Minority interest in net income of affiliates

      73,596  
    
     $ 525,259  
    

Fixed Charges:

         

Net interest expense(1)

      52,615  

Capitalized interest

      3,048  

Portion of rental expense representative of interest

      1,653  
    
     $ 57,316  
    

Ratio of earnings to fixed charges

      9.2  
    

 

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