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.