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)

 

     Nine Months Ended
September 30, 2003
  

Earnings:

         

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

    $ 647,239  

Adjustments:

         

Net interest expense (1)

      71,371  

Amortization of capitalized interest

      6,312  

Portion of rental expense representative of interest

      2,647  

Undistributed income of affiliate

      (57,592 )

Minority interest in net income of affiliates

      130,721  
    
     $ 800,698  
    

Fixed Charges:

         

Net interest expense (1)

      71,371  

Capitalized interest

      5,665  

Portion of rental expense representative of interest

      2,647  
    
     $ 79,683  
    

Ratio of earnings to fixed charges

      10.0  
    
(1) Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs.