EX-12.1 6 nem-20171231ex121b56cdc.htm EX-12.1 Ex_121

Exhibit 12.1

NEWMONT MINING CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in millions, except ratio)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

 

    

2017

    

2016

    

2015

    

2014

    

2013

 

Income (loss) before income and mining tax and other items

 

$

1,092

 

$

(214)

 

$

295

 

$

821

 

$

(2,948)

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges excluding capitalized interest

 

 

254

 

 

286

 

 

310

 

 

346

 

 

294

 

Amortization of interest capitalized

 

 

 —

 

 

 —

 

 

 8

 

 

19

 

 

74

 

Dividends from equity affiliates

 

 

 —

 

 

 —

 

 

 5

 

 

 —

 

 

 —

 

Earnings (losses) available for fixed charges

 

$

1,346

 

$

72

 

$

618

 

$

1,186

 

$

(2,580)

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest expense (1)

 

$

241

 

$

273

 

$

297

 

$

330

 

$

278

 

Portion of rental expense representative of interest 

 

 

13

 

 

13

 

 

13

 

 

16

 

 

16

 

Fixed charges added to earnings 

 

 

254

 

 

286

 

 

310

 

 

346

 

 

294

 

Capitalized interest 

 

 

22

 

 

33

 

 

40

 

 

23

 

 

88

 

Total Fixed Charges

 

$

276

 

$

319

 

$

350

 

$

369

 

$

382

 

Ratio of earnings to fixed charges  (2)

 

 

4.9

 

 

0.2

 

 

1.8

 

 

3.2

 

 

 —

 

(1)

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

(2)

Earnings for 2013 were inadequate to cover fixed charges by $2,962.