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)
Nine Months Ended September 30, 2002 | ||||
Earnings: | ||||
Income before income taxes | $ | 93,131 | ||
Adjustments: | ||||
Net interest expense (1) | 99,320 | |||
Amortization of capitalized interest | 6,777 | |||
Portion of rental expense representative of interest | 2,050 | |||
Undistributed income of affiliate | 34,024 | |||
Preferred dividends (2) | (2,875 | ) | ||
Minority interest of majority-owned subsidiaries | 54,760 | |||
$ | 287,187 | |||
Fixed Charges: | ||||
Net interest expense (1) | $ | 99,320 | ||
Capitalized interest | 3,912 | |||
Preferred dividends (2) | 2,875 | |||
Portion of rental expense representative of interest | 2,050 | |||
$ | 108,157 | |||
Ratio of earnings to fixed charges and preferred dividends | 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. |