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. |