Exhibit 12.1
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands except ratio)
Six Months Ended June 30, 2003 | ||||
Earnings: | ||||
Income before income taxes, net of minority interest in income of affiliates | $ | 487,443 | ||
Adjustments: | ||||
Net interest expense (1) | 52,615 | |||
Amortization of capitalized interest | 3,159 | |||
Portion of rental expense representative of interest | 1,653 | |||
Undistributed income of affiliate | (93,207 | ) | ||
Minority interest in net income of affiliates | 73,596 | |||
$ | 525,259 | |||
Fixed Charges: | ||||
Net interest expense (1) | 52,615 | |||
Capitalized interest | 3,048 | |||
Portion of rental expense representative of interest | 1,653 | |||
$ | 57,316 | |||
Ratio of earnings to fixed charges | 9.2 | |||
(1) | Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. |