Exhibit 12.2
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Amounts in thousands except ratio)
Six Months Ended June 30, 2004 | |||
Earnings: | |||
Income before income taxes(1) | $ | 287,648 | |
Adjustments: | |||
Net interest expense(2) | 50,433 | ||
QMC interest expense(3) | 1,600 | ||
Amortization of capitalized interest | 8,566 | ||
Portion of rental expense representative of interest | 1,325 | ||
Income of affiliates | 1,609 | ||
Minority interest in net income of affiliates | 139,915 | ||
$ | 491,096 | ||
Fixed Charges: | |||
Net interest expense(2) | 50,433 | ||
Capitalized interest | 4,897 | ||
Portion of rental expense representative of interest | 1,325 | ||
Preferred dividends | — | ||
$ | 56,655 | ||
Ratio of earnings to fixed charges | 8.7 | ||
(1) | Pre-tax income before minority interest, equity income, impairment of affiliates and cumulative effect of a change in accounting principle, net of Minority interest in income of subsidiaries. |
(2) | Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. |
(3) | Represents interest expense related to Newmont’s guarantee of QMC Finance Pty Ltd debt. |