Newmont (NEM) 10-K 2006 FY Annual report

Exhibit 12.2

NEWMONT MINING CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in millions except ratio)

The ratio of earnings to fixed charges represents income from continuing operations before income taxes, minority interest, equity income (loss) of affiliates and cumulative effect of changes in accounting principles, divided by interest expense. Interest expense includes amortization of capitalized interest and the portion of rent expense representative of interest. The financial information of all prior periods has been reclassified to reflect discontinued operations.

	Years Ended December 31,
	2006		2005		2004		2003		2002
Earnings:
Income (loss) from continuing operations before income tax expense and accounting change (1)	$	1,625	$	1,046	$	1,068	$	896	$	178
Adjustments:
Fixed charges added to earnings		103		101		101		91		132
Dividends from equity affiliates		1		—		2		2		—
Amortization of capitalized interest		13		16		16		9		9
	$	1,742	$	1,163	$	1,187	$	998	$	319
Fixed Charges:
Net interest expense(2)	$	97	$	97	$	97	$	88	$	129
Portion of rental expense representative of interest		6		4		4		3		3
Fixed charges added to earnings		103		101		101		91		132
Capitalized interest		57		39		13		9		5
	$	160	$	140	$	114	$	100	$	137
Ratio of earnings to fixed charges		10.9		8.3		10.4		10.0		2.3

⁽¹⁾ Income (loss) from continuing operations before income tax expense, minority interest, equity income (loss) of affiliates and cumulative effect of a change in accounting principle.

⁽²⁾ Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs.