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NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratio)
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| Years Ended December 31, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Income (loss) before income and mining tax and other items |
| $ | 966 |
| $ | 506 |
| $ | (3,606) |
| $ | 3,114 |
| $ | 1,810 |
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Adjustments: |
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Fixed charges excluding capitalized interest |
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| 344 |
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| 379 |
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| 320 |
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| 272 |
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| 267 |
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Amortization of interest capitalized |
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| 8 |
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| 19 |
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| 74 |
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| 19 |
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| 31 |
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Dividends from equity affiliates |
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| 5 |
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| — |
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| — |
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| 26 |
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| 24 |
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Earnings (losses) available for fixed charges |
| $ | 1,323 |
| $ | 904 |
| $ | (3,212) |
| $ | 3,431 |
| $ | 2,132 |
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Fixed Charges: |
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Net interest expense (1) |
| $ | 325 |
| $ | 361 |
| $ | 303 |
| $ | 249 |
| $ | 244 |
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Portion of rental expense representative of interest |
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| 19 |
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| 18 |
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| 17 |
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| 23 |
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| 23 |
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Fixed charges added to earnings |
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| 344 |
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| 379 |
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| 320 |
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| 272 |
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| 267 |
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Capitalized interest |
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| 40 |
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| 23 |
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| 88 |
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| 107 |
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| 52 |
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Total Fixed Charges |
| $ | 384 |
| $ | 402 |
| $ | 408 |
| $ | 379 |
| $ | 319 |
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Ratio of earnings to fixed charges (2) |
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| 3.4 |
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| 2.2 |
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| — |
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| 9.1 |
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| 6.7 |
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(1) | Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. |
(2) | Earnings for 2013 were inadequate to cover fixed charges by $3,620. |