ECHO BAY MINES LTD.
RATIO OF EARNINGS TO FIXED CHARGES
A:\[FXDCHGA.XLS]WITH PREF'D - CDN
REG. 229.503
ITEM 503
REFERENCE 9/30/97 1996 1995 1994 1993 1992
EARNINGS
====================================================================================================================
(d) (3) Pre-tax income - Canadian GAAP $ (363.3) $ (176.1) $ (44.7) $ 13.0 $ 9.7 $ (29.4)
(d) (3) (i) Add fixed charges pursuant to (d) (4) 9.0 9.3 20.2 24.7 24.6 15.7
(d) (3) (i) (A) Less adjustments:
(d) (3) (i) (B) Interest capitalized (0.5) - - - - (1.7)
Actual amount of preferred stock dividend
requirements included in fixed charges NOT
deducted in determination of-pre-tax income - - (14.1) (17.6) (17.1) (7.4)
-------------------------------------------------------------
Total earnings $ (354.8) $ (166.8) $ (38.6) $ 20.1 $ 17.2 $ (22.8)
====================================================================================================================
FIXED CHARGES
====================================================================================================================
(d) (4) (i) (A) Interest
Expensed 7.0 8.2 5.0 6.1 6.8 5.5
Capitalized 0.5 - - - - 1.7
(d) (4) (i) (B) Amortization of debt expense, discounts and premiums
of related debt * * * * * *
(d) (4) (i) (C) Portion of rental expense attributable to interest 1.5 1.1 1.1 1.0 0.7 1.1
(d) (4) (i) (D) Preferred stock dividends - - 14.1 17.6 17.1 7.4
-------------------------------------------------------------
Total fixed charges $ 9.0 $ 9.3 $ 20.2 $ 24.7 $ 24.6 $ 15.7
====================================================================================================================
CALCULATED SUFFICIENCY (DEFICIENCY) $ (363.8) $ (176.1) $ (58.8) $ (4.6) $ (7.4) $ (38.5)
=============================================================
RATIO OF EARNINGS TO FIXED CHARGES ** ** ** ** ** **
=============================================================
* Included in interest expense line item.
** Earnings are insufficient to cover fixed charges.
====================================================================================================================
Preferred share dividends $ - $ - $ 8,031 $ 10,062 $ 10,062 $ 4,332
Tax rate - - 0.432 0.429 0.410 0.411
-------------------------------------------------------------
Tax effected $ - $ - $ 14,139 $ 17,622 $ 17,054 $ 7,355
====================================================================================================================
ECHO BAY MINES LTD.
RATIO OF EARNINGS TO FIXED CHARGES
A:\[FXDCHGA.XLS]SIMPLE - CDN
REG. 229.503
ITEM 503
REFERENCE 9/30/97 1996 1995 1994 1993 1992
EARNINGS
==================================================================================================================
(d) (3) Pre-tax income - Canadian GAAP $ (363.3) $ (176.1) $ (44.7) $ 13.0 $ 9.7 $ (29.4)
(d) (3) (i) Add fixed charges pursuant to (d) (4) 9.0 9.3 6.1 7.1 7.5 8.3
(d) (3) (i) (A) Less adjustments:
(d) (3) (i) (B) Interest capitalized (0.5) - - - - (1.7)
-------------------------------------------------------------
Total earnings $ (354.8) $ (166.8) $ (38.6) $ 20.1 $ 17.2 $ (22.8)
==================================================================================================================
FIXED CHARGES
==================================================================================================================
(d) (4) (i) (A) Interest
Expensed $ 7.0 $ 8.2 $ 5.0 $ 6.1 $ 6.8 $ 5.5
Capitalized 0.5 - - - - 1.7
(d) (4) (i) (B) Amortization of debt expense, discounts and premiums
of related debt * * * * * *
(d) (4) (i) (C) Portion of rental expense attributable to interest 1.5 1.1 1.1 1.0 0.7 1.1
-------------------------------------------------------------
Total fixed charges $ 9.0 $ 9.3 $ 6.1 $ 7.1 $ 7.5 $ 8.3
==================================================================================================================
CALCULATED SUFFICIENCY (DEFICIENCY) $ (363.8) $ (176.1) $ (44.7) $ 13.0 $ 9.7 $ (31.1)
=============================================================
RATIO OF EARNINGS TO FIXED CHARGES ** ** ** 2.8 2.3 **
=============================================================
* Included in interest expense line item.
** Earnings are insufficient to cover fixed charges.
ECHO BAY MINES LTD.
RATIO OF EARNINGS TO FIXED CHARGES
A:\[FXDCHGA.XLS]WITH PREF'D - US
REG. 229.503
ITEM 503
REFERENCE 9/30/97 1996 1995 1994 1993 1992
EARNINGS
================================================================================================================
(d) (3) Pre-tax income - US GAAP $ (407.9) $ (173.1) $ (39.2) $ 19.2 $ 13.9 $ (28.1)
(d) (3) (i) Add fixed charges pursuant to (d) (4) 14.7 9.3 20.2 24.7 24.6 15.7
(d) (3) (i) (A) Less adjustments:
(d) (3) (i) (B) Interest capitalized (0.5) - - - - (1.7)
Actual amount of preferred
stock dividend requirements
included in fixed charges NOT
deducted in determination of
pre-tax income - - (14.1) (17.6) (17.1) (7.4)
---------------------------------------------------------------------------
Total earnings $ (393.7) $ (163.8) $ (33.1) $ 26.3 $ 21.4 $ (21.5)
================================================================================================================
FIXED CHARGES
================================================================================================================
(d) (4) (i) (A) Interest
Expensed $ 12.7 8.2 5.0 6.1 6.8 5.5
Capitalized 0.5 - - - - 1.7
(d) (4) (i) (B) Amortization of debt expense,
discounts and premiums
of related debt * * * * * *
(d) (4) (i) (C) Portion of rental expense
attributable to interest 1.5 1.1 1.1 1.0 0.7 1.1
(d) (4) (i) (D) Preferred stock dividends - - 14.1 17.6 17.1 7.4
------------------------------------------------------------------------------
Total fixed charges $ 14.7 $ 9.3 $ 20.2 $ 24.7 $ 24.6 $ 15.7
================================================================================================================
CALCULATED SUFFICIENCY (DEFICIENCY) $ (408.4) $ (173.1) $ (53.3) $ 1.6 $ (3.2) $ (37.2)
=============================================================================
RATIO OF EARNINGS TO FIXED CHARGES ** ** ** 1.1 ** **
=============================================================================
* Included in interest expense line item.
** Earnings are insufficient to cover fixed charges.
================================================================================================================
Preferred share dividends $ - $ - $ 8,031 $ 10,062 $ 10,062 $ 4,332
Tax rate - - 0.432 0.429 0.410 0.411
------------------------------------------------------------------------------
Tax effected $ - $ - $14,139 $ 17,622 $ 17,054 $ 7,355
================================================================================================================
EXHIBIT 12.1
ECHO BAY MINES LTD.
RATIO OF EARNINGS TO FIXED CHARGES
A:\[FXDCHGA.XLS]SIMPLE - US
REG. 229.503
ITEM 503
REFERENCE
EARNINGS 9/30/97 1996 1995 1994 1993 1992
================================================================================================================
(d) (3) Pre-tax income - US GAAP $ (407.9) $ (173.1) $ (39.2) $ 19.2 $ 13.9 $ (28.1)
(d) (3) (i) Add fixed charges pursuant to (d) (4) 14.7 9.3 6.1 7.1 7.5 8.3
(d) (3) (i) (A) Less adjustments:
(d) (3) (i) (B) Interest capitalized (0.5) - - - - (1.7)
--------------------------------------------------------------------
Total earnings $ (393.7) $ (163.8) $ (33.1) $ 26.3 $ 21.4 $ (21.5)
================================================================================================================
FIXED CHARGES
================================================================================================================
(d) (4) (i) (A) Interest
Expensed $ 12.7 $ 8.2 $ 5.0 $ 6.1 $ 6.8 $ 5.5
Capitalized 0.5 - - - - 1.7
(d) (4) (i) (B) Amortization of debt expense,
discounts and premiums of related
debt * * * * * *
(d) (4) (i) (C) Portion of rental expense attributable
to interest 1.5 1.1 1.1 1.0 0.7 1.1
--------------------------------------------------------------------
Total fixed charges $ 14.7 $ 9.3 $ 6.1 $ 7.1 $ 7.5 $ 8.3
================================================================================================================
CALCULATED SUFFICIENCY (DEFICIENCY) $(408.4) $ (173.1) $ (39.2) $ 19.2 $ 13.9 $ (29.8)
====================================================================
RATIO OF EARNINGS TO FIXED CHARGES ** ** ** 3.7 2.9 **
====================================================================
* Included in interest expense line item.
** Earnings are insufficient to cover fixed charges.