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Ratio of Earnings to Fixed Charges Exhibit 12
FIXED CHARGES DESCRIPTION A/C # 1996 1997 1998 1999
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Interest Expense Debentures 9,273,608 11,588,516 18,431,944 16,340,487
FIP Loan 162,836 145,842 230,893 135,515
Other 1,540 1,027 805
Amortization of Prem. And Discount 561,751 785,820 280,968
Gasgoyne:
Interest 772,020 1,210,671 43,654 31,580
Fachinal:
Interest 1,723,863 1,443,847 21,151 18,436
Rochester:
Interest 66,449 3,406 6,375 0
El Bronce:
Interest 297,346 795,279 218,287 27,284
Coeur Alaska
Kensington Trust 224,136 183,400 163,721 149,501
Capitalized Interest (9,504,616) (5,720,290) (6,608,711) (1,281,342)
Other
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3,578,933 10,437,518 12,789,085 15,421,462
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Amortization of Lease costs-CDAM 55,381 68,888 34,588 12,588
Amortization of Lease costs-Alaska 5,145 11,099 16,392 77,393
Amortization of Lease costs-Fachinal 168
Amortization of Lease costs-CRI 348,343 1,528,627 1,237,402 0
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409,037 1,608,614 1,288,382 89,981
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Equipment Leases CDAM 459,715 120,074 111,368 45,544
SVR 2,950 10,728 53,678
CRI 3,273,006 3,371,109 3,682,701 3,447,350
CGNZ 674,631 317,983
C Alaska 49,310 156,922 323,186 26,392
FACH 359,485 153,391 41,814 323,514
CDE Chile 20,475 175,770 132,242 75,924
ELBRNCE 19,262 54,582 49,805 20,802
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4,858,834 4,360,559 4,341,116 3,993,204
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Capitalized Interest CRI
Kensington 5,235,537 5,834,827 6,068,711 1,281,342
Fachinal 4,269,079 (114,537)
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9,504,616 5,720,290 6,068,711 1,281,342
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Amortization of Public
Offering Costs 6% $50 million Bonds 618,113 785,820 1,324,335 1,154,902
7% 75 million Bonds
63/8% $100 million Bonds
Manditory Preferred Stock
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618,113 785,820 1,324,335 1,154,902
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Preferred Dividends- MARCS 8,397,000 10,532,000 10,532,000 10,532,000
Rent Expenses CDAM 10,306 11,758 23,958 12,047
CRI 36,443 79,086 80,383 61,761
C Alaska 186,314 188,770 173,454 232,312
SVR 4,584 12,224
other 108,422 61,127 5,703 4,190
CX 2,008 1,597 599 1,328
FACH 111,709 68,435 109,222 56,535
cde 158,803 149,592
ELBRNCE 38,306 60,440 117,806 92,783
Ropes 2,250
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500,342 483,437 669,928 610,548
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Total Rent Expense 500,342 483,437 669,928 610,548
Present Value 15 yrs.@ 10% 10.00% 10.00% 10.00% 10.00%
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Total Interest included in Rental Expenses 50,034 48,344 66,993 61,055
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Total Equipment Lease Expense 4,858,834 4,360,559 4,341,116 3,993,204
Present Value 7.5 yrs.@ 7.34% 7.34% 7.34% 7.34% 7.34%
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Total Interest included in Lease Payments 356,638 320,065 318,638 293,101
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Total portion of rent expense representing interest 406,673 368,409 385,631 354,156
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Quarter Ended March 31,
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FIXED CHARGES DESCRIPTION A/C # 2000 2000 2000
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Interest Expense Debentures 15,519,317 3,966,242 3,426,106
FIP Loan 213,811 91,834 30,686
Other 1
Amortization of Prem. And Discount
Gasgoyne:
Interest 12,755 1,674
Fachinal:
Interest 11,597 3,293 1,144
Rochester:
Interest 0
El Bronce:
Interest (2,515) 25 0
Coeur Alaska
Kensington Trust 155,858 33,424 35,820
Capitalized Interest (384,659)
Other
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15,910,823 3,710,159 3,495,431
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Amortization of Lease costs-CDAM 7,732 2,607 1,493
Amortization of Lease costs-Alaska 74,718 13,370 13,370
Amortization of Lease costs-Fachinal 2
Amortization of Lease costs-CRI 0
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82,452 15,976 14,862
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Equipment Leases CDAM 1,392 311 311
SVR 82,702 33,480 16,166
CRI 3,280,849 828,854 789,045
CGNZ
C Alaska 1,494
FACH 1,248,890 443,027 4,918
CDE Chile 60,759 14,423 3,600
ELBRNCE 6,706 1,659 3,330
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4,682,792 1,321,754 817,370
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Capitalized Interest CRI
Kensington 0 384,659
Fachinal
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0 384,659 0
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Amortization of Public
Offering Costs 6% $50 million Bonds 1,099,928 282,512 249,286
7% 75 million Bonds
63/8% $100 million Bonds
Manditory Preferred Stock
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1,099,928 282,512 249,286
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Preferred Dividends- MARCS 2,180,000 2,180,000 0
Rent Expenses CDAM 11,264 2,258 4,658
CRI 37,194 13,994 5,577
C Alaska 154,515 39,539 32,958
SVR 19,500 6,000 4,465
other 8,126
CX 26,413 869 20,355
FACH 92,428 46,483 14,364
cde 81,880 20,573 19,419
ELBRNCE 21,078 4,420
Ropes
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444,272 134,135 109,922
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Total Rent Expense 444,272 134,135 109,922
Present Value 15 yrs.@ 10% 10.00% 10.00% 10.00%
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Total Interest included in Rental Expenses 44,427 13,413 10,992
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Total Equipment Lease Expense 4,682,792 1,321,754 817,370
Present Value 7.5 yrs.@ 7.34% 7.34% 7.34% 7.34%
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Total Interest included in Lease Payments 343,717 97,017 59,995
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Total portion of rent expense representing interest 388,144 110,430 70,987
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Coeur d' Alene Mines Corporation
Calculation of
Ratio of Earnings to Fixed Charges
Year Ended December 31, Quarter Ended March 31,
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Fixed Charges 1996 1997 1998 1999 2000 2000 2001
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Interest expense 3,578,933 10,437,518 12,789,085 15,421,462 15,910,823 3,710,159 3,495,431
Capitalized interest 9,504,616 5,720,290 6,608,711 1,281,342 0 384,659 0
Amotization of public
offering costs 618,113 785,820 1,324,335 1,154,902 1,099,928 282,512 249,286
Amortization of capital
lease costs 409,037 1,608,614 1,288,382 89,981 82,452 15,976 14,862
Marcs Dividend 8,397,000 10,532,000 10,532,000 10,532,000 2,180,000 2,180,000 0
Portion of rent expense
representative of interest 406,673 368,409 385,631 354,156 388,144 110,430 70,987
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TOTAL FIXED CHARGES 22,914,372 29,452,651 32,928,144 28,833,842 19,661,347 6,683,737 3,830,566
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Earnings
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Net income (loss) from continuing
operations before income taxes (55,754,000) (14,325,000) (245,493,000) (31,981,000) (63,601,000) (9,822,000) (11,248,000)
Fixed charges per above 22,914,372 29,452,651 32,928,144 28,833,842 19,661,347 6,683,737 3,830,566
Less interest capitalized (9,504,616) (5,720,290) (6,608,711) (1,281,342) 0 (384,659) 0
Current period amortization of
capitalized interest 0 1,970,946 12,992,346 0 0
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(42,344,244) 11,378,307 (206,181,222) (4,428,500) (43,939,653) (3,522,923) (7,417,434)
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Earnings insufficient to cover
fixed charges (65,258,616) (18,074,344) (239,109,365) (33,262,342) (63,601,000) (10,206,659) (11,248,000)
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Ratio of earnings to fixed charges (1.85) 0.39 (6.26) (0.15) (2.23) (0.53) (1.94)
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* Coverage ratio of less than 1.0
Total rent expense(annual)
Monthly payment
present value 15yrs @ 10%
Portion of rent expense
representative of interest
ANALYSIS OF FIXED CHARGES TO CASH FLOW:
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Cash flow from operations
Add fixed charges
Add capitalized interest
Add nonrecurring expenses
Proforma cash flow before fixed charges
Less fixed charges
Less interest on Bonds
Shortage
Woking capital at 9/30/92
Shortage
Term to amortize existing working capital
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