Exhibit 12.1
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands except ratio)
| Three Months Ended March 31, 2003 |
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| (Unaudited) |
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| Earnings: |
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| Income before income taxes, net of minority interest in income of affiliates |
$ |
217,540 |
| |
| Adjustments: |
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| Net interest expense (1) |
|
29,946 |
| |
| Amortization of capitalized interest |
|
2,081 |
| |
| Portion of rental expense representative of interest |
|
745 |
| |
| Undistributed income of affiliate |
|
(8,514 |
) | |
| Minority interest in net income of affiliates |
|
37,789 |
| |
| $ |
279,587 |
| ||
| Fixed Charges: |
||||
| Net interest expense (1) |
$ |
29,946 |
| |
| Capitalized interest |
|
1,290 |
| |
| Portion of rental expense representative of interest |
|
745 |
| |
| $ |
31,982 |
| ||
| Ratio of earnings to fixed charges |
|
8.7 |
| |
| (1) | Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. |