Exhibit 12.1
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands except ratio)
| Six Months Ended June 30, 2003 |
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| Earnings: |
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| Income before income taxes, net of minority interest in income of affiliates |
$ | 487,443 | ||
| Adjustments: |
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| Net interest expense(1) |
52,615 | |||
| Amortization of capitalized interest |
3,159 | |||
| Portion of rental expense representative of interest |
1,653 | |||
| Undistributed income of affiliate |
(93,207 | ) | ||
| Minority interest in net income of affiliates |
73,596 | |||
| $ | 525,259 | |||
| Fixed Charges: |
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| Net interest expense(1) |
52,615 | |||
| Capitalized interest |
3,048 | |||
| Portion of rental expense representative of interest |
1,653 | |||
| $ | 57,316 | |||
| Ratio of earnings to fixed charges |
9.2 | |||
| (1) | Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. |