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) | ||||
| 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: |
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| 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. |