Exhibit 12.1
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in millions except ratio)
| Three Months Ended March 31, 2008 | |||
| Earnings: |
|||
| Income from continuing operations before income tax expense (1) (2) |
$ | 796 | |
| Adjustments: |
|||
| Fixed charges added to earnings |
21 | ||
| Dividends from equity affiliates |
–– | ||
| Amortization of capitalized interest |
5 | ||
| $ | 822 | ||
| Fixed Charges: |
|||
| Net interest expense (3) |
$ | 20 | |
| Portion of rental expense representative of interest |
1 | ||
| Fixed charges added to earnings |
21 | ||
| Capitalized interest |
17 | ||
| $ | 38 | ||
| Ratio of earnings to fixed charges |
21.6 | ||
| (1) |
Income from continuing operations before income tax expense, minority interest and equity loss of affiliates. |
| (2) |
Excludes interest on income tax liabilities. Interest and penalties related to income taxes are included in Income tax expense. |
| (3) |
Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. |