EX-12.1 11 dex121.htm EXHIBIT 12.1

Exhibit 12.1

|  | Nine Months Ended September 30, 2009 |  |  | Years Ended |
(in millions of United States dollars) |  |  | 2008 |  |  | 2007 |  |  | 2006 |  |  | 2005 |  |  | 2004 |
Ratio of earnings to fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and other items |  | (4,035 | )1 |  | 1,451 |  |  | 1,480 |  |  | 1,560 |  |  | 462 |  |  | 43 |
Add: Fixed charges |  | 228 |  |  | 243 |  |  | 237 |  |  | 228 |  |  | 125 |  |  | 60 |
Amortization of capitalized interest |  | 9 |  |  | 9 |  |  | 14 |  |  | 12 |  |  | 9 |  |  | 11 |
Loss from equity investees |  | (71 | ) |  | (64 | ) |  | (43 | ) |  | (4 | ) |  | (6 | ) |  | — |
Less: Capitalized interest |  | (200 | ) |  | (222 | ) |  | (124 | ) |  | (102 | ) |  | (118 | ) |  | (41 | )
|  | (4,069 | ) |  | 1,417 |  |  | 1,564 |  |  | 1,694 |  |  | 472 |  |  | 73 |
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expensed 2,3 |  | 28 |  |  | 21 |  |  | 113 |  |  | 126 |  |  | 7 |  |  | 19 |
Capitalized interest 2,3 |  | 200 |  |  | 222 |  |  | 124 |  |  | 102 |  |  | 118 |  |  | 41 |
|  | 228 |  |  | 243 |  |  | 237 |  |  | 228 |  |  | 125 |  |  | 60 |
Ratio of earnings to fixed charges |  | (18 | ) |  | 6 |  |  | 7 |  |  | 7 |  |  | 4 |  |  | 1 |

1. | Includes a charge of $5.7 billion reflecting a change in accounting treatment following Barrick’s decision to eliminate all of its fixed priced (non-participating) gold contracts and a portion of its floating spot price (fully participating) gold contracts. For additional information, see Barrick’s Interim Management’s Discussion and Analysis.

2. | Includes interest on short and long term debt in addition to amortized premiums, discounts and capitalized expenses related to indebtedness.

3. | 2006 interest excludes amounts allocated to discontinued operations ($23 million).