EX-12.1 11 dex121.htm EXHIBIT 12.1 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 expensed2,3

    28      21      113      126      7      19   

Capitalized interest2,3

    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).