exv12w1

Exhibit 12.1

NEWMONT MINING CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in millions except ratio)

The ratio of earnings to fixed charges represents income before income and mining tax expense, noncontrolling interests, equity income (loss) of affiliates and cumulative effect of changes in accounting principles, divided by interest expense. Interest expense includes amortization of capitalized interest and the portion of rent expense representative of interest. The financial information of all prior periods has been reclassified to reflect discontinued operations.


	Years Ended December 31,
	2010		2009		2008		2007			2006
Earnings:
Income before income and mining tax and other items⁽¹⁾	$	3,997	$	2,954	$	1,294	$	(359	)	$	1,243
Adjustments:
Fixed charges added to earnings		295		135		147		125			102
Dividends from equity affiliates		7		2		—		2			1
Amortization of capitalized interest		26		17		17		18			13

	$	4,325	$	3,108	$	1,458	$	(214	)	$	1,359

Fixed Charges:
Net interest expense⁽²⁾	$	279	$	120	$	135	$	118		$	97
Portion of rental expense representative of interest		16		15		12		7			5

Fixed charges added to earnings		295		135		147		125			102
Capitalized interest		21		111		47		50			57

	$	316	$	246	$	194	$	175		$	159

Ratio of earnings to fixed charges		13.7		12.6		7.5			⁽³⁾		8.5


⁽¹⁾		Excludes interest on income tax liabilities. Interest and penalties related to income taxes are included in Income and mining tax expense.

⁽²⁾		Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs.

⁽³⁾		Earnings for 2007 were inadequate to cover fixed charges by $389.