EX-12.1 3 a2236735zex-12_1.htm EX-12.1

Exhibit 12.1

 

NEWMONT MINING CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

The ratio of earnings to fixed charges represents income before income and mining tax expense, noncontrolling interests, equity income (loss) of affiliates, discontinued operations 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,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

 

(Amounts in millions except ratio)

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income and mining tax and other items

 

$

1,072

 

$

(220

)

$

270

 

$

807

 

$

(2,963

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges excluding capitalized interest

 

254

 

286

 

310

 

346

 

294

 

Amortization of interest capitalized

 

—

 

—

 

8

 

19

 

74

 

Dividends from equity affiliates

 

—

 

—

 

5

 

—

 

—

 

Earnings (losses) available for fixed charges

 

$

1,326

 

$

66

 

$

593

 

$

1,172

 

$

(2,595

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Net interest expense (1)

 

$

241

 

$

273

 

$

297

 

$

330

 

$

278

 

Portion of rental expense representative of interest

 

13

 

13

 

13

 

16

 

16

 

Fixed charges added to earnings

 

254

 

286

 

310

 

346

 

294

 

Capitalized interest

 

22

 

33

 

40

 

23

 

88

 

Total fixed charges

 

$

276

 

$

319

 

$

350

 

$

369

 

$

382

 

Ratio of earnings to fixed charges (2)

 

$

4.8

 

$

0.2

 

$

1.7

 

$

3.2

 

$

—

 

 

(1) Includes interest of majoirty-owned subsidiaries and amortization of debt issuance costs.

(2) Earnings for 2013 were inadequate to cover fixed charges by $2,977 million.

 

NEWMONT MINING CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Six months Ended

 

 

 

June 30, 2018

 

 

 

(Amounts in millions

 

 

 

except ratio)

 

Earnings

 

 

 

Income (loss) before income and mining tax and other items

 

$

588.00

 

Adjustments:

 

 

 

Fixed charges excluding capitalized interest

 

109

 

Amortization of interest capitalized

 

0

 

Dividends from equity affiliates

 

—

 

Earnings (losses) available for fixed charges

 

$

697

 

Fixed charges:

 

 

 

Net interest expense (1)

 

$

102.00

 

Portion of rental expense representative of interest

 

7

 

Fixed charges added to earnings

 

109

 

Capitalized interest

 

18

 

Total fixed charges

 

$

127

 

Ratio of earnings to fixed charges

 

5.49

 

 

(1) Includes interest of majoirty-owned subsidiaries and amortization of debt issuance costs.