EX-12.1 4 nem-20151231ex121026a15.htm EX-12.1 Ex_121

Exhibit 12.1

NEWMONT MINING CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in millions, except ratio)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

 

    

2015

    

2014

    

2013

    

2012

    

2011

 

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

 

$
966

 

$
506

 

$
(3,606)

 

$
3,114

 

$
1,810

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges excluding capitalized interest

 

 
344

 

 
379

 

 
320

 

 
272

 

 
267

 

Amortization of interest capitalized

 

 
8

 

 
19

 

 
74

 

 
19

 

 
31

 

Dividends from equity affiliates

 

 
5

 

 

 —

 

 

 —

 

 
26

 

 
24

 

Earnings (losses) available for fixed charges

 

$
1,323

 

$
904

 

$
(3,212)

 

$
3,431

 

$
2,132

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest expense (1)

 

$
325

 

$
361

 

$
303

 

$
249

 

$
244

 

Portion of rental expense representative of interest 

 

 
19

 

 
18

 

 
17

 

 
23

 

 
23

 

Fixed charges added to earnings 

 

 
344

 

 
379

 

 
320

 

 
272

 

 
267

 

Capitalized interest 

 

 
40

 

 
23

 

 
88

 

 
107

 

 
52

 

Total Fixed Charges

 

$
384

 

$
402

 

$
408

 

$
379

 

$
319

 

Ratio of earnings to fixed charges  (2)

 

 
3.4

 

 
2.2

 

 

 —

 

 
9.1

 

 
6.7

 

 

(1)

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

(2)

Earnings for 2013 were inadequate to cover fixed charges by $3,620.