EX-12.1 7 nem-20161231ex12188fbb8.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, 

 

 

    

2016

    

2015

    

2014

    

2013

    

2012

 

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

 

$
(214)

 

$
295

 

$
821

 

$
(2,948)

 

$
3,106

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges excluding capitalized interest

 

 
286

 

 
310

 

 
346

 

 
294

 

 
250

 

Amortization of interest capitalized

 

 

 —

 

 
8

 

 
19

 

 
74

 

 
21

 

Dividends from equity affiliates

 

 

 —

 

 
5

 

 

 —

 

 

 —

 

 
19

 

Earnings (losses) available for fixed charges

 

$
72

 

$
618

 

$
1,186

 

$
(2,580)

 

$
3,396

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest expense (1)

 

$
273

 

$
297

 

$
330

 

$
278

 

$
231

 

Portion of rental expense representative of interest 

 

 
13

 

 
13

 

 
16

 

 
16

 

 
19

 

Fixed charges added to earnings 

 

 
286

 

 
310

 

 
346

 

 
294

 

 
250

 

Capitalized interest 

 

 
33

 

 
40

 

 
23

 

 
88

 

 
107

 

Total Fixed Charges

 

$
319

 

$
350

 

$
369

 

$
382

 

$
357

 

Ratio of earnings to fixed charges  (2)

 

 
0.2

 

 
1.8

 

 
3.2

 

 

 —

 

 
9.5

 

(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 $2,962.