EX-12.2 7 exhibit12_2.txt COMPUTATION OF RATIO OF EARNINGS Exhibit 12.2 Newmont Mining Corporation and Subsidiaries Computation of Ratio of Earnings to Combined Fixed Charges (amounts in thousands except ratios) (unaudited)
Three Months Ended March 31 ------------------ 2001 2000 ---- ---- Earnings: Income (loss) before minority interest, income taxes and cumulative effect of changes in accounting principles $ (30,305) $ 27,143 Adjustments: Net interest expense (1) 20,272 24,732 Amortization of capitalized interest 1,556 1,591 Portion of rental expense representative of interest 634 667 Minority interest of majority-owned subsidiaries 14,816 24,839 Undistributed income of affiliates (4,395) (8,104) ----------------------- $ 2,578 $ 70,868 ======================= Fixed Charges Net interest expense (1) $ 20,272 $ 24,732 Capitalized interest 2,847 463 Portion of rental expense representative of interest 634 667 ---------------------- $ 23,753 $ 25,862 ====================== Ratio of earnings to fixed charges and preferred stock dividends 0.1 2.7 ======================
(1) Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. (Table cont'd)
Year Ended December 31, ----------------------- 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Earnings: Income (loss) before minority interest, income taxes and cumulative effect of changes in accounting principles $ (47,309) $ 18,839 $ (662,286) $ 44,677 $ 57,452 Adjustments: Net interest expense (1) 94,566 77,654 96,618 90,967 71,919 Amortization of capitalized interest 8,793 4,885 4,435 3,221 2,359 Portion of rental expense representative of interest 2,936 2,914 4,361 3,849 4,695 Minority interest of majority-owned subsidiaries 91,170 40,691 71,272 73,738 (9,416) Undistributed income of affiliates (9,923) (91,627) (105,932) 200 (18,359) ------------------------------------------------------------------- $ 140,233 $ 53,356 $ (591,532) $ 216,652 $ 108,650 =================================================================== Fixed Charges Net interest expense (1) $ 94,566 $ 77,654 $ 96,618 $ 90,967 $ 71,919 Capitalized interest 5,534 23,345 13,720 20,104 22,971 Portion of rental expense representative of interest 2,936 2,914 4,361 3,849 4,695 ------------------------------------------------------------------ $ 103,036 $ 103,913 $ 114,699 $ 114,920 $ 99,585 =================================================================== Ratio of earnings to fixed charges and preferred stock dividends 1.4 0.5 (5.2) 1.9 1.1 ===================================================================
(1) Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs.