EX-12.1 3 d16532dex121.htm EX-12.1 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,  
     2014      2013     2012      2011      2010  
     (Amounts in millions except ratio)  

Earnings:

              

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

    $ 506       $ (3,606 )    $ 3,114       $ 1,810       $ 3,997   

Adjustments:

              

Fixed charges excluding capitalized interest

      379         320        272         267         295   

Amortization of interest capitalized

      —           —          19         31         7   

Dividends from equity affiliates

      19         74        26         24         26   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Earnings (losses) available for fixed charges

    $ 904       $ (3,212 )    $ 3,431       $ 2,132       $ 4,325   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Fixed Charges:

              

Net interest expense(1)

    $ 361       $ 303      $ 249       $ 244       $ 279   

Portion of rental expense representative of interest

      18         17        23         23         16   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Fixed charges added to earnings

      379         320        272         267         295   

Capitalized interest

      23         88        107         52         21   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total Fixed Charges

    $ 402       $ 408      $ 379       $ 319       $ 316   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges(2)

      2.2         —          9.1         6.7         13.7   

 

(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.

NEWMONT MINING CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Six Months
Ended June 30,
2015		  
     (Amounts in
millions except
ratio)		  

Earnings:

   

Income before income and mining tax and other items

    $ 721   

Adjustments:

   

Fixed charges added to earnings

      176   

Amortization of capitalized interest

      10   

Earnings available for fixed charges

    $ 907   
  

 

 

  

Fixed Charges:

   

Net interest expense(1)

    $ 167   

Portion of rental expense representative of interest

      9   

Fixed charges added to earnings

      176   

Capitalized interest

      17   
  

 

 

  
   $ 193   
  

 

 

  

Ratio of earnings to fixed charges

      4.7   

 

(1) 

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