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Content analysis
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Exhibit 12.1
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratio)
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| Years Ended December 31, |
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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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Income (loss) before income and mining tax and other items |
| $ | 1,092 |
| $ | (214) |
| $ | 295 |
| $ | 821 |
| $ | (2,948) |
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Adjustments: |
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Fixed charges excluding capitalized interest |
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| 254 |
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| 286 |
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| 310 |
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| 346 |
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| 294 |
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Amortization of interest capitalized |
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| — |
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| — |
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| 8 |
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| 19 |
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| 74 |
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Dividends from equity affiliates |
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| — |
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| — |
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| 5 |
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| — |
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| — |
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Earnings (losses) available for fixed charges |
| $ | 1,346 |
| $ | 72 |
| $ | 618 |
| $ | 1,186 |
| $ | (2,580) |
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Fixed Charges: |
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Net interest expense (1) |
| $ | 241 |
| $ | 273 |
| $ | 297 |
| $ | 330 |
| $ | 278 |
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Portion of rental expense representative of interest |
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| 13 |
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| 13 |
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| 13 |
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| 16 |
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| 16 |
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Fixed charges added to earnings |
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| 254 |
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| 286 |
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| 310 |
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| 346 |
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| 294 |
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Capitalized interest |
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| 22 |
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| 33 |
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| 40 |
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| 23 |
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| 88 |
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Total Fixed Charges |
| $ | 276 |
| $ | 319 |
| $ | 350 |
| $ | 369 |
| $ | 382 |
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Ratio of earnings to fixed charges (2) |
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| 4.9 |
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| 0.2 |
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| 1.8 |
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| 3.2 |
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| — |
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(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. |