7.Inventories

Inventories at the Velardeña Properties were as follows:

	December 31,
	2015		2014
	(in thousands)
Metals inventory	$	—	$	477
In-process inventory	—		307
Material and supplies	330		713

	$	330	$	1,497

The Company had no metals or in process inventories at December 31, 2015 as the result of the suspension of mining and processing at the Velardeña Properties (see Note 1). The material and supplies inventory at December 31, 2015 is reduced by a $0.3 million obsolescence charge reflected in shutdown costs.

At December 31, 2014 the Company had written down its metals and in-process inventories to net realizable value including a charge to cost of metals sold of $1.2 million and a charge to depreciation expense of approximately $0.7 million.