Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2011

Inventories, Including Long Term Mill and Leach Stockpiles [Abstract]

Components of inventories

The components of inventories follow (in millions):

	September 30, 2011		December 31, 2010
Mining Operations:
Raw materials	$	1	$	1
Work-in-process	77		93
Finished goodsa	758		704
Atlantic Copper, S.A. (Atlantic Copper):
Raw materials (concentrates)	146		336
Work-in-process	247		266
Finished goods	2		9
Total product inventories	1,231		1,409
Total materials and supplies, netb	1,323		1,169
Total inventories, less current portion of mill and leach stockpiles	$	2,554	$	2,578

a. Primarily includes molybdenum concentrates, and copper concentrates, anodes, cathodes and rod.

b. Materials and supplies inventory is net of obsolescence reserves totaling $26 million at September 30, 2011, and December 31, 2010.

Summary of mill and leach stockpiles

A summary of mill and leach stockpiles follows (in millions):

	September 30, 2011		December 31, 2010
Current:
Mill stockpiles	$	21	$	35
Leach stockpiles	1,146		821
Total current mill and leach stockpiles	$	1,167	$	856
Long-term:a
Mill stockpiles	$	518	$	470
Leach stockpiles	1,081		955
Total long-term mill and leach stockpiles	$	1,599	$	1,425

a. Metals in stockpiles not expected to be recovered within the next 12 months.