LONG-TERM RECEIVABLES AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2011

Other Assets, Noncurrent [Abstract]

Schedule of long term receivables

The components of long-term receivables follow:

	December 31,
	2011		2010
Income taxes	$	295	$	—
Loan to a DRC public electric utility	138		110
Disputed tax assessments (refer to Note 13)	109		—
Loan to La Générale des Carrières et des Mines (related party)	30		—
Other	103		90
Total long-term receivables	$	675	$	200

Schedule of other assets

The components of other assets follow:

	December 31,
	2011		2010
Cost-method investments:
McMoRan Exploration Co. (MMR)a	$	475	$	500
Other	2		3
Equity-method investments:
PT Smeltingb	125		11
Other	47		43
Trust assetsc, d	152		140
Debt issue costs	40		58
Available-for-sale securities	9		28
Other	38		14
Total other assets	$	888	$	797

a. In December 2010, FCX purchased 500,000 shares of MMR’s 5¾% Convertible Perpetual Preferred Stock (the Preferred Stock) for an aggregate purchase price of $500 million.The Preferred Stock is initially convertible into 62.5 shares of MMR common stock per share of Preferred Stock (an aggregate of 31.25 million shares of MMR common stock), at an initial conversion price of $16 per share of MMR common stock. Dividends received are recorded as a return of investment because of MMR's reported losses. Several of FCX’s directors and executive officers also serve as directors or executive officers of MMR.

b. Amounts are reduced by unrecognized profits on sales from PT Freeport Indonesia to PT Smelting totaling $2 million at December 31, 2011, and $113 million at December 31, 2010.

c. Includes $151 million in 2011 and $137 million in 2010 of legally restricted funds for AROs at the Chino, Tyrone and Cobre mines (refer to Note 13 for further discussion).

d. The current portion, which is included in other current assets, totaled $8 million at December 31, 2010, and none at December 31, 2011.