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

3 Months Ended

Mar. 31, 2012

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

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):

	March 31, 2012		December 31, 2011
Mining operations:a
Raw materials	$	1	$	1
Finished goodsb	805		769
Atlantic Copper, S.L.U. (Atlantic Copper):
Raw materials (concentrates)	218		260
Work-in-process	212		187
Finished goods	18		9
Total product inventories	1,254		1,226
Total materials and supplies, netc	1,450		1,354
Total inventories, less current portion of mill and leach stockpiles	$	2,704	$	2,580

a. FCX's mining operations also have work-in-process inventories (i.e., mill and leach stockpiles), which have been summarized below.

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

c. Materials and supplies inventory is net of obsolescence reserves totaling $27 million at March 31, 2012, and $26 million at December 31, 2011.

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

	March 31, 2012		December 31, 2011
Current:
Mill stockpiles	$	85	$	69
Leach stockpiles	1,307		1,220
Total current mill and leach stockpiles	$	1,392	$	1,289
Long-term:a
Mill stockpiles	$	549	$	535
Leach stockpiles	1,198		1,151
Total long-term mill and leach stockpiles	$	1,747	$	1,686

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