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

6 Months Ended

Jun. 30, 2012

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

Components of inventories

The components of inventories follow (in millions):

	June 30, 2012		December 31, 2011
Mining operations:a
Raw materials	$	1	$	1
Finished goodsb	748		769
Atlantic Copper, S.L.U. (Atlantic Copper):
Raw materials (concentrates)	245		260
Work-in-process	161		187
Finished goods	27		9
Total product inventories	1,182		1,226
Total materials and supplies, netc	1,377		1,354
Total inventories, less current portion of mill and leach stockpiles	$	2,559	$	2,580

a. FCX's mining operations also have work-in-process inventories (i.e., mill and leach stockpiles), which are 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 June 30, 2012, and $26 million at December 31, 2011.

Summary of mill and leach stockpiles

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

	June 30, 2012		December 31, 2011
Current:
Mill stockpiles	$	89	$	69
Leach stockpiles	1,377		1,220
Total current mill and leach stockpiles	$	1,466	$	1,289
Long-term:a
Mill stockpiles	$	572	$	535
Leach stockpiles	1,276		1,151
Total long-term mill and leach stockpiles	$	1,848	$	1,686

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