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

9 Months Ended

Sep. 30, 2012

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

Components of inventories

The components of inventories follow (in millions):

	September 30, 2012		December 31, 2011
Mining operations:a
Raw materials	$	2	$	1
Finished goodsb	820		769
Atlantic Copper, S.L.U. (Atlantic Copper):
Raw materials (concentrates)	339		260
Work-in-process	191		187
Finished goods	22		9
Total product inventories	1,374		1,226
Total materials and supplies, netc	1,465		1,354
Total inventories, excluding mill and leach stockpiles	$	2,839	$	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 included molybdenum concentrates and copper concentrates, anodes, cathodes and rod.

c. Materials and supplies inventory was net of obsolescence reserves totaling $26 million at September 30, 2012, and December 31, 2011.

Summary of mill and leach stockpiles

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

	September 30, 2012		December 31, 2011
Current:
Mill stockpiles	$	97	$	69
Leach stockpiles	1,498		1,220
Total current mill and leach stockpiles	$	1,595	$	1,289
Long-term:a
Mill stockpiles	$	595	$	535
Leach stockpiles	1,276		1,151
Total long-term mill and leach stockpiles	$	1,871	$	1,686

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