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

6 Months Ended

Jun. 30, 2013

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):

	June 30, 2013		December 31, 2012
Raw materials (primarily concentrates)	$	210	$	237
Work-in-processa	244		252
Finished goodsb	1,054		911
Total product inventories	$	1,508	$	1,400
Total materials and supplies, netc	$	1,725	$	1,504

a. FCX's mining operations also have work-in-process inventories that are included in mill and leach stockpiles.

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

c. Materials and supplies inventory was net of obsolescence reserves totaling $30 million at June 30, 2013, and $27 million at December 31, 2012.

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

	June 30, 2013		December 31, 2012
Current:
Mill stockpiles	$	94	$	104
Leach stockpiles	1,619		1,568
Total current mill and leach stockpiles	$	1,713	$	1,672
Long-term:a
Mill stockpiles	$	649	$	615
Leach stockpiles	1,543		1,340
Total long-term mill and leach stockpiles	$	2,192	$	1,955

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