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

6 Months Ended

Jun. 30, 2015

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, 2015		December 31, 2014
Current inventories:
Mill stockpiles	$	130	$	86
Leach stockpiles	1,803		1,828
Total current mill and leach stockpiles	$	1,933	$	1,914
Total materials and supplies, neta	$	2,014	$	1,886
Raw materials (primarily concentrates)	$	306	$	288
Work-in-process	155		174
Finished goods	1,023		1,099
Total product inventories	$	1,484	$	1,561
Long-term inventories:
Mill stockpiles	$	361	$	360
Leach stockpiles	1,916		1,819
Total long-term mill and leach stockpilesb	$	2,277	$	2,179

a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at June 30, 2015, and $20 million at December 31, 2014.

b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded charges for lower of cost or market (LCM) inventory adjustments of $59 million ($48 million for molybdenum inventories and $11 million for copper inventories) for second-quarter 2015 and $63 million ($52 million for molybdenum inventories and $11 million for copper inventories) for the first six months of 2015, primarily because of lower molybdenum and copper prices.