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

3 Months Ended

Mar. 31, 2016

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, 2016		December 31, 2015
Current inventories:
Total materials and supplies, neta	$	1,714	$	1,869
Mill stockpiles	$	139	$	137
Leach stockpiles	1,505		1,587
Total current mill and leach stockpiles	$	1,644	$	1,724
Raw materials (primarily concentrate)	$	247	$	220
Work-in-process	118		108
Finished goods	805		867
Total product inventories	$	1,170	$	1,195
Long-term inventories:
Mill stockpiles	$	521	$	480
Leach stockpiles	1,803		1,791
Total long-term mill and leach stockpilesb	$	2,324	$	2,271

a. Materials and supplies inventory was net of obsolescence reserves totaling $28 million at March 31, 2016, and $29 million at December 31, 2015.

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