PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment, Net [Abstract]

Property, Plant, Equipment and Mining Development Costs, Net

PROPERTY, PLANT, EQUIPMENT AND MINE DEVELOPMENT COSTS, NET

The components of net property, plant, equipment and mine development costs follow:

	December 31,
	2022		2021
Proven and probable mineral reserves	$	7,159	$	7,142
VBPP	360		376
Mine development and other	12,314		11,309
Buildings and infrastructure	9,746		9,412
Machinery and equipment	14,790		14,399
Mobile equipment	4,756		4,605
Construction in progress	4,419		2,477
Oil and gas properties	27,356		27,298
Total	80,900		77,018
Accumulated depreciation, depletion and amortizationa	(48,273)		(46,673)
Property, plant, equipment and mine development costs, net	$	32,627	$	30,345

a.Includes accumulated amortization for oil and gas properties of $27.3 billion at December 31, 2022 and 2021.

FCX recorded $1.6 billion for VBPP in connection with the FMC acquisition (excluding $634 million associated with mining operations that were subsequently sold) and transferred $827 million to proven and probable mineral reserves through 2022 ($16 million in 2022 and none in 2021). Cumulative impairments of and adjustments to VBPP total $497 million, which were primarily recorded in 2008.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, totaled $150 million in 2022, $72 million in 2021 and $147 million in 2020.

During the three-year period ended December 31, 2022, no material impairments of FCX’s long-lived mining assets were recorded.