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

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):

	June 30, 2023		December 31, 2022
Current inventories:
Total materials and supplies, neta	$	2,098	$	1,964
Mill stockpiles	$	224	$	216
Leach stockpiles	1,274		1,167
Total current mill and leach stockpiles	$	1,498	$	1,383
Raw materials (primarily copper concentrate)	$	382	$	443
Work-in-process	189		221
Finished goodsb	1,643		1,169
Total product	$	2,214	$	1,833
Long-term inventories:
Mill stockpiles	$	216	$	199
Leach stockpiles	1,025		1,053
Total long-term mill and leach stockpilesc	$	1,241	$	1,252

a.Materials and supplies inventory was net of obsolescence reserves totaling $33 million at June 30, 2023, and $39 million at December 31, 2022.

b.The increase in finished goods inventory at June 30, 2023, was associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023. At June 30, 2023, approximately 85 million pounds of copper and 40 thousand ounces of gold from PT-FI’s production was deferred in inventory and will be sold as refined metal in future periods.

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