Inventory

The carrying value of product inventory was as follows:



(in millions)	June 30, 2013		December 31, 2012
Finished product	$	36.1	$	53.5
Work-in-process	27.9		32.3
Stockpiled material	25.0		25.0
	$	89.0	$	110.8

As of June 30, 2013, the carrying value of TCM's in process and finished product inventory was $89.0 million net of lower-of-cost-or-market write downs. Total write downs were $8.3 million and $13.9 million for the three and six months ended June 30, 2013, respectively. Inventory write downs in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2013 included $6.9 million and $11.6 million, respectively, of inventory write downs in operating expenses and $1.4 million and $2.3 million, respectively, of inventory write downs in depreciation, depletion and amortization.

As of June 30, 2012, the carrying value of TCM's in process and finished product inventory exceeded the market value. Total write downs were $16.6 million and $27.7 million for the three and six months ended June 30, 2012, respectively. Inventory write downs in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2012 included $12.6 million and $20.9 million, respectively, of inventory write downs in operating expenses and $4.0 million and $6.8 million, respectively, of inventory write downs in depreciation, depletion and amortization.