Inventory

At December 31, 2012 and 2011, inventory consisted of the following (in thousands):



	December 31,
	2012		2011
Current:
Concentrate stockpiles	$	6,393	$	3,704
Raw materials	95,248		44,770
Work in process	55,229		16,602
Finished goods	114,903		45,045
Materials and supplies	15,603		1,822
Total current	$	287,376	$	111,943
Long-term:
Concentrate stockpiles	$	4	$	1,144
Raw materials	26,092		3,186
Finished goods	—		32
Total long-term	$	26,096	$	4,362

Assessment of normal production levels

For the years ended December 31, 2012, 2011 and 2010, the Company determined that $12.0 million, $4.3 million and $11.0 million, respectively, of production costs would have been allocated to additional production, assuming the Company had been operating at normal production ranges. As a result, these costs were excluded from inventory and instead expensed during the applicable periods. The assessment of normal production levels is judgmental and is unique to each quarter.

Write-downs of inventory

As a result of production or purchase costs in excess of net realizable value, the Company recognized write-downs of inventory of $80.9 million, $2.8 million and $2.5 million for the years ended December 31, 2012, 2011 and 2010, respectively. In addition, for the same respective periods the Company recognized write-downs of work-in-process and stockpile inventory totaling $2.1 million, $2.3 million and $2.7 million based on slow moving inventory (in 2012 only) and adjustments to estimated REO quantities. The level within the fair value hierarchy in which the write-downs of inventory are included is the significant other observable inputs—Level 2.

Subject to certain exceptions, substantially all of the property and assets of the Company are pledged as collateral for some of the Company's indebtedness, as further discussed in Note 14.