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

6 Months Ended

Jun. 30, 2011

Inventories, Including Long Term Mill and Leach Stockpiles [Abstract]

Components of inventories

The components of inventories follow (in millions):

	June 30, 2011		December 31, 2010
Mining Operations:
Raw materials	$	1	$	1
Work-in-process	78		93
Finished goodsa	745		704
Atlantic Copper, S.A. (Atlantic Copper):
Raw materials (concentrates)	263		336
Work-in-process	297		266
Finished goods	15		9
Total product inventories	1,399		1,409
Total materials and supplies, netb	1,277		1,169
Total inventories, less current portion of mill and leach stockpiles	$	2,676	$	2,578

a. Primarily includes molybdenum concentrates, and copper concentrates, anodes, cathodes and rod.

b. Materials and supplies inventory is net of obsolescence reserves totaling $23 million at June 30, 2011, and $26 million at December 31, 2010.

Summary of mill and leach stockpiles

A summary of mill and leach stockpiles follows (in millions):

	June 30, 2011		December 31, 2010
Current:
Mill stockpiles	$	5	$	35
Leach stockpiles	1,067		821
Total current mill and leach stockpiles	$	1,072	$	856
Long-term:a
Mill stockpiles	$	503	$	470
Leach stockpiles	1,020		955
Total long-term mill and leach stockpiles	$	1,523	$	1,425

a. Metals in stockpiles not expected to be recovered within the next 12 months.