INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES (Tables)

12 Months Ended

Dec. 31, 2011

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

Components of Inventories

The components of inventories follow:

	December 31,
	2011		2010
Mining Operations:a
Raw materials	$	1	$	1
Finished goodsb	769		704
Atlantic Copper:
Raw materials (concentrates)	260		336
Work-in-process	187		266
Finished goods	9		9
Total product inventories	1,226		1,316
Total materials and supplies, netc	1,354		1,169
Total inventories	$	2,580	$	2,485

a. FCX's mining operations also have work-in-process inventories (i.e., mill and leach stockpiles), which have been summarized below.

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

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

Mill and Leach Stockpiles

A summary of mill and leach stockpiles follows:

	December 31, 2011
	North America		South America		Indonesia		Africa		Total
Current:
Mill stockpiles	$	40	$	11	$	18	$	—	$	69
Leach stockpiles	963		216		—		41		1,220
Total current mill and leach
stockpiles	$	1,003	$	227	$	18	$	41	$	1,289
Long-term:a
Mill stockpiles	$	—	$	535	$	—	$	—	$	535
Leach stockpiles	718		284		—		149		1,151
Total long-term mill and leach
stockpiles	$	718	$	819	$	—	$	149	$	1,686

	December 31, 2010
	North America		South America		Indonesia		Africa		Total
Current:
Mill stockpiles	$	15	$	29	$	24	$	—	$	68
Leach stockpiles	749		98		—		34		881
Total current mill and leach
stockpiles	$	764	$	127	$	24	$	34	$	949
Long-term:a
Mill stockpiles	$	—	$	470	$	—	$	—	$	470
Leach stockpiles	622		250		—		83		955
Total long-term mill and leach
stockpiles	$	622	$	720	$	—	$	83	$	1,425

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