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

12 Months Ended

Dec. 31, 2014

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

Components of Inventories

The components of inventories follow:

	December 31,
	2014		2013
Current inventories:
Mill stockpiles	$	86	$	91
Leach stockpiles	1,828		1,614		a
Total current mill and leach stockpiles	$	1,914	$	1,705
Total materials and supplies, netb	$	1,886	$	1,730
Raw materials (primarily concentrates)	$	288	$	238
Work-in-process	174		199
Finished goods	1,099		1,146
Total product inventories	$	1,561	$	1,583
Long-term inventories:
Mill stockpiles	$	360	$	698
Leach stockpiles	1,819		1,688
Total long-term mill and leach stockpilesc	$	2,179	$	2,386

a. Amount is net of a $76 million charge associated with updated mine plans at Morenci that resulted in a loss in recoverable copper in leach stockpiles.

b. Materials and supplies inventory was net of obsolescence reserves totaling $20 million at December 31, 2014, and $24 million at December 31, 2013.

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