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

3 Months Ended

Mar. 31, 2015

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

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):



	March 31, 2015		December 31, 2014
Current inventories:
Mill stockpiles	$	101	$	86
Leach stockpiles	1,776		1,828
Total current mill and leach stockpiles	$	1,877	$	1,914

Total materials and supplies, net^a	$	1,919	$	1,886

Raw materials (primarily concentrates)	$	272	$	288
Work-in-process	158		174
Finished goods	1,012		1,099
Total product inventories	$	1,442	$	1,561

Long-term inventories:
Mill stockpiles	$	346	$	360
Leach stockpiles	1,915		1,819
Total long-term mill and leach stockpiles^b	$	2,261	$	2,179


a.	Materials and supplies inventory was net of obsolescence reserves totaling $21 million at March 31, 2015, and $20 million at December 31, 2014.


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

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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