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

3 Months Ended

Mar. 31, 2016

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, 2016		December 31, 2015
Current inventories:
Mill stockpiles	$	139	$	137
Leach stockpiles	1,317		1,402
Total current mill and leach stockpiles	$	1,456	$	1,539
Total materials and supplies, neta	$	1,445	$	1,594
Raw materials (primarily concentrate)	$	247	$	220
Work-in-process	118		108
Finished goods	709		743
Total product inventories	$	1,074	$	1,071
Long-term inventories:
Mill stockpiles	$	521	$	480
Leach stockpiles	1,182		1,183
Total long-term mill and leach stockpilesb	$	1,703	$	1,663

a. Materials and supplies inventory was net of obsolescence reserves totaling $27 million at March 31, 2016, and $26 million at December 31, 2015.

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