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

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [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, 2019		December 31, 2018
Current inventories:
Total materials and supplies, neta	$	1,595	$	1,528
Mill stockpiles	$	247	$	282
Leach stockpiles	1,127		1,171
Total current mill and leach stockpiles	$	1,374	$	1,453
Raw materials (primarily concentrate)	$	273	$	260
Work-in-process	137		192
Finished goods	1,082		1,326
Total product	$	1,492	$	1,778
Long-term inventories:
Mill stockpiles	$	265	$	265
Leach stockpiles	1,078		1,049
Total long-term mill and leach stockpilesb	$	1,343	$	1,314

a. Materials and supplies inventory was net of obsolescence reserves totaling $23 million at March 31, 2019, and $24 million at December 31, 2018.

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

FCX recorded charges for adjustments to cobalt metals inventory carrying values of $57 million in first-quarter 2019 because of lower cobalt prices.