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

6 Months Ended

Jun. 30, 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):

	June 30, 2019		December 31, 2018
Current inventories:
Total materials and supplies, neta	$	1,634	$	1,528
Mill stockpiles	$	227	$	282
Leach stockpiles	1,125		1,171
Total current mill and leach stockpiles	$	1,352	$	1,453
Raw materials (primarily concentrate)	$	295	$	260
Work-in-process	156		192
Finished goods	940		1,326
Total product	$	1,391	$	1,778
Long-term inventories:
Mill stockpiles	$	254	$	265
Leach stockpiles	1,093		1,049
Total long-term mill and leach stockpilesb	$	1,347	$	1,314

a. Materials and supplies inventory was net of obsolescence reserves totaling $24 million at June 30, 2019, and December 31, 2018.

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

FCX recorded charges of $2 million in second-quarter 2019 and $59 million for the first six months of 2019 to adjust metals inventory carrying values to net realizable value, primarily for cobalt inventory because of lower cobalt market prices.