PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment, Net [Abstract]

Property, Plant, Equipment and Mining Development Costs, Net

PROPERTY, PLANT, EQUIPMENT AND MINE DEVELOPMENT COSTS, NET

The components of net property, plant, equipment and mine development costs follow:

	December 31,
	2019			2018
Proven and probable mineral reserves	$	7,087		$	7,089
VBPP	465			477
Mine development and other	8,180			8,195
Buildings and infrastructure	8,435			8,051
Machinery and equipment	13,312			12,985
Mobile equipment	4,320			4,010
Construction in progress	4,265			3,006
Oil and gas properties	27,293			27,292
Total	73,357			71,105
Accumulated depreciation, depletion, and amortizationa	(43,773		)	(43,095		)
Property, plant, equipment and mine development costs, net	$	29,584		$	28,010

a. Includes accumulated amortization for oil and gas properties of $27.3 billion at December 31, 2019 and 2018.

FCX recorded $1.7 billion for VBPP in connection with the FMC acquisition in 2007 (excluding $544 million associated with mining operations that were subsequently sold) and transferred $811 million to proven and probable mineral reserves through 2019 (none in 2019 and $59 million in 2018). Cumulative impairments of and adjustments to VBPP total $497 million, which were primarily recorded in 2008.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, totaled $149 million in 2019, $96 million in 2018 and $121 million in 2017.

During 2018 and 2019, FCX concluded there were no events or changes in circumstances that would indicate that the carrying amount of its long-lived mining assets might not be recoverable.