INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill And Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow:

	December 31,
	2020		2019
Current inventories:
Total materials and supplies, neta	$	1,594	$	1,649
Mill stockpiles	$	205	$	220
Leach stockpiles	809		923
Total current mill and leach stockpiles	$	1,014	$	1,143
Raw materials (primarily concentrate)	$	366	$	318
Work-in-process	174		124
Finished goods	745		839
Total product	$	1,285	$	1,281
Long-term inventories:
Mill stockpiles	$	223	$	181
Leach stockpiles	1,240		1,244
Total long-term mill and leach stockpilesb	$	1,463	$	1,425

a.Materials and supplies inventory was net of obsolescence reserves totaling $32 million at December 31, 2020, and $24 million at December 31, 2019.

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

FCX recorded NRV inventory adjustments to decrease metals inventory carrying values totaling $96 million in 2020, associated with lower market prices for copper ($58 million) and molybdenum ($38 million); $179 million in 2019, associated with lower market prices for molybdenum ($84 million), cobalt ($58 million) and copper ($37 million); and $4 million in 2018. Refer to Note 16 for metals inventory adjustments by business segment.