PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Proven and probable mineral reserves	$	7,142	$	7,142
VBPP	376		376
Mine development and other	11,309		10,686
Buildings and infrastructure	9,412		9,214
Machinery and equipment	14,399		14,235
Mobile equipment	4,605		4,495
Construction in progress	2,477		1,454
Oil and gas properties	27,298		27,281
Total	77,018		74,883
Accumulated depreciation, depletion and amortizationa	(46,673)		(45,065)
Property, plant, equipment and mine development costs, net	$	30,345	$	29,818

a.Includes accumulated amortization for oil and gas properties of $27.3 billion at December 31, 2021 and 2020.

FCX recorded $1.6 billion for VBPP in connection with the FMC acquisition in 2007 (excluding $634 million associated with mining operations that were subsequently sold) and transferred $811 million to proven and probable mineral reserves through 2021 (none in 2021 and less than $0.1 million in 2020). 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 $72 million in 2021, $147 million in 2020 and $149 million in 2019.

During the three-year period ended December 31, 2021, no material impairments of FCX’s long-lived mining assets were recorded.