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INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES
 12 Months Ended
Dec. 31, 2022
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,
 20222021
Current inventories:
Total materials and supplies, neta
$1,964 $1,669 
Mill stockpiles$216 $193 
Leach stockpiles1,167 977 
Total current mill and leach stockpiles$1,383 $1,170 
Raw materials (primarily concentrate)$443 $536 
Work-in-process221 195 
Finished goods1,169 927 
Total product$1,833 $1,658 
Long-term inventories:
Mill stockpiles$199 $226 
Leach stockpiles1,053 1,161 
Total long-term mill and leach stockpilesb
$1,252 $1,387 
a.Materials and supplies inventory was net of obsolescence reserves totaling $39 million at December 31, 2022, and $36 million at December 31, 2021.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded metal inventory adjustments totaling $29 million in 2022, including $19 million associated with NRV adjustments related to lower market prices for copper and $10 million for stockpile write-offs at Cerro Verde; $16 million in 2021, primarily associated with stockpiles at the Morenci mine no longer expected to be leached; and $96 million in 2020 associated with NRV adjustments related to lower market prices for copper and molybdenum. Refer to Note 16 for metal inventory adjustments by business segment.

El Abra Stockpile Adjustment. In 2022, the El Abra mine revised its estimated recovery rate assumptions for specific ore types expected to be processed from its existing leach stockpile. The revised estimates resulted in a 135 million pound reduction in future estimated recoverable copper from this leach stockpile, which is being phased out. This revised estimate did not have a significant impact on FCX’s consolidated site production and delivery costs in 2022.

Morenci Stockpile Adjustments. The Morenci mine has experienced improved recoveries at certain of its leach stockpiles and following an analysis of column testing results in 2021, Morenci concluded it had sufficient evidence to increase its estimated recoveries for certain of its leach stockpiles. As a result of the revised recoveries, Morenci increased its estimated recoverable copper in leach stockpiles by 191 million pounds (net of joint venture interest). The effect of this change in estimate reduced FCX’s consolidated site production and delivery costs and increased net income by $112 million ($0.08 per share) in 2021.

In 2022, based on an annual review of leach stockpiles, FCX increased its estimated recoverable copper in leach stockpiles at Morenci by 213 million pounds (net of joint venture interest). This revised estimate did not have a significant impact on FCX’s consolidated site production and delivery costs in 2022.