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PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET
 12 Months Ended
Dec. 31, 2024
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,
 20242023
Proven and probable mineral reserves$7,159 $7,160 
VBPP358 359 
Mine development and other12,828 12,265 
Buildings and infrastructure10,667 10,165 
Machinery and equipment16,337 15,246 
Mobile equipment5,597 4,986 
Construction in progress9,364 6,945 
Oil and gas properties27,485 27,441 
Total89,795 84,567 
Accumulated depreciation, depletion and amortizationa
(51,281)(49,272)
Property, plant, equipment and mine development costs, net$38,514 $35,295 
a.Includes accumulated amortization for oil and gas properties of $27.4 billion at December 31, 2024 and 2023.

FCX recorded $1.6 billion for VBPP in connection with its 2007 acquisition of FMC (excluding $0.6 billion associated with mining operations that were subsequently sold) and transferred $0.8 billion to proven and probable mineral reserves through 2024 (approximately $1 million in both 2024 and 2023). Cumulative impairments of and adjustments to VBPP total $0.5 billion, which were primarily recorded in 2008.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including the construction and development of PT-FI’s new downstream processing facilities, totaled $391 million in 2024, $267 million in 2023 and $150 million in 2022.
During the three-year period ended December 31, 2024, no material impairments of FCX’s long-lived mining assets were recorded.