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INVENTORIES:

9 Months Ended

Sep. 30, 2012

INVENTORIES:

NOTE 4 - INVENTORIES:

Inventories were as follows:

(in millions)		At September 30, 2012			At December 31, 2011
Inventory, current:
Metals at lower of average cost or market:
Finished goods		$	97.6		$	93.3
Work-in-process		276.7			296.1
Supplies at average cost		272.1			262.5
Total current inventory		$	646.4		$	651.9

Inventory, long-term
Long-term leach stockpiles		$	217.9		$	123.0

During the nine months ended September 30, 2012 and 2011 total leaching costs capitalized as long-term inventory of leachable material amounted to $157.3 million and $87.1 million, respectively. Long-term leaching inventories recognized as cost of sales amounted to $52.5 million and $33.6 million for the nine months ended September 30, 2012 and 2011, respectively.

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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