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Inventories, Including Long-Term Mill and Leach Stockpiles (Tables) | 6 Months Ended
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Jun. 30, 2022
Inventory Disclosure [Abstract] |
Schedule of Inventory | The components of inventories follow (in millions):
| June 30, 2022 |  | December 31, 2021 |
Current inventories: |  |  |  |
Total materials and supplies, net a | $ | 1,776 |  |  | $ | 1,669 |  |
Mill stockpiles | $ | 196 |  |  | $ | 193 |  |
Leach stockpiles | 1,191 |  |  | 977 |  |
Total current mill and leach stockpiles | $ | 1,387 |  |  | $ | 1,170 |  |
Raw materials (primarily concentrate) | $ | 436 |  |  | $ | 536 |  |
Work-in-process | 155 |  |  | 195 |  |
Finished goods | 916 |  |  | 927 |  |
Total product | $ | 1,507 |  |  | $ | 1,658 |  |
Long-term inventories: |  |  |  |
Mill stockpiles | $ | 201 |  |  | $ | 226 |  |
Leach stockpiles | 1,029 |  |  | 1,161 |  |
Total long-term mill and leach stockpiles b | $ | 1,230 |  |  | $ | 1,387 |  |
a.Materials and supplies inventory was net of obsolescence reserves totaling $39 million at June 30, 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 metals inventory adjustments totaling $18 million in the second quarter and first six months of 2022, associated with a stockpile write-off at Cerro Verde ($9 million) and net realizable value adjustments related to lower market prices for copper ($9 million). Refer to Note 9 for metals inventory adjustments by business segment. El Abra Stockpile Recoveries. As discussed in FCX’s 2021 Form 10-K, processes and recovery rates for mill and leach stockpiles are monitored regularly, and recovery rate estimates are adjusted periodically as additional information becomes available and as related technology changes. Adjustments to recovery rates will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper. Following an analysis of recent recovery data and column testing results, El Abra 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 revision had an unfavorable impact on El Abra’s costs but did not have a significant impact on consolidated site production and delivery costs in second-quarter 2022 or the first six months of 2022.

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