of cobalt.
The initial project is based on mining and processing ore reserves approximating 119 million metric tons with average ore grades of 2.6 percent copper and 0.35 percent cobalt (5.9 billion pounds of recoverable copper and 0.7 billion pounds of recoverable cobalt).
We expect the results of drilling activities will enable future expansion of initial production rates.
The timing of these expansions will depend on a number of factors, including general economic and market conditions.
Refer to Note 16 for further discussion of the February 2008 letter received from the Ministry of Mines, Government of the DRC, seeking comment on proposed material modifications to the mining contracts for the Tenke Fungurume concession.
Molybdenum Climax.
We have suspended construction activities associated with the project to restart the Climax molybdenum mine near Leadville, Colorado.
Reclamation and environmental projects will continue, and we will preserve the significant Climax reserves and resources for better market conditions.
We had previously estimated capital costs of approximately $500 million for the project to restart Climax.
Approximately $180 million in project costs have been incurred through December 31, 2008, and remaining near-term commitments total $12 million.
The project was previously expected to commence production in 2010 ramping up to expected annual production of 30 million pounds of molybdenum per year.
Once a decision is made to resume construction activities, the project would be capable of starting up within a 12- to 18-month timeframe.
PROVEN AND PROBABLE RESERVES Recoverable proven and probable reserves are estimated metal quantities from which we expect to be paid after application of estimated metallurgical recovery rates and smelter recovery rates, where applicable.
Recoverable reserves are that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination.
FCX’s estimated consolidated recoverable reserves include 102.0 billion pounds of copper, 40.0 million ounces of gold and 2.48 billion pounds of molybdenum.
Estimated recoverable reserves were determined using long-term average prices of $1.60 per pound for copper, $550 per ounce for gold and $8.00 per pound for molybdenum, compared with our 2007 assumptions of $1.20 per pound for copper, $450 per ounce for gold, and $6.50 per pound for molybdenum.
The London spot metal prices for the past three years averaged $3.15 per pound for copper and $724 per ounce for gold, and the molybdenum prices for the past three years averaged approximately $28 per pound.
The following table summarizes the changes in our estimated consolidated recoverable proven and probable copper, gold and molybdenum reserves for 2008:
## Table 0 ##
Net additions to recoverable copper reserves totaled approximately 12.8 billion pounds, including additions of 3.9 billion pounds at our North America copper mines, 7.5 billion pounds at the Cerro Verde mine in South America and 1.6 billion pounds at the Tenke Fungurume project in the DRC.
These additions reflect positive results of drilling programs undertaken during 2007 and 2008, and have replaced over 300 percent of our 2008 copper production and 700 percent of our 2008 molybdenum production.
Refer to Note 20 for further information regarding estimated recoverable proven and probable reserves.
CAPITAL RESOURCES AND LIQUIDITY As a result of weak economic conditions, there is significant uncertainty about the near-term price outlook for our principal products.
While we view the long-term outlook for our business positively, supported by limitations on supplies of copper and by the requirements for copper in the world’s economy, we have responded to the sudden downturn and uncertain near-term outlook and will continue to adjust our operating strategy as market conditions change.
Operating plans were revised to curtail production at high-cost operations, defer or eliminate capital projects and target reductions in costs, including reduced exploration, research and administrative costs.
We also suspended our annual common stock dividend.
At December 31, 2008, we had $150 million of borrowings and $74 million of letters of credit issued under our $1.5 billion revolving credit facilities, resulting in availability of approximately $1.3 billion ($926 million of which could be used for additional letters of credit).
During 2009, we may use the facilities from time to time for working capital and short-term funding requirements but do not intend to use the facilities for long-term funding items.
In addition, in February 2009 we completed a public offering of 26.8 million shares of FCX common stock and realized net proceeds of approximately $740 million, which will be used for general corporate purposes (refer to “Financing Activities” for further discussion).
Based on current mine plans and subject to future copper, gold and molybdenum prices, we expect estimated 2009 cash flows combined with net proceeds from the equity offering discussed above and borrowings under our revolving credit facilities during 2009 to be greater than our budgeted capital expenditures, scheduled debt maturities, minority interest distributions, preferred dividends and other cash requirements.
The ability to monetize assets during a liquidity crisis is critical.
The Company believes that the assets held in its Global Liquidity Reserve can be monetized within five business days in a stressed environment given the highly liquid and diversified nature of the reserves.
The currency profile of the Company’s Global Liquidity Reserve is consistent with the Company’s CFP and Liquidity Stress Tests.
In addition to its Global Liquidity Reserve, the Company has other cash and cash equivalents and other unencumbered assets that are available for monetization that are not included in the balances in the table above.
Global Liquidity Reserve Held by Bank and Non-Bank Legal Entities.
The table below summarizes period-end and average balances of the Company’s Global Liquidity Reserve held by bank and non-bank legal entities:
## Table 1 ##
(1) The Company calculates the average Global Liquidity Reserve based upon daily amounts.
(2) The Parent held $55 billion and $58 billion at December 31, 2014 and December 31, 2013, respectively, which averaged $57 billion and $63 billion during 2014 and 2013, respectively.
Basel Liquidity Framework.
The Basel Committee has developed two standards intended for use in liquidity risk supervision: the Liquidity Coverage Ratio (“LCR”) and the Net Stable Funding Ratio (“NSFR”).
Liquidity Coverage Ratio.
The LCR was developed to ensure banking organizations have sufficient highquality liquid assets to cover net cash outflows arising from significant stress over 30 calendar days.
This standard’s objective is to promote the short-term resilience of the liquidity risk profile of banking organizations.
In September 2014, the U. S.  bank regulators issued a final rule to implement the LCR in the U. S.  (“U.
S.  LCR”).
The U. S.  LCR applies to the Company and the Company’s U. S.  Subsidiary Banks.
The U. S.  LCR is more stringent in certain respects than the Basel Committee’s version of the LCR as it includes a generally narrower definition of debt and equity securities that qualify as high-quality liquid assets, different methodologies and assumptions for calculating net cash outflows during the 30-day stress period, a maturity mismatch add-on, and a phase-in period that ends on December 31, 2016.
In addition, under the U. S.  LCR, a banking organization must submit a liquidity compliance plan to its primary federal banking agency if it fails to maintain the minimum U. S.  LCR requirement for three consecutive business days.
As of January 1, 2015 the Company and the Company’s U. S.  Subsidiary Banks are required to maintain a minimum U. S.  LCR of 80%.
This minimum requirement will increase to 90% beginning on January 1, 2016 and will be fully phased in at 100% beginning on January 1, 2017.
The Company and the Company’s U. S.  Subsidiary Banks must calculate their respective U. S.  LCR on a monthly basis during the period between January 1, 2015 and June 30, 2015 and on each business day starting on July 1, 2015.
The Company is compliant with the minimum required U. S.  LCR based on current estimates and interpretation and continues to evaluate its potential impact on the Company’s liquidity and funding requirements.
## Table 2 ##
Mortgage Loans Mortgage loans consist of commercial mortgage loans on real estate and residential mortgage loans.
The carrying amount of our commercial mortgage loan portfolio was $9,599.6 million and $10,121.8 million as of December 31, 2010 and December 31, 2009, respectively.
The carrying amount of our residential mortgage loan portfolio was $877.5 million and $1,128.7 million as of December 31, 2010 and December 31, 2009, respectively.
Commercial Mortgage Loans.
We generally report commercial mortgage loans on real estate at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances.
Commercial mortgage loans play an important role in our investment strategy by: ?
providing strong risk-adjusted relative value in comparison to other investment alternatives; ?
enhancing total returns and ?
providing strategic portfolio diversification.
As a result, we have focused on constructing a solid, high quality portfolio of mortgages.
Our portfolio is generally comprised of mortgages originated with conservative loan-to-value ratios, high debt service coverages and general purpose property types with a strong credit tenancy.
Our commercial mortgage loan portfolio consists of primarily non-recourse, fixed rate mortgages on fully or near fully leased properties.
The mortgage portfolio is comprised primarily of credit oriented retail properties, office properties and general-purpose industrial properties.
Our commercial mortgage loan portfolio is diversified by geography and specific collateral property type.
Commercial mortgage lending in the state of California accounted for 22% and 20% of our commercial mortgage loan portfolio as of December 31, 2010 and 2009, respectively.
We are, therefore, exposed to potential losses resulting from the risk of catastrophes, such as earthquakes, that may affect the region.
Like other lenders, we generally do not require earthquake insurance for properties on which we make commercial mortgage loans.
With respect to California properties, however, we obtain an engineering report specific to each property.
The report assesses the building’s design specifications, whether it has been upgraded to meet seismic building codes and the maximum loss that is likely to result from a variety of different seismic events.
We also obtain a report that assesses, by building and geographic fault lines, the amount of loss our commercial mortgage loan portfolio might suffer under a variety of seismic events.
The typical borrower in our commercial loan portfolio is a single purpose entity or single asset entity.
As of December 31, 2010 and 2009, 30% and 31%, respectively, of the commercial mortgage loan portfolio was comprised of mortgage loans with principal balances of less than $10.0 million.
The total number of commercial mortgage loans outstanding was 1,033 and 1,101 as of December 31, 2010 and 2009, respectively.
The average loan size of our commercial mortgage portfolio was $9.4 million and $9.3 million as of December 31, 2010 and 2009, respectively.
Commercial Mortgage Loan Credit Monitoring.
For further details on monitoring and management of our commercial mortgage loan portfolio, see Item 8.
‘‘Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 4, Investments — Mortgage Loan Credit Monitoring.
’’ We categorize loans that are 60 days or more delinquent, loans in process of foreclosure and loans with borrowers or credit tenants in bankruptcy that are delinquent as ‘‘problem’’ loans.
Valuation allowances or charge-offs have been recognized on most problem loans.
We categorize loans that are delinquent less than 60 days where the default is expected to be cured and loans with borrowers or credit tenants in bankruptcy that are current as ‘‘potential problem’’ loans.
The decision whether to classify a loan delinquent less than 60 days as a potential problem involves significant subjective judgments by management as to the likely future economic conditions and developments with respect to the borrower.
We categorize loans for which the original note rate has been reduced below market and loans for which the principal has been reduced as ‘‘restructured’’ loans.
We also consider loans that are refinanced more than one year beyond the original maturity or call date at below market rates as restructured.
reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Fair Values of Financial Instruments.
The fair value of the Company’s cash, short-term investments, accounts receivable, accounts payable and foreign currency contracts, approximates the carrying amount due to the short duration.
Long-term marketable equity investments are valued based on quoted market prices.
Non-marketable equity securities are valued at cost.
The Company performs periodic impairment analysis over these non-marketable equity securities.
Cash Equivalents and Short-Term Investments.
The Company classifies investments with original maturities of three months or less when acquired as cash equivalents.
All of the Company’s short-term investments are classified as available-for-sale and are reported at fair value, with unrealized gains and losses included in stockholders’ equity as a component of accumulated other comprehensive loss, net of tax.
Those unrealized gains or losses deemed other than temporary are reflected in other income, net.
The cost of securities sold is based on the specific identification method and realized gains and losses are included in other income, net.
The Company has cash equivalents and investments with various high quality institutions and, by policy, limits the amount of credit exposure to any one institution.
Concentration of Credit Risk.
The Company sells its products worldwide primarily to customers in the global electronics market.
The Company performs on-going credit evaluations of its customers’ financial condition and does not require collateral.
The Company establishes reserves for potential credit losses and such losses have been within management’s expectations and have not been material in any year presented.
Allowance for Doubtful Accounts.
Trade accounts receivable are recorded at the invoiced amount and do not bear interest.
We maintain allowances for doubtful accounts to reduce the Company’s receivables to their estimated net realizable value.
The Company provides a general reserve on all accounts receivable based on a review of accounts and a 15 quarter average of write offs, net of recoveries.
Such losses have been within management’s expectations and have not been material in any year presented.
The following table presents the changes in the allowance for doubtful accounts.

<table><tr><td></td><td>Copper (billion pounds)</td><td>Gold (million ounces)</td><td>Molybdenum (billion pounds)</td></tr><tr><td>Reserves at December 31, 2007</td><td>93.2</td><td>41.0</td><td>2.04</td></tr><tr><td>Net additions/revisions</td><td>12.8</td><td>0.3</td><td>0.51</td></tr><tr><td>Production</td><td>-4.0</td><td>-1.3</td><td>-0.07</td></tr><tr><td>Reserves at December 31, 2008</td><td>102.0</td><td>40.0</td><td>2.48</td></tr></table>
<table><tr><td></td><td colspan="2"></td><td colspan="2"> Average Balance-1</td></tr><tr><td></td><td> At December 31, 2014</td><td> At December 31, 2013</td><td> 2014</td><td> 2013</td></tr><tr><td></td><td colspan="4"> (dollars in billions)</td></tr><tr><td>Bank legal entities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Domestic</td><td>$83</td><td>$85</td><td>$82</td><td>$70</td></tr><tr><td>Foreign</td><td>5</td><td>4</td><td>5</td><td>5</td></tr><tr><td>Total Bank legal entities</td><td>88</td><td>89</td><td>87</td><td>75</td></tr><tr><td>Non-Bank legal entities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Domestic-2</td><td>70</td><td>80</td><td>76</td><td>83</td></tr><tr><td>Foreign</td><td>35</td><td>33</td><td>32</td><td>34</td></tr><tr><td>Total Non-Bank legal entities</td><td>105</td><td>113</td><td>108</td><td>117</td></tr><tr><td>Total</td><td>$193</td><td>$202</td><td>$195</td><td>$192</td></tr></table>
<table><tr><td> </td><td colspan="6"> December 31, 2009</td></tr><tr><td> </td><td colspan="2"> Problem, potential problem, and restructured</td><td colspan="2"> All other fixed maturity securities</td><td colspan="2"> Total</td></tr><tr><td> </td><td> Carrying amount</td><td> Gross unrealized losses</td><td> Carrying amount</td><td> Gross unrealized losses</td><td> Carrying amount</td><td> Gross unrealized losses</td></tr><tr><td> </td><td colspan="6"><i>(in millions)</i> </td></tr><tr><td>Three months or less</td><td>$6.1</td><td>$2.0</td><td>$243.8</td><td>$77.4</td><td>$249.9</td><td>$79.4</td></tr><tr><td>Greater than three to six months</td><td>—</td><td>—</td><td>31.8</td><td>9.2</td><td>31.8</td><td>9.2</td></tr><tr><td>Greater than six to nine months</td><td>0.1</td><td>0.1</td><td>46.0</td><td>22.5</td><td>46.1</td><td>22.6</td></tr><tr><td>Greater than nine to twelve months</td><td>28.8</td><td>24.8</td><td>49.9</td><td>25.4</td><td>78.7</td><td>50.2</td></tr><tr><td>Greater than twelve months</td><td>276.8</td><td>438.3</td><td>1,812.8</td><td>1,578.5</td><td>2,089.6</td><td>2,016.8</td></tr><tr><td>Total fixed maturities, available-for-sale</td><td>$311.8</td><td>$465.2</td><td>$2,184.3</td><td>$1,713.0</td><td>$2,496.1</td><td>$2,178.2</td></tr></table>

Question: Which element for Carrying amount of All other fixed maturity securities makes up more than 10 % of the total in 2009?