EXHIBIT 15

May 15, 1996

Securities and Exchange Commission
450 Fifth Street N.W.
Washington, DC  20459

We are aware that Cyprus Amax Minerals Company has included our report dated May
15, 1996, (issued pursuant to the provisions of Statements on Auditing Standards
Nos. 71 and 42) in the Quarterly Report under Section 13 or 15(d) of the
Securities Exchange Act of 1934 on Form 10-Q for the quarter ending March 31,
1996, which is incorporated by reference in the Prospectuses constituting a part
of each of the following Registration Statements:

  (a) Registration Statements on Form S-8 (Nos. 33-1600, 33-22939 and
      33-53792) with respect to Cyprus Amax Minerals Company Savings Plan and
      Trust.

  (b) Registration Statements on Form S-8 (Nos. 33-1603, 33-21501 and
      33-53794) with respect to the Management Incentive Program of Cyprus Amax
      Minerals Company and its participating subsidiaries.

  (c) Registration Statement on Form S-8 (No. 33-52812) with respect to
      the Stock Plan for Non-Employee Directors of Cyprus Amax Minerals Company.

  (d) Registration Statement on Form S-8 (No. 33-51011) with respect to
      the 1988 Amended and Restated Stock Option Plan of Cyprus Amax Minerals
      Company.

  (e) Registration Statement on Form S-8 (No. 33-61141) with respect to
      the Cyprus Amax Minerals Company Thrift Plan for Bargaining Unit
      Employees.

  (f) Prospectus constituting part of the Registration Statement on Form
      S-3 (No. 33-36413) with respect to Cyprus Amax Minerals Company Savings
      Plan and Trust.

  (g) Prospectus constituting part of the Registration Statement on Form S-3
      (No. 33-54097), as amended, with respect to Cyprus Amax Minerals Company
      and Cyprus Amax Finance Corporation.

  (h) Prospectus constituting part of the Registration Statement on Form
      S-3 (No. 33-54097) with respect to Cyprus Amax Minerals Company $250
      million 7 percent Notes due May 15, 2007.

  (i) Prospectus constituting part of the Registration Statement on Form
      S-3 (No. 33-62145) with respect to Cyprus Amax Minerals Company and
      Cyprus Amax Finance Corporation $600 million Shelf Registration.

We are also aware of our responsibilities under the Securities Act of 1933.

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Yours very truly,



Price Waterhouse LLP

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