EXHIBIT 15

August 11, 1995

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

We are aware that Cyprus Amax Minerals Company has included our report dated
August 11, 1995, (issued pursuant to the provisions of Statement 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 June 30,
1995, which is incorporated 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-3 (No. 33-36413) with respect to
             the Cyprus Amax Minerals Company Savings Plan and Trust.

         (e) 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.

         (f) Registration Statement on Form S-3 (No. 33-54097), as amended,
             with respect to Cyprus Amax Minerals Company and Cyprus Amax
             Finance Corporation.

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

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

Yours very truly,


Price Waterhouse LLP