EXHIBIT 15

November 13, 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 
November 13, 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 
September 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,

/s/ PRICE WATERHOUSE LLP

Price Waterhouse LLP