EXHIBIT 15

                       TO CYPRUS AMAX MINERALS COMPANY'S
                         QUARTERLY REPORT ON FORM 10-Q
                    FOR THE QUARTER ENDED SEPTEMBER 30, 1996

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                                  EXHIBIT 15

November 13, 1996

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, 1996, (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, 1996, which is incorporated in the following:
 
     (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 the 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.

Yours very truly,



Price Waterhouse LLP

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