Exhibit 23


                     Consent of Independent Accountants

We  hereby consent  to  the  incorporation by  reference  in the  Prospectus
constituting part of the Registration  Statements on Form S-3 (No. 33-44380)
and on  Form S-8 (Nos.  33-26442, 33-6141, 33-26443, 33-29144,  33-19012, 2-
67317, 33-34363, 33-34362 and 33-62486) of our report dated January 24, 1994
appearing on page 54 of Phelps Dodge Corporation's Annual Report on Form 10-
K  for  the  year  ended  December  31,  1993.    We  also  consent  to  the
incorporation  by  reference  of  our  report  on  the  Financial  Statement
Schedules, which appears on page 52 of such Annual Report on Form 10-K.



PRICE WATERHOUSE

Phoenix, Arizona
March 18, 1994