<ARTICLE>                     5
<LEGEND>
                THIS SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION  EXTRACTED
                FROM THE  CONSOLIDATED  BALANCE  SHEET AT SEPTEMBER 30, 1996 AND
                THE RELATED CONSOLIDATED  STATEMENTS OF INCOME AND OF CASH FLOWS
                FOR THE NINE MONTHS  ENDED  SEPTEMBER  30, 1996 OF PHELPS  DODGE
                CORPORATION  AND  ITS  SUBSIDIARIES  AND  IS  QUALIFIED  IN  ITS
                ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

</LEGEND>
<MULTIPLIER>    1,000
<CURRENCY>      U.S. DOLLARS
       
                      
<PERIOD-TYPE>            9-MOS
<FISCAL-YEAR-END>                                   DEC-31-1996
<PERIOD-START>                                      JAN-01-1996
<PERIOD-END>                                        SEP-30-1996
<EXCHANGE-RATE>                                               1
<CASH>                                                  567,700
<SECURITIES>                                                  0
<RECEIVABLES>                                           445,400
<ALLOWANCES>                                                  0
<INVENTORY>                                             282,100
<CURRENT-ASSETS>                                      1,477,200
<PP&E>                                                2,917,500
<DEPRECIATION>                                                0
<TOTAL-ASSETS>                                        4,777,200
<CURRENT-LIABILITIES>                                   650,500
<BONDS>                                                 600,700
<PREFERRED-MANDATORY>                                         0
<PREFERRED>                                                   0
<COMMON>                                                406,500
<OTHER-SE>                                            2,297,400
<TOTAL-LIABILITY-AND-EQUITY>                          4,777,200
<SALES>                                               2,816,000
<TOTAL-REVENUES>                                      2,816,000
<CGS>                                                 1,924,800
<TOTAL-COSTS>                                         1,924,800
<OTHER-EXPENSES>                                        276,900
<LOSS-PROVISION>                                              0
<INTEREST-EXPENSE>                                       44,000
<INCOME-PRETAX>                                         536,600
<INCOME-TAX>                                            174,400
<INCOME-CONTINUING>                                     359,600
<DISCONTINUED>                                                0
<EXTRAORDINARY>                                               0
<CHANGES>                                                     0
<NET-INCOME>                                            359,600
<EPS-PRIMARY>                                              5.40
<EPS-DILUTED>                                              5.40