Exhibit 15




November 11, 1997



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


Ladies and Gentlemen:

We are aware that Phelps Dodge  Corporation  has  incorporated  by reference our
report dated October 9, 1997 (issued  pursuant to the provisions of Statement on
Auditing  Standards  No.  71)  in  the  Prospectus   constituting  part  of  its
Registration  Statements  and  post-effective  amendment No. 1 on Form S-3 (Nos.
33-44380,  333-36415) and Form S-8 (Nos. 33-26442, 33-6141, 33-26443,  33-29144,
33-19012,  2-67317,  33-34363,  33-34362 and 33-62648). We are also aware of our
responsibilities under the Securities Act of 1933.


Yours very truly,




Price Waterhouse LLP
Phoenix, Arizona