Exhibit 15



PRICEWATERHOUSECOOPERS LLP



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 July 13, 1998 (issued  pursuant to the  provisions of Statements on
Auditing  Standards  No.  71)  in  the  Prospectus   constituting  part  of  its
Registration  Statement  and  Post-Effective  Amendment  No. 1 on Form S-3 (Nos.
33-44380 and  333-36415)  and in the  Registration  Statements on Form S-8 (Nos.
33-26442, 33-6141, 33-26443,  33-29144,  33-19012, 2-67317, 33-34363,  33-34362,
33-62648,  333-42231 and 333-52175).  We are also aware of our  responsibilities
under the Securities Act of 1933.


Yours very truly,




PricewaterhouseCoopers LLP
Phoenix, Arizona
August 11, 1998