Exhibit 15



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

Ladies and Gentlemen:

We are aware  that our  report  dated  July 12,  1999 on our  review of  interim
financial  information of Phelps Dodge Corporation for the period ended June 30,
1999 and  included in the  Corporation's  quarterly  report on Form 10-Q for the
quarter then ended is incorporated  by reference 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).

Yours very truly,



PricewaterhouseCoopers LLP
Phoenix, Arizona
August 12, 1999