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  October 11, 1999,  except as to Note 9,
which is as of October 18, 1999, on our review of interim financial  information
of Phelps Dodge Corporation for the period ended September 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).


Your very truly,

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Phoenix, Arizona
November 11, 1999