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                                                                      EXHIBIT 15


May 8, 2001




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

Commissioners:

We are aware that our report dated April 23, 2001 on our review of interim
financial information of Phelps Dodge Corporation (the "Corporation") as of and
for the period ended March 31, 2001 and included in the Corporation's quarterly
report on Form 10-Q for the quarter then ended is incorporated by reference in
its Registration Statements and Post-Effective Amendment No. 1 on Form S-3 (Nos.
333-43890, 33-44380 and 333-36415), 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), and Post-Effective Amendment No. 4 on Form
S-8 to the Registration Statement on Form S-4 (No. 333-86061).

Very truly yours,




PricewaterhouseCoopers LLP