EXHIBIT 15

May 14, 2002



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

Commissioners:

We are aware that our report dated April 19, 2002 on our review of interim
financial information of Phelps Dodge Corporation (the "Corporation") for the
period ended March 31, 2002 and included in the Corporation's quarterly report
on Form 10-Q for the quarter then ended is incorporated by reference in its
Registration Statement on Form S-3 (No. 333-67606), Registration Statement and
Post-Effective Amendment No. 1 on Form S-3 (Nos. 333-67606, 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,


/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP