1

                                                                    Exhibit 15.1

May 24, 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 "Company") as of and for
the period ended March 31, 2001 and included in the Company's quarterly report
on Form 10-Q for the quarter then ended is incorporated by reference in the
Registration Statement on Form S-3 dated May 24, 2001.

Very truly yours,




PricewaterhouseCoopers LLP