1

                                                                    Exhibit 15.1





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 this
Registration Statement on Form S-3. We are also aware that our report dated July
19, 2001 on our review of the interim financial information of the Company as of
and for the three and six month periods ended June 30, 2001 and included in the
Company's quarterly report on Form 10-Q for the quarter then ended is
incorporated by reference in this Registration Statement.


Very truly yours,


/s/:  PricewaterhouseCoopers LLP

Phoenix, Arizona
August 15, 2001