Exhibit 23

                       CONSENT OF INDEPENDENT ACCOUNTANTS


We  hereby  consent  to the  incorporation  by  reference  in  the  Registration
Statement on Form S-8 (No.  33-26442) of Phelps Dodge  Corporation of our report
dated June 21, 2001  relating to the  financial  statements  of the Phelps Dodge
Employee Savings Plan, which appears in this Form 11-K.


/s/ PricewaterhouseCoopers LLP

Phoenix, Arizona
June 28, 2001