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                                                                      Exhibit 23

                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the Registration
Statement and Post-Effective Amendment No. 1 on Form S-3 (Nos. 333-43890,
33-44380 and 333-36415), the 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 the Post-Effective Amendment No. 4 on Form S-8 to
the Registration Statement on Form S-4 (No. 333-86061) of Phelps Dodge
Corporation of our reports dated January 24, 2001, relating to the consolidated
financial statements and the financial statement schedule, which appear in this
Form 10-K.

PricewaterhouseCoopers LLP

Phoenix, Arizona
March 8, 2001