EXHIBIT 15



August 13, 2002




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

Commissioners:

We are aware that our report dated July 22, 2002 on our review of interim
financial information of Phelps Dodge Corporation (the "Corporation") as of and
for the period ended June 30, 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