EXHIBIT 15

November 12, 2002


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

Commissioners:

We are aware that our report dated October 25, 2002 on our review of interim
financial information of Phelps Dodge Corporation (the "Corporation") as of and
for the period ended September 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