-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OnCucD21z7bJOaqCdfQrLqNIUuZLAOgsuZZDnwY9QJDiR2YN7ZkCpC3skOGtOB1D
 ZaLLcgMtuyJ9fecVGMjfLw==

<SEC-DOCUMENT>0001209191-03-028798.txt : 20031105
<SEC-HEADER>0001209191-03-028798.hdr.sgml : 20031105
<ACCEPTANCE-DATETIME>20031105170303
ACCESSION NUMBER:		0001209191-03-028798
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031103
FILED AS OF DATE:		20031105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MIELE ARTHUR R
		CENTRAL INDEX KEY:			0001192043

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00082
		FILM NUMBER:		03980087

	MAIL ADDRESS:	
		STREET 1:		511 ARROYO SQ
		CITY:			SOUTH PASADENA
		STATE:			CA
		ZIP:			91030

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHELPS DODGE CORP
		CENTRAL INDEX KEY:			0000078066
		STANDARD INDUSTRIAL CLASSIFICATION:	PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330]
		IRS NUMBER:				131808503
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE NORTH CENTRAL AVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-3089
		BUSINESS PHONE:		6022348100

	MAIL ADDRESS:	
		STREET 1:		ONE NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-3089
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bpx68429_bpx3arm4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-11-03</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000078066</issuerCik><issuerName>PHELPS DODGE CORP</issuerName>        <issuerTradingSymbol>PD</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001192043</rptOwnerCik><rptOwnerName>MIELE ARTHUR R</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>C/O PHELPS DODGE CORPORATION</rptOwnerStreet1><rptOwnerStreet2>ONE NORTH CENTRAL AVENUE</rptOwnerStreet2><rptOwnerCity>PHOENIX</rptOwnerCity><rptOwnerState>AZ</rptOwnerState><rptOwnerZipCode>85004</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Senior VP, Marketing</officerTitle></reportingOwnerRelationsh
ip></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>4000</value></transactionShares><transactionPricePerShare><value>44.1875</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>4000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></t
ransactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>2802</value></transactionShares><transactionPricePerShare><value>62.2042</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1198</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id
="F1" /></transactionCoding><transactionAmounts><transactionShares><value>7500</value></transactionShares><transactionPricePerShare><value>44.1875</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>7500</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>7500</value></transactionShares><transactionPricePerShare><value>62.2042</value></transactionPri
cePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>11901</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Options/Rights to Purchase</value></securityTitle><conversionOrExercisePrice><value>34.6700</value></conversionOrExercisePrice><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>4000</value></transactionShares><transactionPricePerShare><value>34.6700</value></transactionPricePerShare><transactionAcquir
edDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2002-12-05</value></exerciseDate><expirationDate><value>2011-12-05</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>4000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>4000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Employee Stock Options/Rights to Purchase</value></securityTitle><conversionOrExercisePrice><value>44.1875</value></conversionOrExercisePrice><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0<
/equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>7500</value></transactionShares><transactionPricePerShare><value>44.1875</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1994-11-30</value></exerciseDate><expirationDate><value>2003-11-30</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>7500</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>7500</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporatio
n Stock Option and Restricted Stock Plans, and include the right to use shares for federal and state withholding taxes.</footnote><footnote id="F2">Same day sale of shares exercised pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the rights to use shares for federal and state withholding taxes.</footnote></footnotes><ownerSignature><signatureName> / s / J. Dale Brunk, Attorney-in-fact for Arthur R. Miele</signatureName><signatureDate>2003-11-05</signatureDate></ownerSignature></ownershipDocument>

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</SEC-DOCUMENT>
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