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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 6FJbq+nWgszJ232rX3p4ow==

<SEC-DOCUMENT>0001209191-03-029686.txt : 20031112
<SEC-HEADER>0001209191-03-029686.hdr.sgml : 20031111
<ACCEPTANCE-DATETIME>20031112062019
ACCESSION NUMBER:		0001209191-03-029686
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031107
FILED AS OF DATE:		20031112

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:		03990266

	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_bpx12arm4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-11-07</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>2003-11-07</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>5666</value></transactionShares><transactionPricePerShare><value>34.6700</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>17567</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>COMMON SHARES</value></securityTitle><transactionDate><value>2003-11-07</value></
transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>5666</value></transactionShares><transactionPricePerShare><value>62.6576</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>11901</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>COMMON SHARES</value></securityTitle><transactionDate><value>2003-11-10</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>I</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId 
id="F3" /></transactionCoding><transactionAmounts><transactionShares><value>1584</value></transactionShares><transactionPricePerShare><value>63.0945</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>13485</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>2003-11-07</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding
><transactionAmounts><transactionShares><value>5666</value></transactionShares><transactionPricePerShare><value>34.6700</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2002-12-05</value></exerciseDate><expirationDate><value>2012-12-05</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>COMMON SHARES</value></underlyingSecurityTitle><underlyingSecurityShares><value>5666</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>146234</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Exercise of employee stock options pursuant to the 1998 Phelps Dodge Corporation Stock Option and Restricted Stock Plan, and include the right to u
se shares for federal and state withholding taxes.</footnote><footnote id="F2">Same day sale of shares exercised pursuant to the 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plan, and include the rights to use shares for federal and state withholding taxes.</footnote><footnote id="F3">Includes 1,584.3750 acquired in an intra-fund transfer in the Phelps Dodge Employee Savings Plan. </footnote></footnotes><ownerSignature><signatureName> / s / J. Dale Brunk, Attorney-in-fact for Arthur R. Miele</signatureName><signatureDate>2003-11-11</signatureDate></ownerSignature></ownershipDocument>

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