<PAGE>   1
                                                                      Exhibit 24

                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   2
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                       /s/Robert N. Burt
                                                       -----------------------
                                                          Robert N. Burt







                                       2
<PAGE>   3
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   4
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                        /s/Paul W. Douglas
                                                       -----------------------
                                                           Paul W. Douglas







                                       2
<PAGE>   5
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   6
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                     /s/William A. Franke
                                                     -------------------------
                                                        William A. Franke








                                       2
<PAGE>   7
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   8
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                      /s/Paul Hazen
                                                      ------------------------
                                                         Paul Hazen








                                       2
<PAGE>   9
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in her name and on her behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   10
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                     /s/Marie L. Knowles
                                                     -------------------------
                                                        Marie L. Knowles








                                       2
<PAGE>   11
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   12
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                       /s/Robert D. Krebs
                                                       ------------------------
                                                          Robert D. Krebs








                                       2
<PAGE>   13
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   14
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                   /s/Southwood J. Morcott
                                                   ---------------------------
                                                     Southwood J. Morcott








                                       2
<PAGE>   15
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   16
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 2nd day of September, 1997.


                                                  /s/Gordon R. Parker
                                                  ----------------------------
                                                     Gordon R. Parker








                                       2
<PAGE>   17
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director of Phelps Dodge Corporation, a New
York corporation (the "Corporation"), does hereby constitute and appoint Thomas
M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert C. Swan, and each of
them, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, to execute and deliver in his name and on his behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of 


<PAGE>   18
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                      /s/J. Steven Whisler
                                                      ------------------------
                                                      J. Steven Whisler






                                       2
<PAGE>   19
                            PHELPS DODGE CORPORATION

                                POWER OF ATTORNEY


                  The undersigned, a Director and Officer of Phelps Dodge
Corporation, a New York corporation (the "Corporation"), does hereby constitute
and appoint Thomas M. St. Clair, Thomas M. Foster, Scott A. Crozier and Robert
C. Swan, and each of them, as his true and lawful attorneys-in-fact and agents,
with full power of substitution, to execute and deliver in his name and on his
behalf:

                  (a) one or more Registration Statements of the Corporation on
         an appropriate form proposed to be filed with the Securities and
         Exchange Commission ("SEC") for the purpose of registering under the
         Securities Act of 1933, as amended (the "Securities Act"), up to U.S.
         $500,000,000 (or the equivalent of U.S. $500,000,000, based on the
         applicable exchange rate at the time of issue, in such foreign currency
         or composite currencies as shall be designated by the Corporation) in
         aggregate principal amount of debt securities of the Corporation or
         such greater amount, if any such debt securities are issued at an
         original issue discount, as shall result in aggregate proceeds of U.S.
         $500,000,000 to the Corporation (the "Securities"), such Securities to
         be issued from time to time on terms to be established in each case by
         or pursuant to a resolution of the Board of Directors of the
         Corporation or Executive Committee thereof; and

                  (b) any and all supplements and amendments (including, without
         limitation, post-effective amendments) to such or any other
         Registration Statements of the Corporation;

and any and all other documents and instruments in connection with the issuance
of the Securities which such attorneys-in-fact and agents, or any one of them,
deem necessary or advisable to enable the Corporation to comply with (a) the
Securities Act and the other federal securities laws of the United States of
America and the rules, regulations and requirements of the SEC in respect of any
thereof, (b) the securities or Blue Sky laws of any state or other governmental
subdivision of the United States of America and (c) the securities laws of
Canada, Mexico and any other foreign jurisdiction; and the undersigned does
hereby ratify and confirm as his own acts and deeds all that such
attorneys-in-fact and agents, and each of them shall do or cause to be done by
virtue hereof.  Each one of


<PAGE>   20
such attorneys-in-fact and agents shall have, and may exercise, all of the 
powers hereby conferred.

                  IN WITNESS OF, the undersigned has hereunto subscribed this
power of attorney this 3rd day of September, 1997.


                                                /s/Douglas C. Yearley
                                                   ---------------------------
                                                   Douglas C. Yearley










                                       2