<PAGE>

                                                                      Exhibit 24

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 23rd day of December, 2004.

                                                            /s/ Archie W. Dunham
                                                          ______________________
                                                          Archie W. Dunham

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 27th day of December, 2004.

                                                            /s/ Robert N. Burt
                                                          ______________________
                                                          Robert N. Burt

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
her true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for her and in her name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or her substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 30th day of December, 2004.

                                                            /s/ Marie L. Knowles
                                                          ______________________
                                                          Marie L. Knowles

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 23rd day of December, 2004.

                                                           /s/ William A. Franke
                                                         _______________________
                                                         William A. Franke

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 24th day of December, 2004.

                                                           /s/ Robert D. Johnson
                                                         _______________________
                                                         Robert D. Johnson

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 28th day of December, 2004.

                                                             /s/ Robert D. Krebs
                                                           _____________________
                                                           Robert D. Krebs

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 23rd day of December, 2004.

                                                            /s/ Gordon R. Parker
                                                          ______________________
                                                          Gordon R. Parker

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 24th day of December, 2004.

                                                             /s/ William J. Post
                                                           _____________________
                                                           William J. Post

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 26th day of December, 2004.

                                                              /s/ Jon C. Madonna
                                                            ____________________
                                                            Jon C. Madonna

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints J. Steven Whisler, Ramiro G. Peru and S. David Colton and each of them
his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 23rd day of December, 2004.

                                                            /s/ Jack E. Thompson
                                                          ______________________
                                                          Jack E. Thompson

<PAGE>

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints Ramiro G. Peru and S. David Colton and each of them his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities:

Annual Report For the Year Ended December 31, 2004 of Phelps Dodge Corporation
on Form 10-K

            (1) to sign the Annual Report for the fiscal year ended December 31,
      2004 of Phelps Dodge Corporation on Form 10-K ("2004 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2004 Form 10-K;

            (2) to file such 2004 Form 10-K (and any and all such amendments)
      with all exhibits thereto, and other documents in connection therewith,
      with the Securities and Exchange Commission; and

            (3) to take such other action as may be deemed necessary or
      appropriate in connection with such 2004 Form 10-K;

as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents of any of
them, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

            IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney this 27th day of December, 2004.

                                                           /s/ J. Steven Whisler
                                                         _______________________
                                                         J. Steven Whisler