<TABLE> <S> <C>

<ARTICLE>                     5
<LEGEND>        
THIS  SCHEDULE  CONTAINS  SUMMARY  FINANCIAL   INFORMATION  EXTRACTED  FROM  THE
CONSOLIDATED  BALANCE SHEET AT SEPTEMBER  30, 1997 AND THE RELATED  CONSOLIDATED
STATEMENTS  OF INCOME AND OF CASH FLOWS FOR THE NINE MONTHS ENDED  SEPTEMBER 30,
1997 OF PHELPS  DODGE  CORPORATION  AND ITS  SUBSIDIARIES  (THE  "COMPANY"),  AS
RESTATED  PURSUANT TO  STATEMENT  OF  FINANCIAL  ACCOUNTING  STANDARDS  NO. 128,
EARNINGS PER SHARE ("SFAS NO. 128").  THIS SCHEDULE IS QUALIFIED IN ITS ENTIRETY
BY  REFERENCE TO SUCH  FINANCIAL  STATEMENTS.  THIS EXHIBIT  SHALL NOT BE DEEMED
FILED FOR THE PURPOSE OF SECTION 11 OF THE SECURITIES ACT OF 1933 AND SECTION 18
OF THE SECURITIES EXCHANGE ACT OF 1934, OR OTHERWISE SUBJECT TO THE LIABILITY OF
SUCH  SECTIONS,  NOR  SHALL  IT BE  DEEMED  A PART  OF ANY  OTHER  FILING  WHICH
INCORPORATES  THIS  REPORT BY  REFERENCE,  UNLESS  SUCH OTHER  FILING  EXPRESSLY
INCORPORATES THIS EXHIBIT BY REFERENCE.
</LEGEND>
<RESTATED>
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. DOLLARS
       
<S>                           <C>
<PERIOD-TYPE>                 9-MOS
<FISCAL-YEAR-END>                                    DEC-31-1997
<PERIOD-START>                                       JAN-01-1997
<PERIOD-END>                                         SEP-30-1997
<EXCHANGE-RATE>                                      1
<CASH>                                               252,800
<SECURITIES>                                         0
<RECEIVABLES>                                        486,400
<ALLOWANCES>                                         0
<INVENTORY>                                          308,400
<CURRENT-ASSETS>                                     1,222,400
<PP&E>                                               3,242,600
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                       4,892,000
<CURRENT-LIABILITIES>                                852,600
<BONDS>                                              611,300
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             371,400
<OTHER-SE>                                           2,201,700
<TOTAL-LIABILITY-AND-EQUITY>                         4,892,000
<SALES>                                              3,048,400
<TOTAL-REVENUES>                                     3,048,400
<CGS>                                                2,102,900
<TOTAL-COSTS>                                        2,102,900
<OTHER-EXPENSES>                                     296,600
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   42,100
<INCOME-PRETAX>                                      536,700
<INCOME-TAX>                                         166,300
<INCOME-CONTINUING>                                  376,500
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         376,500
<EPS-PRIMARY>                                        6.07
<EPS-DILUTED>                                        6.02
        

</TABLE>