**PHELPS DODGE CORPORATION AND CONSOLIDATED SUBSIDIARIES**
Exhibit 21         **LIST OF SUBSIDIARIES AND INVESTMENTS AS OF DECEMBER 31, 2003**                   Registrant's      percent of  State/Country of voting  Incorporation powerPhelps Dodge Corporation NY, USA  100.0 Ajo Improvement Company AZ, USA  100.0 Alambres y Cables de Panama, S.A. Panama  78.1 Alambres y Cables Venezolanos, C.A. Venezuela  100.0 Arizona Community Investment Corporation AZ, USA  100.0 Cables Electricos Ecuatorianos, C.A. Ecuador  67.1 Cahosa, S.A. Panama  78.1 Chino Acquisition Inc. DE, USA  100.0 Cobre Cerrillos S.A. Chile  90.0 Columbian Chemicals Company DE, USA  100.0 Capital Gestao de Negocios Ltda. Brazil  100.0 Columbian International Chemicals Corporation DE, USA  100.0 Columbian Carbon International (France) S.A. France  100.0 Columbian Carbon Spain, S.A. Spain  100.0 Columbian Chemicals Brasil, S.A. Brazil  100.0 Columbian Chemicals Canada Ltd. Canada  100.0 Columbian Carbon Deutschland G.M.B.H. Germany  100.0 Columbian Chemicals Europa GMBH Germany  100.0 Columbian Chemicals Korea Co., Ltd. Korea  85.0 Columbian Chemicals Philippines Distribution Co., Inc. Philippines  100.0 Columbian Holding Company DE, USA  98.0 Columbian Carbon Europa S.R.L. Italy  100.0 Columbian Tiszai Carbon Ltd. Hungary  100.0 Columbian (U.K.) Limited United Kingdom  100.0 Sevalco Limited United Kingdom  100.0 Columbian Carbon Japan Ltd. Japan  68.0 Columbian International Trading Company DE, USA  100.0 Columbian Technology Company DE, USA  100.0 CONDUCEN, S.A. Costa Rica  78.8 Cyprus Amax Minerals Company DE, USA  100.0 Amax Arizona, Inc. NV, USA  100.0 Amax Canada Development Limited Canada  100.0 Amax de Chile, Inc. DE, USA  100.0 Amax Energy Inc. DE, USA  100.0 Amax Zinc (Newfoundland) Limited DE, USA  100.0 Amax Exploration (Ireland), Inc. DE, USA  100.0 Amax Exploration, Inc. DE, USA  100.0 Amax Metals Recovery, Inc. DE, USA  100.0 Amax Nickel Overseas Ventures, Inc. DE, USA  100.0 Amax Realty Development, Inc. DE, USA  100.0 Amax Research & Development, Inc. DE, USA  100.0 Amax Specialty Coppers Corporation DE, USA  100.0 
 

 

**PHELPS DODGE CORPORATION AND CONSOLIDATED SUBSIDIARIES**
Exhibit 21         **LIST OF SUBSIDIARIES AND INVESTMENTS AS OF DECEMBER 31, 2003**                   Registrant's      percent of  State/Country of voting  Incorporation powerAmax Specialty Metals (Canada) Limited Canada  100.0 Ametalco (Toronto) Limited Canada  100.0 Ametalco (Vancouver) Limited Canada  100.0 Amax Specialty Metals (Driver), Inc. DE, USA  100.0 American Metal Climax, Inc. DE, USA  100.0 Ametalco, Inc. NY, USA  100.0 Ametalco Limited England  100.0 Climax Molybdenum U.K. Limited England  100.0 Cyprus Metals Company DE, USA  100.0 Cyprus Climax Metals Company DE, USA  100.0 Climax Molybdenum Company DE, USA  100.0 Climax Molybdenum GmbH Germany  100.0 Copper Market, Inc. AZ, USA  100.0 Cyprus El Abra Corporation DE, USA  100.0 Sociedad Contractual Minera El Abra Chile  51.0 Cyprus Tohono Corporation DE, USA  100.0 Mt. Emmons Mining Company DE, USA  100.0 Silver Springs Ranch, Inc. CO, USA  100.0 Phelps Dodge Bagdad, Inc. DE, USA  100.0 Phelps Dodge Chicago Rod, Inc. DE, USA  100.0 Phelps Dodge Miami, Inc. DE, USA  100.0 Phelps Dodge Sierrita, Inc. DE, USA  100.0 Sociedad Minera Cerro Verde S.A. Peru  82.5 Cyprus Exploration and Development Corporation DE, USA  100.0 Cyprus Minera de Chile, Inc. DE, USA  100.0 Cyprus Specialty Metals Company DE, USA  100.0 Climax Canada Ltd. DE, USA  100.0 Cyprus Amax Chile Holdings, Inc. DE, USA  100.0 Minera Cyprus Amax Chile Limitada Chile  100.0 Minera Cyprus Chile Limitada Chile  100.0 Cyprus Amax Finance Corporation DE, USA  100.0 Cyprus Mines Corporation DE, USA  100.0 Climax Molybdenum Asia Corporation DE, USA  100.0 Cyprus Amax Leasing Corporation DE, USA  100.0 Dodge & James Insurance Company, Ltd. Bermuda  100.0 Electroconductores de Honduras, S.A. de C.V. Honduras  60.5 Habirshaw Cable and Wire Corporation NY, USA  100.0 James Douglas Insurance Company, Ltd. Bermuda  100.0 PD Candelaria, Inc. DE, USA  100.0 Compañía Contractual Minera Candelaria Chile  80.0 Proper Equipment Co. Cayman Islands  80.0 PD Cobre, Inc. DE, USA  100.0 PD Ojos del Salado, Inc. DE, USA  100.0 
 

 

**PHELPS DODGE CORPORATION AND CONSOLIDATED SUBSIDIARIES**
Exhibit 21         **LIST OF SUBSIDIARIES AND INVESTMENTS AS OF DECEMBER 31, 2003**                   Registrant’s      percent of  State/Country of voting  Incorporation powerPhelps Dodge Africa Cable Corporation DE, USA  100.0 Metals Fabricators of Zambia Limited Zambia  51.0 Phelps DodgeBrasil Ltda. Brazil  100.0 Phelps Dodge Chino, Inc. DE, USA  100.0 Chino MinesCompany (a) NM, USA  66.7 Phelps Dodge Corporation of Canada, Limited DE, USA  100.0 Phelps Dodge Development Corporation DE, USA  100.0 Phelps Dodge Dublin Ireland  100.0 Phelps Dodge Energy Services, LLC DE, USA  100.0 Phelps Dodge Exploration Corporation DE, USA  100.0 PDSMMSichuan L.P. Cayman Islands  54.5 Phelps Dodge Hidalgo, Inc. DE, USA  100.0 Phelps Dodge High Performance Conductors of SC and GA, Inc. NY, USA  100.0 Phelps Dodge High Performance Conductors Japan Co., Ltd. Japan  100.0 Phelps Dodge Industries, Inc. DE, USA  100.0 PD Receivables LLC DE, USA  100.0 Phelps Dodge International Corporation DE, USA  100.0 PD Wire & Cable Sales Corporation DE, USA  100.0 Phelps Dodge Magnet Wire GmbH Austria  100.0 Phelps Dodge Mercantile Company NY, USA  100.0 Phelps Dodge Mining Services, Inc. DE, USA  100.0 Phelps Dodge Molybdenum Corporation DE, USA  100.0 Phelps Dodge Morenci, Inc. DE, USA  100.0 Phelps Dodge Overseas Capital Corporation DE, USA  100.0 Phelps Dodge Refining Corporation NY, USA  100.0 Phelps Dodge Safford, Inc. DE, USA  100.0 Phelps Dodge Sales Company, Incorporated DE, USA  100.0 Phelps Dodge Suzhou Holdings, Inc. Cayman Islands  100.0 Phelps Dodge Magnet Wire (Suzhou) Company, Ltd. China  100.0 Phelps Dodge Thailand Limited Thailand  75.5 Phelps Dodge Wire and Cable Holding de Mexico, SA de CV Mexico  100.0 Savanna Development Co., Ltd. DE, USA  100.0 Soner, Inc. NJ, USA  100.0 Phelps Dodge High Performance Conductors of NJ, Inc. NJ, USA  100.0 The Morenci Water & Electric Company AZ, USA  100.0 PDM Energy, L.L.C. AZ, USA  100.0 Tyrone Mining, LLC NM, USA  100.0 Phelps Dodge Tyrone, Inc. DE, USA  100.0 
 

 
**PHELPS DODGE CORPORATION AND CONSOLIDATEDSUBSIDIARIES**
 Exhibit 21
          **LIST OF SUBSIDIARIES AND INVESTMENTS AS OF DECEMBER 31, 2003**                   Registrant's      percent of  State/Country of voting  Incorporation power**Investments carried on an equity basis:**        Apache Nitrogen Products, Inc. NJ, USA  49.2 Port Carteret NJ, USA  50.0 Copreco, L.L.C. AZ, USA  50.0 Colada Continua Chilena, S.A. Chile  41.0 Keystone Electric Wire and Cable Company Limited Hong Kong  20.0 PDTL Trading Company Limited Thailand  49.0 Phelps Dodge Philippines, Inc. Philippines  40.0  Summarized financial information is provided for these and other companies (refer to Note 4 to the ConsolidatedFinancial Statements of the Corporation contained in this Form 10-K) pursuant to Article 3 - General Instructionsas to Financial Statements. Omitted from this listing are subsidiaries that, considered in the aggregate as a single subsidiary, would notconstitute a significant subsidiary.
(a) 33.3% owned by ChinoAcquisition Inc.