Exhibit 24


                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 8th day of January, 1998.


                                              Robert N. Burt
                                              ------------------------------
                                              Robert N. Burt
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 10th day of January, 1998.


                                              Paul W. Douglas
                                              ------------------------------
                                              Paul W. Douglas
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 8th day of January, 1998.


                                              William A. Franke
                                              ------------------------------
                                              William A. Franke
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 10th day of January, 1998.


                                              Paul Hazen
                                              ------------------------------
                                              Paul Hazen
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 8th day of January, 1998.


                                              Manuel J. Iraola
                                              ------------------------------
                                              Manuel J. Iraola
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 8th day of January, 1998.


                                              Marie L. Knowles
                                              ------------------------------
                                              Marie L. Knowles
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 12th day of January, 1998.


                                              Robert D. Krebs
                                              ------------------------------
                                              Robert D. Krebs
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 8th day of January, 1998.


                                              Southwood J. Morcott
                                              ------------------------------
                                              Southwood J. Morcott
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 January, 1998.


                                              Gordon R. Parker
                                              ------------------------------
                                              Gordon R. Parker
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 8th day of January, 1998.


                                              J. Steven Whisler
                                              ------------------------------
                                              J. Steven Whisler
<PAGE>
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS,  that the  undersigned  constitutes and
appoints Douglas C. Yearley,  Thomas M. St. Clair and Robert C. Swan 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, 1997 of Phelps Dodge  Corporation
on Form 10-K

                  (1) to sign  the  Annual  Report  for the  fiscal  year  ended
         December 31, 1997 of Phelps Dodge  Corporation on Form 10-K ("1997 Form
         10-K")  to be filed  under  the  Securities  Exchange  Act of 1934,  as
         amended, and any and all amendments to such 1997 Form 10-K;

                  (2) to file  such  1997  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 1997 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 8th day of January, 1998.


                                              Douglas C. Yearley
                                              ------------------------------
                                              Douglas C. Yearley