<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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 19th day of December, 2001.






                                                /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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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, 2001.






                                                /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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 17th day of December, 2001.






                                                /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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 18th day of December, 2001.






                                                /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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 18th day of December, 2001.






                                                /s/ Paul Hazen
                                          ------------------------------------
                                          Paul Hazen
<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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 20th day of December, 2001.






                                                /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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 19th day of December, 2001.






                                                /s/ Southwood J. Morcott
                                          ------------------------------------
                                          Southwood J. Morcott
<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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 17th day of December, 2001.






                                                /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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 17th day of December, 2001.






                                                /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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 19th day of December, 2001.






                                                /s/ Manuel J. Iraola
                                          ------------------------------------
                                          Manuel J. Iraola
<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, 2001 of Phelps Dodge Corporation
on Form 10-K

            (1)   to sign the Annual Report for the fiscal year ended December
      31, 2001 of Phelps Dodge Corporation on Form 10-K ("2001 Form 10-K") to be
      filed under the Securities Exchange Act of 1934, as amended, and any and
      all amendments to such 2001 Form 10-K;

            (2)   to file such 2001 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 2001 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 19th day of December, 2001.






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