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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 3

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting
Person* (Last, First, Middle)		 2. Date of Event Requiring Statement
(Month/Day/Year)		 3. I.R.S. Identification Number of Reporting
Person, if an entity (voluntary)
  Thompson, Jack E.
  January 2, 2003
 
  c/o Phelps Dodge Corporation
One North Central Avenue
(Street)
 4. Issuer Name and Ticker or Trading Symbol 5. Relationship of Reporting Person(s) to Issuer
(Check All Applicable)
    Phelps Dodge Corporation (PD)
  x  Director
o  10% Owner		 o  Officer (give title below)
o  Other (specify below)
  Phoenix, AZ 85004
(City)         (State)        (Zip)
 6. If Amendment, Date of Original
(Month/Day/Year)		  
   
7. Individual or Joint/Group Filing
(Check Applicable Line)
                x  Form filed by One Reporting Person
o  Form filed by More than One Reporting Person
*   If the form is filed by more than one reporting person, see Instruction 5(b)(v).
 
Reminder:   Report on a separate line for each class of securities beneficially owned directly or indirectly.

 

 
Table I — Non-Derivative Securities Beneficially Owned
1. Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
  Common Shares     2,000     (D)  
           
           
           
           
           
           

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Table II — Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of
Derivative
Security
(Instr. 4)		 2. Date Exercisable and
Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities
Underlying Derivative Security
(Instr. 4)		 4. Conversion or
Exercise Price
of Derivative
Security		 5. Ownership Form of
Derivative Security:
Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
      Date
Exer-
cisable		 Expi-
ration
Date		  
Title		 Amount
or
Number
of Shares		            
         
         
         
         
         
         
         

Explanation of Responses:

Mr. Thompson was elected a director on December 4, 2002, effective January 2, 2003. On December 6, 2002, Mr. Thompson purchased 2,000 common shares on the open market at $30.26 per share in satisfaction of the minimum number of shares required to be owned by a Phelps Dodge Director pursuant to the Phelps Dodge Board Governance Guidelines.

/s/ J.Dale Brunk, attorney-in-fact for Jack E. Thompson   01/08/03
**Signature of Reporting Person		  
Date

 
**   Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
 

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