Edgar Filing: PHELPS DODGE CORP

e11vk

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 11-K

(Mark One)


þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2004


o		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-82

PHELPS DODGE EMPLOYEE SAVINGS PLAN

PHELPS DODGE CORPORATION

One North Central Avenue
Phoenix, Arizona 85004

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Administration Committee has duly caused this Annual Report to be signed by the undersigned hereunto duly authorized.


	PHELPS DODGE EMPLOYEE SAVINGS PLAN
Date: June 27, 2005	By:	/s/David L. Pulatie
		David L. Pulatie, Chairman
		Benefits Administration Committee

Phelps Dodge Employee Savings Plan
Index
December 31, 2004 and 2003


	Page
Report of Independent Registered Public Accounting Firm		1

Statement of Net Assets Available for Benefits		2

Statement of Changes in Net Assets Available for Benefits		3

Notes to Financial Statements		4

Supplemental Information:*

1. Schedule of Assets (Held at End of Year)		10
EX-23

Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable

Report of Independent Registered Public Accounting Firm

To the Benefits Administration Committee and Participants
of the Phelps Dodge Employee Savings Plan

In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Phelps Dodge Employee Savings Plan at December 31, 2004 and 2003, and the changes in net assets available for benefits for the year ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Benefits Administration Committee (the “Committee”); our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by the Committee, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Committee. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/PricewaterhouseCoopers LLP
Phoenix, Arizona
June 22, 2005

Phelps Dodge Employee Savings Plan

Statement of Net Assets Available for Benefits

December 31, 2004 and 2003

(in thousands)


	2004		2003
Assets
Investments at fair value:
Interest in the Master Trust	$	474,517		—
Investments		140,456		541,806


Total investments		614,973		541,806


Receivables:
Employee contributions receivable		980		268
Employer contributions receivable		960		490
Employer profit sharing contribution receivable		17,826		5,234


Total receivables		19,766		5,992


Net assets available for benefits	$	634,739		547,798

The accompanying notes are an integral part of these financial statements.

- 2 -

Phelps Dodge Employee Savings Plan

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2004

(in thousands)


Additions to net assets attributed to:
Investment income:
Plan interest in Master Trust investment income
Master Trust investment income	$	33,143
Investment expenses		(127	)


Plan interest in Master Trust investment income		33,016


Net appreciation in fair value of investments:
Common stocks		23,487
Mutual funds		5,336
Common/collective funds		13


Net appreciation in fair value of investments		28,836


Dividends and interest		14,236


Net investment income		76,088


Contributions:
Participant contributions		27,906
Employer matching contributions		12,315
Employer profit sharing contribution		17,826


Total contributions		58,047


Total additions, net		134,135


Deductions from net assets attributed to:
Distributions to participants and beneficiaries		46,824
Administrative expenses		370


Total deductions		47,194


Increase in net assets		86,941

Net assets available for benefits at December 31, 2003		547,798


Net assets available for benefits at December 31, 2004	$	634,739

The accompanying notes are an integral part of these financial statements.

- 3 -

Phelps Dodge Employee Savings Plan

Notes to Financial Statements

1.		Description of Plan

		General

		The Phelps Dodge Employee Savings Plan (the Plan) is a defined contribution plan established for the benefit of eligible employees (the Participants) of Phelps Dodge Corporation (the Corporation). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). A brief description of the Plan is included in the following paragraphs. Participants should refer to the Plan document for a complete description of Plan provisions.

		Administration

		The Plan is sponsored by the Corporation and administered by the Corporation’s Benefits Administration Committee (the Committee) composed of seven employees of the Corporation who are appointed by the Corporation’s Board of Directors.

		Effective April 1, 2005, an Investment Committee was established to designate and monitor the investment vehicles available under the Plan. The Investment Committee is composed of six employees of the Corporation, as described by the Plan document.

		Effective October 1, 2004, the Corporation entered into the Master Trust Agreement for the Phelps Dodge Employee Savings Plan (the Master Trust) with JPMorgan Chase Bank to serve as the funding vehicle for the Plan. Prior to October 1, 2004, all Plan assets were held in a trust (the PD Plan Trust) pursuant to a trust agreement by and between the Corporation and JPMorgan Chase Bank. On October 1, 2004, the common/collective funds, mutual funds and the Plan’s benefit-responsive guaranteed investment contracts (GICs) were transferred from the PD Plan Trust to the Master Trust. The Master Trust is administered by JPMorgan Chase Bank (the Trustee). JPMorgan Retirement Plan Services LLC serves as the Recordkeeper of the Plan.

		Brokerage commissions, taxes and other expenses incurred in connection with the purchase and sale of securities or other property for a fund are paid by such fund. All other fees and expenses of plan administration are paid by the Master Trust (PD Plan Trust prior to October 1, 2004) unless the Corporation elects, in its sole discretion, to pay those expenses directly. The fees and expenses of the Plan primarily relate to the administration of the Plan’s GICs.

		Contributions

		All Participants are eligible to make pretax deferral contributions (Pretax Contributions), subject to certain limitations, equal to a whole percentage from 1 percent to 100 percent of their eligible earnings. Participants who have attained age 50 before the end of the applicable year may be eligible to make additional Pretax Contributions up to the annual catch-up limit, which may be eligible for a matching contribution from the Corporation (Company Matching Contribution). After-tax contributions are not permitted. The Company Matching Contribution is equal to 100 percent of the Participant’s Pretax Contributions that do not exceed 3 percent of the Participant’s eligible earnings and an additional 50 percent of the Pretax Contributions that do not exceed the next 2 percent of the Participant’s eligible earnings. Participants are eligible to make Pretax Contributions to the Plan immediately upon hire date, and those Pretax Contributions are eligible for the Company Matching Contribution. All contributions are invested in one or more of the investment vehicles available within the Plan as directed by Participants. Participants are always fully vested in their total account balances.

		A profit sharing contribution, as defined by the Plan document, for eligible employees may be made by the Corporation (Company Profit Sharing Contribution). Eligible employees generally are those Participants employed in a salaried job classification, have a year of service (1,000 hours of service) and are employed on the last day of the Plan year. However, if Participants retired, died or became disabled during the year, those Participants are still eligible to receive this contribution. A profit sharing contribution of $17,826,000 was made for 2004 and paid in 2005.

- 4 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

1.		Description of Plan (Continued)

		Investments

		Participants may direct the investment of their account balances in a variety of investment vehicles comprised of common stocks, mutual funds, common/collective funds and GICs. The Plan is intended to comply with Section 404(c) of ERISA.

		Distributions

		Participants’ interests in the Plan become distributable upon severance from employment with the Corporation, upon attaining age 59 1/2 or to their beneficiaries in the event of their death. The distribution may be made in a single lump sum or a series of substantially equal annual, quarterly or monthly cash installments beginning no earlier than age 55 and continuing over a period not to exceed 10 years, at the election of the Participant or beneficiary. Cash distributions are based upon the underlying closing price for all investments, except for the common stocks mentioned below. Distributions of investments in Phelps Dodge Common Stock, Occidental Petroleum Stock or BP Amoco Stock are based upon the actual price at which the stock is liquidated in the market three days prior to distribution. Distributions of investments in Phelps Dodge Common Stock, Occidental Petroleum Common Stock and BP Amoco Common Stock may also be made in shares.

		After-tax contributions were permitted in certain plans that transferred assets into the Plan in prior years. Participants may withdraw such after-tax contributions and earnings thereon at any time. The Plan also provides, with certain limitations, for hardship withdrawals of Pretax Contributions, Company Pre-Safe Harbor Matching Contributions and Company Profit Sharing Contributions; however, earnings on any of these contributions are ineligible for hardship withdrawal. Hardship withdrawals are not granted unless other financial resources are not reasonably available, including after-tax savings or a loan from the Plan. All withdrawals and distributions are made in accordance with rules outlined in the Plan document.

		Loans

		Participants may borrow from their account balances as provided in the Plan. Loans are repayable over a maximum of 5 years with the exception of loans for the purchase of a primary residence that may extend to 15 years. The maximum loan amount is equal to $50,000 minus the Participant’s highest outstanding loan balance during the past 12 months, limited to 50 percent of the Participant’s vested account balance. Loans bear interest at the prime rate as quoted by the Plan’s Trustee plus 2 percent. The prime rate at December 31, 2004, was 5.25 percent.

		Loans are repaid by payroll deductions and interest is credited to the Participant’s accounts. Loans are generally secured by the Participant’s account balance.

		Plan Termination

		The Plan may be amended or terminated at any time by the Corporation. No such action may cause any portion of the Plan assets to revert to the Corporation or to be used or diverted for any purpose other than for the exclusive benefit of Participants or their beneficiaries.

2.		Summary of Significant Accounting Policies

		Basis of Presentation

		The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

- 5 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

2.		Summary of Significant Accounting Policies (Continued)

		Use of Estimates

		The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for benefits during the reporting period. Actual results could differ from those estimates.

		Investment Valuation and Income Recognition

		Plan investments, other than GICs, are presented at fair value. The fair values of common stock, mutual funds and common/collective fund shares are based upon the closing market price on the valuation date. GICs are recorded at contract value and are based upon the respective face values plus accrued interest on the valuation date. Participant loans are valued at cost, which approximates fair value.

		Security transactions are recorded on a trade-date basis. Expenses paid by the Plan in connection with such transactions include brokerage commissions and taxes that are included in the cost of securities purchased and deducted from the proceeds of securities sold. Net appreciation (depreciation) in the fair value of the Plan’s investments consists of the realized gains (losses) and the unrealized appreciation (depreciation) on those investments. Dividend income is recognized on the ex-dividend date. Interest income is recognized as earned. Employer and Participant contributions are recognized on the accrual basis.

		Risks and Uncertainties

		Investments held by the Plan are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of such investments, it is at least reasonably possible that changes in risks in the near term would materially affect Participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

		Payment of Benefits

		Benefits are recorded when paid.

3.		The Master Trust

		The Master Trust refers to the Master Trust agreement with JPMorgan Chase Bank, which was effective on October 1, 2004. The Plan’s interest in the Master Trust represents the Plan’s investments in U.S. government securities, common/collective funds, mutual funds and GICs.

		The Master Trust holds investments for the Plan as well as an hourly bargained employee savings plan for one of the Corporation’s subsidiaries. At December 31, 2004, the Plan’s interest in the net assets of the Master Trust was 98.137 percent. The records for each of the plans are maintained by the Trustee based on the individual plan participant’s investment balances. Investment income (loss) is allocated to each Participant’s account on a daily basis through a valuation performed by the Recordkeeper. Administrative expenses relating to the Master Trust are allocated to the individual funds based upon each participant’s pro rata share.

- 6 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

3.		The Master Trust (Continued)

		The net assets available for benefits of the Master Trust at December 31, 2004, were as follows (in thousands):


Mutual funds	$	256,189
Common/collective funds		227,048
U.S. government securities		288


Net assets available for benefits	$	483,525

Net appreciation, and dividends and interest income of the Master Trust for the year ended December 31, 2004, were as follows (in thousands):


Investment income:
Net appreciation in fair value of investments:
Mutual funds	$	21,493
Common/collective funds		6,877
Dividends and interest		5,331


Net investment income	$	33,701

Certain of the Master Trust’s investments include GICs that are carried at contract value. The GICs are credited with earnings on the underlying investments and charged for Participant withdrawals and administration expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The contract value of the GICs within the respective funds as of December 31 was as follows:


	2004		2003*
	(in thousands)
JPMorgan Interest Income Fund	$	93,151		84,333
Moderate Investment Portfolio Fund		29,434		23,862
Aggressive Investment Portfolio Fund		10,916		8,771
Conservative Investment Portfolio Fund		10,350		8,500


	$	143,851		125,466

GICs were held by the PD Plan Trust at December 31, 2003, and transferred to the Master Trust effective October 1, 2004

- 7 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

3.		The Master Trust (Continued)

		A reconciliation of the fair market value of investments in these contracts and the related contract value as reflected in the accompanying Statement of Net Assets Available for Benefits was as follows:


	December 31,
	2004			2003*
	(in thousands)
Fair market value of investments	$	146,800			129,161
Synthetic wrapper value		(2,949	)		(3,695	)


Carrying value (contract value)	$	143,851			125,466

*	GICs were held by the PD Plan Trust at December 31, 2003, and transferred to the Master Trust effective October 1, 2004

		There were no reserves against contract value for credit risk of the contract issuers or otherwise at December 31, 2004 or 2003. During 2003 and the first nine months of 2004, the GICs were held by the PD Plan Trust, which were transferred to the Master Trust effective October 1, 2004. The average yield was approximately 5.35 percent and 5.46 percent for 2004 and 2003, respectively. The crediting interest rates as of December 31, 2004 and 2003, were 5.43 percent and 5.63 percent, respectively. The crediting interest rates are based on a formula agreed upon by the issuers. Such interest rates are reviewed on a quarterly basis for resetting.

4.		Investments

		The following table presents investments that represent five percent or more of the Plan’s net assets at December 31:


	2004				2003
	(in thousands)
JPMorgan Interest Income Fund	$	95,689	*			86,281
Phelps Dodge Common Stock Fund	$	84,744				88,290
Moderate Investment Portfolio Fund	$	71,285	*			61,011
American Century Equity Growth Fund	$	68,915	*			61,573
American Century Income and Growth Fund	$	57,781	*			50,685
Aggressive Investment Portfolio Fund	$	53,078	*			45,173
JPMorgan Enhanced Index Fund	$	43,574	*			36,325
T. Rowe Price Small Cap Stock Fund	$	40,644	*			30,008
Schwab Personal Choice Retirement Fund	$	30,594	*	*		27,651

*	Investment is held by the Master Trust at December 31, 2004

**	Amount is less than five percent of the Plan’s net assets

- 8 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

5.		Related Party Transactions

		The Trustee invests in the Corporation’s common stock in accordance with the provisions of the Plan. The following is a summary of transactions in the Corporation’s common stock during 2004 (in thousands):


Cost of shares purchased	$	25,211
Number of shares purchased		319

Proceeds from shares sold	$	51,286
Number of shares sold		603

Value of shares distributed	$	958
Number of shares distributed		18

Dividend income received	$	505

		Certain Plan investments are shares of mutual funds and common/collective trusts managed by American Century Investments and JPMorgan Asset Management while an affiliated company, JPMorgan Retirement Plan Services LLC, is the Recordkeeper as defined by the Plan. Therefore, these transactions qualify as party-in-interest.

6.		Tax Status

		The Plan received a determination letter from the Internal Revenue Service (IRS) dated October 16, 2002, which states that the Plan met the requirements of Section 401(a) of the Internal Revenue Code and that the earnings of a trust are exempt from taxation under Section 501(a) of the Code. The Plan has been amended since receiving the determination letter; however, the Committee believes that the Plan, as amended and as operated, continues to satisfy IRS requirements for tax exemption.

- 9 -


Phelps Dodge Employee Savings Plan		Supplemental Information


Schedule of Assets (Held at End of Year)		Schedule I


December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral, par			(d)
		or maturity value, or			Cost	(e)
(a)	(b) Identity of issue, borrower, lessor or similar party	number of shares			**	Current value
	CASH AND SHORT-TERM INVESTMENTS:
	CASH		—			$	232,537
	EUROBANK N.A. 5.75% CD		15,000				14,521
	FORD MOTOR CREDIT CO NOTES 4.70% DUE 5/22/06		10,000				10,073
	GENERAL MOTORS ACCEPTANCE CORPORATION SMARTNOTES 5.0% DUE 7/15/08		10,000				9,913
	SCHWAB MONEY MARKET FUND		187,463				187,463
	SCHWAB U.S. TREASURY MONEY FUND		3,142,929				3,142,929
*	JPMORGAN CHASE MONEY MARKET FUND		92				92
	FEDERATED S-T U.S. GOVERNMENT SECURITIES		3				3

	TOTAL CASH AND SHORT-TERM INVESTMENTS						3,597,531


	COMMON STOCKS:
	3COM CORP		3,254	shares			13,569
	3M COMPANY		224	shares			18,384
	3WVENTURES.COM INC		375	shares			—
	4 KIDS ENTERTAINMENT INC		500	shares			10,510
	8X8 INC NEW		2,014	shares			8,197
	ABC BANCORP		500	shares			10,455
	ADC TELECOMMUNICATION		3,025	shares			8,107
	AM COMMUNICATIONS INC		2,000	shares			1
	AMF BOWLING INC		800	shares			2
	AMR CORPORATION		100	shares			1,095
	AMX CORPORATION		100	shares			1,647
	AO TATNEFT SPON ADR		500	shares			14,495
	AT&T CORP		519	shares			9,883
	AU OPTRONICS CORP ADR		2,778	shares			39,781
	AASTROM BIOSCIENCES INC		200	shares			284
	ABERDEEN ASIA-PACIFIC PRIME INCOME FUND INC		2,820	shares			18,274
	ABERDENE MINES LTD		740	shares			281
	ABRAXAS PETROLEUM CORP NEVADA		1,000	shares			2,320
	ACE COMM CORPORATION		100	shares			240
	ADOBE SYSTEMS INC		251	shares			15,756
	ADVANCED MICRO DEVICES		544	shares			11,979
	ADVANCED VIRAL RESEARCH		6,150	shares			873
	ADVANCED OPTICS ELECTRONICS INC		250,000	shares			600
	AEROFLEX INC		1,000	shares			12,120
	AEROPOSTALE INC		735	shares			21,631
	AFFILIATED COMPUTER SERVICES INC CLASS A		178	shares			10,714
	AGERE SYSTEMS INC CLASS A		341	shares			467
	AGERE SYSTEMS INC CLASS B		4,716	shares			6,367
	ALCOA INC		1,133	shares			35,597
	ALLIANCE RESOURCES PARTNERS LP		190	shares			14,060

- 10 -


Phelps Dodge Employee Savings Plan Schedule of Assets (Held at End of Year) December 31, 2004		Supplemental Information Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	ALLIXON CORPORATION		20	shares			—
	ALTERNATE ENERGY CORP		150	shares			56
	ALTRIA GROUP INC		24	shares			1,471
	ALVARION LTD		1,000	shares			13,260
	AMAZON.COM INC		505	shares			22,366
	AMERICA WEST HOLDINGS CORPORATION CLASS B		4,800	shares			31,584
	AMERICAN EXPRESS COMPANY		100	shares			5,637
	AMERICAN INTERNATIONAL GROUP INC		100	shares			6,587
	AMERICAN MULTIPLEXER CORPORATION		3,000	shares			150
	AMERICAN SOFTWARE INC CLASS A		900	shares			5,427
	AMERICAN AIRCARRIERS SUPPORT INCORPORATED		320	shares			—
	AMERICAN EAGLE OUTFITTERS INC		102	shares			4,804
	AMERICAN FIRE RETARDANT CORP		13,999,986	shares			1,400
	AMERICAN POWER CONVERSION CORP		100	shares			2,140
	AMERICAN SUPERCONDUCTOR CORPORATION		300	shares			4,467
	AMERN TOWER CORP CLASS A		1,140	shares			20,976
	AMGEN INCORPORATED		400	shares			25,660
	AMIGULA INC		11,000	shares			4,400
	ANADIGICS INC		100	shares			375
	ANALYTICAL SURVEYS		500	shares			1,675
	ANGIODYNAMICS INC		900	shares			19,935
	ANGLO AMERICAN PLC ADR		795	shares			18,913
	ANGLO AMERICAN PLATINUM ADR		50	shares			1,837
	ANHEUSER BUSCH COMPANY INC		406	shares			20,585
	ANNALY MORTGAGE MANAGEMENT INC		150	shares			2,943
	ANTIGENICS INC DE		500	shares			5,060
	APPLEBEE’S INTERNATIONAL, INC		33	shares			878
	APPLERA CELERA GENOMICS		100	shares			1,375
	APPLIED MATERIALS INC		200	shares			3,420
	APPLIED MICRO CIRCUITS		10,000	shares			42,100
	ARADIGM CORP		270	shares			467
	ARIBA INC		931	shares			15,455
	ARTEC INC		100	shares			20
	ASPECT COMMUNICATIONS		100	shares			1,114
	ASTRALIS LTD		3,000	shares			2,190
	ATHEROS COMMUNICATIONS		240	shares			2,460
	ATMEL CORP		600	shares			2,352
	AUDIBLE INC		300	shares			7,815
	AUDIOCODES LTD		200	shares			3,322
	AUDIOVOX CORPORATION CLASS A		150	shares			2,367
	AURIZON MINES LTD		400	shares			548
	AUTO CENTRIX INC		2,000	shares			340
	AUTODESK INC		196	shares			7,438
	AUTOIMMUNE INC		1,000	shares			880

- 11 -


Phelps Dodge Employee Savings Plan Schedule of Assets (Held at End of Year) December 31, 2004		Supplemental Information Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	AVAYA INC		41	shares			705
	AVICI SYSTEM INC		7	shares			63
	AVITAR INC		400	shares			64
	AXIA GROUP INC		1	share			—
	BE AEROSPACE INC		252	shares			2,933
	BGR CORPORATION		12,533	shares			75
	BHP BILLITON LIMITED ADR		450	shares			10,809
	BP AMOCO STOCK		22,114	shares			1,291,465
	BP PLC ADR		640	shares			37,376
	BANK OF AMERICA CORPORATION		337	shares			15,842
	BANK OF NEW YORK CORPORATION, INC		103	shares			3,429
	BARRICK GOLD CORPORATION		200	shares			4,844
	BEBE STORES INC		118	shares			3,184
	BELL MICROPRODUCTS INC		1,000	shares			9,620
	BENGUET CORP CLASS B		1,000	shares			50
	BENTHOS INCORPORATED		95	shares			1,622
	BERKSHIRE HATHAWAY CLASS B		10	shares			29,360
	BEST BUY INC		128	shares			7,606
	BEVERLY ENTERPRISES		100	shares			915
	BICO INC		9,000	shares			9
	BINDVIEW DEVELOPMENT CORPORATION		200	shares			858
	BIO ONE CORPORATION		10,000	shares			520
	BIO REFERENCE LABS		670	shares			11,658
	BIO SOLUTIONS MANUFACTURING		80	shares			146
	BIOSITE INC		49	shares			3,015
	BLOCKBUSTER INC CLASS A		1,670	shares			15,932
	BLUEGREEN CORPORATION		154	shares			3,054
	BLUETORCH INC		773,350	shares			4,021
	BOEING CO		243	shares			12,595
	BOMBARDIER INC CV CLASS B		200	shares			397
	BONE CARE INTERNATIONAL		104	shares			2,896
	BOOKS A MILLION		12	shares			116
	BOSTON PROPERTIES INC		105	shares			6,793
	BOSTON SCIENTIFIC CORPORATION		300	shares			10,665
	BOTTOMLINE HOME LOAN INC		50	shares			—
	BOYD GAMING CORPORATION		181	shares			7,539
	BRASCAN CORPORATION		100	shares			3,601
	BRIGHAM EXPLORATION COMPANY		200	shares			1,800
	BRISTOL-MYERS SQUIBB CO		663	shares			16,988
	BROADVISION INC		13	shares			36
	BROCADE COMMUNICATIONS SYSTEMS INC		200	shares			1,528
	BUILDING MATERIALS HOLDING CORP		85	shares			3,255
	CMGI INC		2,080	shares			5,304
	CMKM DIAMONDS INC		28,310,497	shares			5,662

- 12 -


Phelps Dodge Employee Savings Plan Schedule of Assets (Held at End of Year) December 31, 2004		Supplemental Information Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	CT COMMUNICATIONS INC		101	shares			1,237
	CALIPER LIFE SCIENCES		30	shares			226
	CALPINE CORPORATION		7,900	shares			31,126
	CAMBIOR INC		3,000	shares			8,010
	CAMECO CORPORATION		345	shares			36,177
	CANADIAN NATIONAL RAILWAY CO		200	shares			12,250
	CANADIAN OIL SANDS		50	shares			2,821
	CANDELA CORPORATION		1,000	shares			11,360
	CAPITAL HILL GOLD INC		10,000	shares			1,400
	CARDIAC SCIENCE INC		1,110	shares			2,375
	CAREDECISION CORP		756,000	shares			14,364
	CARRIER ACCESS CORP		500	shares			5,340
	CASAVANT INTERNATIONAL MINING CORP		622,348	shares			—
	CASCADE MOUNTAIN MINING CO INC		47,716	shares			124
	CATERPILLAR INC		167	shares			16,291
	CDEX INC CLASS A		44	shares			51
	CELL THERAPEUTICS INC		500	shares			4,070
	CENDANT CORP		50	shares			1,169
	CENTRAL EUROPEAN MEDIA ENTERPRISES LTD		75	shares			2,919
	CENTRAL WIRELESS INC		5,000	shares			6
	CERADYNE INC DEL		235	shares			13,444
	CHARLES & COLVARD LTD		332	shares			3,532
	CHARTER COMMUNICATIONS		1,120	shares			2,509
	CHECK POINT SOFTWARE TECHNOLOGIES		175	shares			4,310
	CHECKFREE CORP		40	shares			1,523
	CHEVRONTEXACO CORP		2,311	shares			121,363
	CHICOS FASH INC		10	shares			455
	CHINA DIRECT TRADING CORPORATION		17,000	shares			765
	CHINA UNICOM LTD ADR		150	shares			1,178
	CHINA WIRELESS COMMUNICATIONS INC		200	shares			16
	CHIPMOS TECH BERMUDA		3,000	shares			19,110
	CIENA CORP		195	shares			651
	CISCO SYSTEMS INC		17,853	shares			344,920
	CITIGROUP INC		1,776	shares			85,545
	CITRIX SYSTEMS INC		800	shares			19,568
	CITY CAPITAL CORP		20	shares			18
	CLAREMONT TECHNOLOGIES		625	shares			175
	CLARENT CORPORATION		500	shares			28
	COCA COLA COMPANY		11	shares			449
	COEUR D’ ALENE MINES CORP		775	shares			3,046
	COHERENT INC		50	shares			1,522
	COHUHINC		135	shares			2,506
	COLDWATER CREEK INC		472	shares			14,571
	COLGATE-PALMOLIVE CO		25	shares			1,279

- 13 -


Phelps Dodge Employee Savings Plan Schedule of Assets (Held at End of Year) December 31, 2004		Supplemental Information Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	COMCAST CORPORATION CLASS A		765	shares			25,459
	COMPANIA DE MINAS		500	shares			11,450
	CONEXANT SYSTEMS INC		713	shares			1,419
	CONOCOPHILLIPS		54	shares			4,650
	CONSTELLATION 3D INC		200	shares			—
	CONSUMER DIRECT OF AMERICA		30	shares			18
	CORNING INC		769	shares			9,051
	COSTCO WHOLESALE CORP		352	shares			17,063
	COUNTRYWIDE FINANCIAL CORPORATION		202	shares			7,458
	CRUC ELL NV		190	shares			2,616
	CRYOLIFE INC		285	shares			2,015
	CRYPTOLOGIC INC		117	shares			2,919
	CRYSTALLEX INTL CORP		100	shares			359
	CYBEROPTICS CORP		200	shares			2,974
	CYBERTEL CAPITAL CORPORATION		56	shares			—
	CYGNUS INC		10,000	shares			1,202
	CYTOGENIX INC		2,000	shares			1,600
	DHB INDUSTRIES INC		500	shares			9,520
	DR HORTON CO		1	share			10
	DRS TECHNOLOGIES INC		170	shares			7,261
	DANA CORPORATION		3,000	shares			51,990
	DAVITA INC		174	shares			6,878
	DECORIZE INC		400	shares			328
	DEERE & COMPANY		70	shares			5,208
	DELL INC		350	shares			14,749
	DELTA AIR LINES INC		250	shares			1,870
	DENDREON CORP		350	shares			3,773
	DESWELL INDUSTRIES INC		75	shares			1,854
	DETOUR MEDIA GROUP INC		1,000	shares			—
	DIALYSIS CORP OF AMERICA		25	shares			611
	DIAMONDS TRUST SERIES I		100	shares			10,751
	DICKS SPORTING GOODS INC		314	shares			11,037
	DICUT INC		5,000	shares			55
	DIGENE CORP		3,223	shares			84,281
	DIGITAL LIGHTWAVE INC		20	shares			26
	DIGITAL RIVER INC		100	shares			4,161
	DIOMED HOLDINGS INC		1,000	shares			4,320
	DIPPY FOODS INC		2,000	shares			—
	DIVINE INC CLASS A		20,328	shares			14
	DONALDSON COMPANY INC		40	shares			1,303
	DOW CHEMICAL COMPANY		308	shares			15,268
	DRKOOP.COM INC		200	shares			—
	DU PONT E.I. DE NEMOURS & COMPANY		43	shares			2,128
	DUKE ENERGY CORPORATION		168	shares			4,255

- 14 -


Phelps Dodge Employee Savings Plan Schedule of Assets (Held at End of Year) December 31, 2004		Supplemental Information Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	DYNASIL CORPORATION AMERICA		2,000	shares			1,000
	DYNEGY INC CLASS A		1,992	shares			9,201
	EMC CORP MASS		2,903	shares			43,168
	E.SPIRE COMMUNS INC		19,500	shares			4
	EARTHSHELL CORP		8,000	shares			20,000
	EASTMAN CHEMICAL CO		316	shares			18,259
	EBAY INC		155	shares			18,033
	EL PASO CORPORATION		100	shares			1,040
	ELAN CORP PLC 05 WTS		155,000	shares			120,900
	ELECTRIC CITY CORP		1,000	shares			1,240
	ELECTRONIC DATA SYSTEM CORP		207	shares			4,782
	EMAGIN CORP		5,000	shares			5,950
	EMBRAER-EMPRESA BRASILEIRA DE AERONAUTICA		500	shares			16,720
	EMPIRE ENERGY CLASS B VOTING		500	shares			—
	EMPIRE EXCHANGECO SERVICE A		500	shares			—
	EMULEX CORPORATION		50	shares			842
	ENDEVCO INC		500	shares			18
	ENDOVASC LIMITED INC		16,500	shares			1,237
	ENDOVASC LIMITED (RESTRICTED) INC		2,125	shares			55
	ENERGY TRANSFER PARTNERS		200	shares			11,840
	ENERPLUS RESOURCES FUND		63	shares			2,288
	ENNIS INC		150	shares			2,888
	ENRON CORP		5,470	shares			191
	ENTERRA ENERGY TRUST		200	shares			3,782
	ENVIRO-ENERGY CORPORATION		55,800	shares			6
	ENVIRONMENTAL TECHNOLOGIES INTERNATIONAL INC		5,000	shares			230
	ERESEARCHTECHNOLOGY INC		600	shares			9,510
	ERICSSON TELEFON ADR		55	shares			1,732
	E-TRADE FINANCIAL CORPORATION		400	shares			5,980
	EUROTECH LTD		1,500	shares			29
	EVOLVE ONE INC		624	shares			300
	EVOLVING SYSTEMS INC		4,987	shares			22,392
	EXXON MOBIL CORPORATION		2,037	shares			104,423
	EZENIA INC		283,000	shares			291,490
	FANNIE MAE		30	shares			2,136
	FEDERAL-MOGUL CORPORATION		100	shares			36
	FEDEX CORPORATION		40	shares			3,940
	Fl NOVA GROUP INC		7	shares			1
	FIRST FINANCIAL BANCORP		200	shares			3,500
	FIRST HORIZON NATIONAL CORP		210	shares			9,058
	FLEXTRONICS INTERNATIONAL LTD		250	shares			3,455
	FLIGHT SAFETY TECHNOLOGIES INC		1,368	shares			1,765
	FONIX CORPORATION NEW		50	shares			10
	FORD MOTOR COMPANY		1,665	shares			24,381

- 15 -


Phelps Dodge Employee Savings Plan Schedule of Assets (Held at End of Year) December 31, 2004		Supplemental Information Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	FOREST LABORATORIES INC		204	shares			9,151
	FORTUNE BRANDS INC		119	shares			9,221
	FREEPORT-MCMORAN COPPER & GOLD CLASS B		380	shares			14,527
	FREESCALE SEMICONDUCTOR CLASS B		239	shares			4,388
	FRIEDMAN, BILLINGS, RAMSEY GROUP INC		161	shares			3,128
	FRONTLINE LTD		56	shares			2,484
	FUTUREMEDIA		400	shares			340
	GSI COMMERCE INC		94	shares			1,671
	GYK VENTURES INC		200	shares			7
	GABELLI EQUITY TRUST INC		1,468	shares			13,237
	GALLAGHER ARTHUR J & CO		135	shares			4,388
	GAP INC		154	shares			3,249
	GASCO ENERGY INC		500	shares			2,130
	GEMSTAR-TV GUIDE INTERNATIONAL		375	shares			2,220
	GENERAL CHEM GROUP		200	shares			4
	GENERAL ELECTRIC COMPANY		7,423	shares			270,926
	GENERAL MILLS INC		101	shares			5,040
	GENERAL MOTORS CORP		419	shares			16,771
	GENOMED INC		55,000	shares			3,520
	GENTA INC		700	shares			1,232
	GENUS INC		3,000	shares			5,730
	GENVEC INC		21,700	shares			35,371
	GEOCOM RESOURCES INC		1,500	shares			495
	GERON CORP		1,000	shares			7,970
	GLAMIS GOLD LTD		250	shares			4,290
	GLOBAL ESCIENCE CORPORATION		260	shares			—
	GLOBALSTAR TELECOMMUNICATIONS LTD		989	shares			5
	GOAMERICA INC		2	shares			20
	GOLDCORP INC		4,000	shares			60,160
	GOLDEN PATRIOT CORP		1,000	shares			100
	GOLDEN STAR RESOURCES LTD		2,000	shares			8,020
	GOLDMAN SACHS GROUP INC		104	shares			10,821
	GOODYEAR TIRE & RUBBER		500	shares			7,330
	GREAT WEST GOLD INC		840	shares			2
	GUIDANT CORP		506	shares			36,452
	H&R BLOCK INCORPORATED		100	shares			4,900
	HALLIBURTON COMPANY		602	shares			23,618
	HARKEN ENERGY CORP		1,500	shares			780
	HARLEY DAVIDSON INC		536	shares			32,550
	HARRAHS ENTERTAINMENT INC		166	shares			11,100
	HARVEST NATURAL RESOURCES INC		500	shares			8,635
	HEALTHCARE SERVICE GROUP INC		145	shares			3,022
	HEALTH CARE PROPERTY INVESTORS INC		213	shares			5,895
	HEARUSA INC		2,000	shares			3,300

- 16 -


Phelps Dodge Employee Savings Plan Schedule of Assets (Held at End of Year) December 31, 2004		Supplemental Information Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	HECLA MINING COMPANY		1,775	shares			10,348
	HEE CORP		4,200	shares			36
	HEE CORP PREFERRED		4,200	shares			25
	HEILIG-MEYERS COMPANY		100	shares			—
	HEWLETT-PACKARD COMPANY		3,308	shares			69,370
	HOLLY CORPORATION		100	shares			2,787
	HOME DEPOT INC		746	shares			31,869
	HOMELAND INTEGRATED SECURITY SYSTEMS INC		37,735	shares			415
	HOMELAND SECURITY TECHNOLOGY CORPORATION		1,500	shares			7
	HONDA MOTOR CO LTD ADR		150	shares			3,909
	HOUSE2HOME INC		1,000	shares			—
	HUANENG POWER INTERNATIONAL ADR		600	shares			18,012
	HUB GROUP INC CLASS A		68	shares			3,551
	I2 TECHNOLOGIES INC		92	shares			63
	IBIZ TECH CORP		114,000	shares			467
	ICU MEDICAL INC		100	shares			2,734
	IASIAWORKS INC		35,000	shares			105
	IBEAM BROADCASTING		150	shares			—
	ICORIA INC		2,000	shares			1,300
	IGO CORPORATION		265	shares			—
	IJOIN SYSTEMS INC		10,000	shares			10
	IMAX CORPORATION		1,000	shares			8,249
	IMCLONE SYSTEMS INC		40	shares			1,843
	IMMUCOR INC		300	shares			7,053
	IMMUNOGEN INC		4,900	shares			43,316
	IN-SYSTCOM INC		7,500	shares			1,725
	INCO LIMITED		1,050	shares			38,619
	INFONET SERVICES CORPORATON CLASS B		152	shares			307
	INFONOW CORPORATION		17,311	shares			19,908
	INNOVATION HOLDINGS		1	share			—
	INSMED INC		1,500	shares			3,299
	INTEGRATED DEVICE TECHNOLOGY INC		200	shares			2,312
	INTEL CORPORATION		8,990	shares			210,277
	INTERAGE LTD		140,000	shares			490
	INTERCOMMERCE CORP		100	shares			6
	INTERDIGITAL COMMUNICATIONS CORP		100	shares			2,210
	INTERNAP NETWORK SERVICES CORP		9,550	shares			8,882
	INTERPHARM HOLDINGS INC		1,000	shares			2,450
	INTERNATIONAL BUSINESS MACHINES		171	shares			16,834
	INTERNATIONAL FIBERCOM INC		2,000	shares			—
	INTERNATIONAL GAME TECHNOLOGY INC		1,096	shares			37,682
	INTERNATIONAL RECTIFIER CORP		350	shares			15,599
	INTUIT ING		50	shares			2,201
	INTUITIVE SURGICAL INC		81	shares			3,242

- 17 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	ISLAND CRITICAL CARE CORP		19,500	shares			117
	ISONICS CORP		100	shares			549
	ITRONICS INC		1,000	shares			55
	IVANHOE ENERGY INC		642	shares			1,618
	JAWZ INC		150	shares			1
	JDS UNIPHASE CORPORATION		6,086	shares			19,293
	JETBLUE AIRWAYS CORP		700	shares			16,254
	JOHNSON & JOHNSON		222	shares			14,062
*	JPMORGAN CHASE & COMPANY		1,039	shares			40,519
	JUINA MINING CORP		2,981	shares			—
	JUNIPER NETWORKS INC		200	shares			5,438
	KCS ENERGY INC		30	shares			443
	KANEB PIPE LINE PARTNERS LP		707	shares			43,020
	KINDER MORGAN ENERGY LP		616	shares			27,329
	KINROSS GOLD CORPORATION		3,400	shares			23,936
	KIRSHNER INTERNATIONAL INC		840	shares			176
	KNIGHT TRADING GROUP		30	shares			329
	KNIGHTSBRIDGE TANKERS LTD		136	shares			4,546
	KRISPY KREME DOUGHNUT CORPORATION		285	shares			3,591
	KRONOS WORLDWIDE INC		151	shares			6,153
	LCC INTERNATIONAL INC CLASS A		1 ,000	shares			5,830
	LSI LOGIC CORPORATION		60	shares			329
	LAKELAND FINANCIAL CORP		450	shares			17,865
	LAM PHARMACEUTICAL CORP		478	shares			62
	LEVEL 3 COMMUNICATIONS		8,400	shares			28,476
	LEVITT CORPORATION		200	shares			6,114
	LEXAR MEDIA INC		1,900	shares			14,896
	LIBERTY MEDIA INTERNATIONAL INC CLASS A		1	share			46
	LIBERTY MEDIA CORP		28	shares			307
	LIFECELL CORP		1,200	shares			12,264
	LIFESTREAM TECHNOLOGIES INC		3,000	shares			96
	LIMITED BRANDS INC		100	shares			2,302
	LIONS GATE ENTERTAINMENT CORP		321	shares			3,409
	LIZ CLAIBORNE INC		100	shares			4,221
	LOWES COMPANIES INC		1,022	shares			58,864
	LUCENT TECHNOLOGIES INC		66,449	shares			249,847
	MBIA INC		150	shares			9,492
	MIV THERAPEUTICS INC		2,500	shares			562
	MRV COMMUNICATIONS INC		2,500	shares			9,175
	MACROMEDIA INC		206	shares			6,411
	MAGELLAN MIDSTREAM PARTNERS LP		400	shares			23,468
	MAMMA.COM INC		200	shares			1,244
	MANPOWER INC		20	shares			966
	MARATHON OIL CORP		25	shares			954

- 18 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	MARCHFIRST INC		400	shares			—
	MARTHA STEWART LIVING OMNIMEDIA INC		108	shares			3,134
	MARVEL ENTERPRISES INC		700	shares			14,336
	MARVELL TECHNOLOGY GROUP LTD		400	shares			14,188
	MASSEY ENERGY COMPANY		49	shares			1,709
	MATRITECH INC		2,000	shares			2,120
	MAXTOR CORP		900	shares			4,770
	MAXWORLDWIDE INC		1,000	shares			435
	MAYTAG CORPORATION		300	shares			6,330
	MCDONALDS CORP		840	shares			26,930
	MCDATA CORPORATION CLASS A		11	shares			66
	MEDCATH CORPORATION		135	shares			3,326
	MEDCO HEALTH SOLUTIONS INC		36	shares			1,498
	MEDCOM USA INC		400	shares			704
	MEDIAX CORPORATION		5,000	shares			1
	MEDIFAST INC		1,500	shares			5,280
	MEDQUIST INC		35	shares			518
	MEDTRONIC INC		1,121	shares			55,657
	MERCK & CO INC		3,186	shares			102,398
	MERIDIAN RESOURCE CORP		100	shares			605
	MERRILL LYNCH & CO INC		101	shares			6,012
	MICROSOFT CORPORATION		9,082	shares			242,683
	MIDAS ENTERTAINMENT INC		60	shares			—
	MILITARY RESALE GROUP		2,000	shares			50
	MILLENNIUM PHARMACEUTICALS INC		200	shares			2,428
	MILLS CORPORATION		200	shares			12,752
	MINDSPEED TECHNOLOGY INC		16	shares			44
	MIRACLE ENTERTAINMENT		222	shares			—
	MOONEY AEROSPACE GROUP LTD A		10,000	shares			11
	MOTOROLA INCORPORATED		2,832	shares			48,706
	MOVADO GROUP INC		110	shares			2,052
	MULTIMEDIA GAMES INC		600	shares			9,456
	MYLAN LABORATORIES INC		327	shares			5,788
	MYRIAD GENETICS INC		100	shares			2,251
	MYTURN.COM INC		24,000	shares			2
	NANOBAC PHARMACEUTICALS INC		72,188	shares			10,467
	NAPSTER INC		450	shares			4,212
	NASDAQ 100 SHARES		2,428	shares			96,916
	NATURAL GAS SERVICE GROUP INC		200	shares			1,886
	NATURAL RESOURCE PARTNERS LP		100	shares			5,765
	NAVARRE CORP		230	shares			4,048
	NAVISITE INC		133	shares			350
	NEKTAR THERAPEUTICS		450	shares			9,108
	NEOMEDIA TECH INC		20,000	shares			5,300

- 19 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	NET2PHONE INC		1,000	shares			3,400
	NETFLIX INC		700	shares			8,631
	NETWORK APPLIANCE INC		300	shares			9,966
	NETWORK INSTALLATION CORPORATION		3,500	shares			6,615
	NEW PLAN EXCEL REALTY TRUST INC		200	shares			5,416
	NEWALLIANCE BANCSHARES INC		280	shares			4,284
	NEWELL RUBBERMAID INC		394	shares			9,531
	NEW MARKET TECHNOLOGY INC		57,000	shares			39,330
	NEW MONT MINING CORP		611	shares			27,139
	NEW PORT CORP		100	shares			1,410
	NEXIA HOLDINGS INC		13,000	shares			—
	NIKU CORPORATION		213	shares			4,290
	NISOURCE INC HOLDING COMPANY		34	shares			773
	NOKIA CORP SPONSORED ADR		1,227	shares			19,227
	NORANDA INC		500	shares			8,800
	NORD RESOURCES CORP		29,146	shares			10,201
	NORTEL NETWORKS CORPORATION		9,080	shares			31,508
	NORTH STAR DIAMONDS INC		171,294	shares			3,426
	NORTHFIELD LABS INC		350	shares			7,893
	NORTHERN DYNASTY MINERALS LTD		480	shares			2,333
	NORTHERN ORION RESOURCES INC		400	shares			1,164
	NORTHGATE MINERALS CORPORATION		2,675	shares			4,547
	NORTHROP GRUMMAN CORPORATION		49	shares			2,663
	NOVAGOLD RESOURCES INC		2,070	shares			16,043
	NOVARTIS AG		102	shares			5,155
	NOVATEL WIRELESS INC		1,000	shares			19,410
	NOW AUTO INC		12	shares			5
	NUCO2 INC		165	shares			3,661
	NUVELO INC		2,350	shares			23,148
	OM GROUP INC		250	shares			8,105
	OMI CORPORATION		3,000	shares			50,550
	OSI SYSTEMS INC		300	shares			6,813
	OAKWOOD HOMES CORPORATION		500	shares			25
	OCCIDENTAL PETE CORPORATION		35	shares			2,043
	OCEAN POWER CORPORATION		3,400	shares			3
	OMNI ENERGY SERVICES		2,500	shares			4,850
	OMNICELL INC		1,100	shares			12,100
	OPENTV CORP CLASS A		62	shares			238
	ORACLE CORPORATION		5,860	shares			80,399
	ORLEANS HOMEBUILDERS INC		200	shares			3,970
	OSCIENT PHARMACEUTICALS		1,700	shares			6,205
	OSTARA CORPORATION INC		94	shares			—
	OVERSEAS SHIPHOLDING GROUP INC		150	shares			8,280
	OWENS & MINOR INC HOLDING CO		119	shares			3,352

- 20 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	OWENS CORNING		300	shares			1,410
	OXY STOCK		3,783	shares			220,780
	PCCW LIMITED ORD		60	shares			38
	PMC SIERRA INC		100	shares			1,125
	PALMONE INC		101	shares			3,187
	PALMSOURCE INC		30	shares			382
	PAN AMERICAN SILVER CORP		1,300	shares			20,774
	PARALLEL PETE CORP DEL		700	shares			3,773
	PAYSTAR CORPORATION		10,000	shares			42
	PENGROWTH ENERGY TRUST		1,000	shares			20,820
	PENN NATIONAL GAMING INC		56	shares			3,391
	PEPSICO INCORPORATED		480	shares			25,056
	PETRO-CANADA VAR VOTING		17	shares			867
	PETROFUND ENERGY TRUST		1,000	shares			13,040
	PFIZER INCORPORATED		4,394	shares			118,156
	PHARMACEUTICAL PRODUCT DEVELOPMENT INC		266	shares			10,983
	PHARMOS CORP		1,600	shares			2,272
	PHOENIX COMPANIES		104	shares			1,300
	PIPELINE TECHNOLOGIES INC		3,000	shares			1
	PIXELWORKS INC		40	shares			454
	PLACER DOME INC		200	shares			3,772
	PLAYTEX PRODUCTS INC		220	shares			1,758
	PLUG POWER INC		196	shares			1,198
	PLUM CREEK TIMBER CO		75	shares			2,883
	POPULAR INC		97	shares			2,796
	PRESSTEK INC		400	shares			3,872
	PROCTER & GAMBLE COMPANY		1,040	shares			57,283
	PROGINET CORPORATION		625	shares			844
	PROSOFT TRAINING		500	shares			195
	PROVIDENT ENERGY TRUST		1,000	shares			9,480
	PROVIDIAN FINANCIAL CORP		200	shares			3,294
	Ql SYSTEMS INC		100	shares			16
	QLOGIC CORPORATION		100	shares			3,673
	QUALCOMM INCORPORATED		1,877	shares			79,582
	QUANTA SERVICES INC		400	shares			3,200
	QUENTRA NETWORKS INC		700	shares			—
	QUINTUS CORPORATION		400	shares			200
	QUOKKA SPORTS INC		1	share			—
	QWEST COMMUNICATIONS INTERNATIONAL INC		20	shares			89
	RF MICRO DEVICES INC		400	shares			2,736
	RADYNE COMSTREAM INC 05 WTS		23,474	shares			11 ,972
	RAMBUS INC		250	shares			5,750
	RAMTRON INTERNATIONAL CORP		60	shares			240
	RANDGOLD RESOURCES LTD		400	shares			4,568

- 21 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	RAYONIER INC		166	shares			8,119
	RAYTHEON COMPANY		398	shares			15,437
	REALITY WIRELESS NETWORKS INC		3	shares			—
	RECORDLAB CORPORATION		450	shares			—
	REDHAT INC		190	shares			2,537
	RELIV INTERNATIONAL INC		300	shares			2,681
	RESIN SYSTEMS INC		1,000	shares			685
	RITE AID CORPORATION		15,300	shares			55,998
	SBC COMMUNICATIONS INC		101	shares			2,595
	SCO GROUP INC		87	shares			368
	SPDR TRUST UNIT SERIES 1		92	shares			11,103
	SAFEWAY INC		1,150	shares			22,701
	SAN JUAN BASIN ROYALTY TRUST		57	shares			1,678
	SAN TELMO ENERGY CORP		4,000	shares			2,040
	SANDISK CORPORATION		380	shares			9,489
	SASOL LIMITED		100	shares			2,168
	SCHERING PLOUGH CORP		51	shares			1,061
	SCIAX CORP		9,000	shares			405
	SCIAX DEFENSE USA		667	shares			—
	SCIENT INC		501	shares			—
	SCIENTIFIC ATLANTA INC		227	shares			7,484
	SCOTTS LIQUID GOLD INC		700	shares			420
	SEAGATE TECHNOLOGY		100	shares			1,727
	SEARS ROEBUCK & CO		300	shares			15,309
	SEMOTUS SOLUTIONS INC		1,000	shares			630
	SERAC HOLDINGS INC		257,142	shares			77
	SERENA SOFTWARE INC		50	shares			1,080
	SERVICE CORP INTERNATIONAL		335	shares			2,496
	SHAMAN PHARMACEUTICALS INC		100,001	shares			10
	SHIP FINANCE INTERNATIONAL LTD		7	shares			144
	SIEBEL SYSTEMS INC		4,966	shares			52,093
	SIFY LIMITED		100	shares			595
	SILICON GRAPHICS INC		14,000	shares			24,220
	SILICON IMAGE INC		2,300	shares			37,858
	SILICON LABORATORIES INC		1,000	shares			35,310
	SILICONWARE PRECISION INDUSTRIES CO		7,059	shares			28,942
	SILVER SCREEN STUDIOS INC		10,000	shares			165
	SILVER STANDARD RESOURCES INC		2,000	shares			24,176
	SILVER STAR ENERGY		5,000	shares			6,100
	SILVERADO GOLD MINES LTD		3,000	shares			204
	SIMEX TECHNOLOGIES INC		3,000	shares			60
	SIRIUS SATELLITE RADIO		37,144	shares			283,037
	SISKON GOLD CORPORATION		3,000	shares			27
	SKYWORKS SOLUTIONS INC		17	shares			160

- 22 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	SOFTNET TECHNOLOGY CORP		375	shares			58
	SOLECTRON CORP		40	shares			213
	SONIC CORP		379	shares			11 ,560
	SOUTHWALL TECHNOLOGIES INC		3,162	shares			5,439
	SOUTHWEST AIRLINES COMPANY		3,167	shares			51 ,555
	SOUTHWEST GAS CORP		252	shares			6,401
	SOUTHWESTERN ENERGY COMPANY		150	shares			7,604
	SOUTHWESTERN MEDICAL SOLUTIONS INC		500	shares			95
	SOUTHWESTERN RESOURCES CORP		810	shares			8,383
	SPECTRUM PHARMACEUTICALS INC		5,000	shares			33,300
	SPIEGEL INC CLASS A NON-VOTING		7,000	shares			245
	SPRINT FON GROUP		925	shares			22,980
	ST. PAUL TRAVELERS COMPANIES INC		4	shares			148
	STAMFORD INTERNATIONAL INC		1,800	shares			7
	STARBUCKS CORPORATION		1,000	shares			62,360
	STARCRAFT CORPORATION		213	shares			2,980
	STEEL TECHNOLOGIES INC		100	shares			2,751
	STILLWATER MINING CORPORATION		285	shares			3,209
	STONE & WEBSTER INCORPORATED		37,500	shares			—
	STORAGENETWORKS INC		220	shares			—
	STRATASYS INC		150	shares			5,034
	STYLING TECHNOLOGY CORPORATION		130	shares			—
	SUN MICROSYSTEMS INC		4,407	shares			23,754
	SUNGARD DATA SYSTEMS INC		136	shares			3,853
	SUPERCONDUCTOR TECHNOLOGIES INC		8,994	shares			12,502
	SUREBEAM CORPORATION		150	shares			1
	SYCAMORE NETWORKS INC		215	shares			873
	SYNERGIE WELLNESS PRODUCTS INC		600,000	shares			3,000
	SYNERGY BRANDS INC		820	shares			2,747
	SYNOPSYS INC		400	shares			7,820
	THC COMMUNICATIONS INC		19,600	shares			2
	THCG INC		60	shares			—
	TVC TELECOM INC		50,000	shares			130
	TARGET CORPORATION		1	share			70
	TARGETED GENETICS CORP		13,000	shares			20,150
	TASER INTERNATIONAL INC		2,480	shares			78,492
	TAYLOR DEVICES INC		225	shares			1,546
	TECHNOLOGY RESEARCH CORP		1,000	shares			6,930
	TECHNOLOGY SELECT SECTOR SHARES		200	shares			4,222
	TEGAL CORP		3,500	shares			5,705
	TELEGLOBE INTERNATIONAL HOLDINGS LTD		125	shares			509
	TELLABS INC		200	shares			1,718
	TELULAR CORPORATION		1,100	shares			9,361
	TELYNX INC		50	shares			—

- 23 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	TENET HEALTHCARE CORP		200	shares			2,196
	TEVA PHARMACEUTICAL INDUSTRIES LTD		100	shares			2,986
	TEXAS INSTRUMENTS INC		1,607	shares			39,557
	THE CHARLES SCHWAB CORP		325	shares			3,890
	THE WALT DISNEY HOLDING CO		210	shares			5,848
	THORNBURG MORTGAGE INC		53	shares			1,530
	TIME WARNER INC		550	shares			10,698
	TIMKEN COMPANY		31	shares			809
	TITAN CORPORATION		216	shares			3,499
	TIVO INC		100	shares			587
	TOKHEIM CORP SER C 06 WTS		300	shares			—
	TOMMY HILFIGER CORPORATION		100	shares			1,128
	TOP TANKERS INC		1,330	shares			21,613
	TRAVELZOO INC		30	shares			2,863
	TREX COMPANY INC		150	shares			7,866
	TRIMEDIA ENTERTAINMENT GROUP INC		1,195	shares			574
	TRINSIC INC		100	shares			170
	TRUE HEALTH INC		72,250	shares			4,696
	TYCO INTERNATIONAL LTD		360	shares			12,874
	UAL CORPORATION		2,775	shares			3,608
	U. S. BANCORP		150	shares			4,698
	U. S. MICROBICS INC		10,000	shares			350
	UNIPRIME CAPITAL ACCEPTANCE INC		102	shares			9
	UNISOURCE ENERGY CORPORATION		699	shares			16,848
	UNISYS CORP		100	shares			1,018
	UNITED DEFENSE INDUSTRIES INC		100	shares			4,725
	UNITED PARCEL SERVICE B CLASS		122	shares			10,394
	UNITED TECHNOLOGIES CORPORATION		21	shares			2,140
	UNIVERSAL EXPRESS INC		18,000	shares			223
	UNOVA INC		1,200	shares			30,348
	URANIUM RESOURCES INC		12,000	shares			8,700
	US CANADIAN MINERALS INC		672	shares			—
	UTSTARCOM INC		100	shares			2,215
	VA SOFTWARE CORPORATION		51	shares			128
	VALERO ENERGY CORP		175	shares			7,947
	VALERO LP		25	shares			1,506
	VARIAN MEDICAL SYSTEMS INC		100	shares			4,324
	VASOMEDICAL INC		6,500	shares			6,045
	VAST SOLUTIONS INC CLASS B1		44	shares			—
	VAST SOLUTIONS INC CLASS B2		44	shares			—
	VAST SOLUTIONS INC CLASS B3		44	shares			—
	V-NET BEVERAGE INC		12,000	shares			76
	VENTAS INC		315	shares			8,646
	VERILINK CORPORATION		500	shares			1,355

- 24 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	VERISIGN INC		85	shares			2,856
	VERITAS SOFTWARE CORPORATION		163	shares			4,654
	VERIZON COMMUNICATIONS		130	shares			5,266
	VIACOM INC NON-VOTING CLASS B		120	shares			4,367
	VIALTA INC		2	shares			—
	VIASTAR HOLDINGS INC		100,000	shares			3,300
	VICTOR INDUSTRIES INC		2,000	shares			21
	VIGNETTE CORPORATION		600	shares			834
	VION PHARMACEUTICALS INC		2,900	shares			13,601
	VISTA GOLD CORP		400	shares			1,520
	VITAL LIVING INC		160,000	shares			25,600
	VITAL LIVING PRODUCTS		300	shares			—
	VITESSE SEMICONDUCTOR CORP		900	shares			3,177
	VITRIA TECHNOLOGY INC		1,750	shares			7,368
	VIVENDI UNIVERSAL ADR		16	shares			513
	VIVUS INC		200	shares			890
	WMC RESOURCES LTD (AUSTRALIA)		500	shares			11,295
	WALGREEN COMPANY		123	shares			4,728
	WAL-MART DE CV SPONSORED ADR		60	shares			2,061
	WAL-MART STORES INC		1,574	shares			83,121
	WASATCH PHARMACEUTICAL INC		1	share			—
	WASHINGTON MUTUAL INC		111	shares			4,704
	WAVE SYSTEMS CORPORATION CLASS A		2,150	shares			2,460
	WAVO CORPORATION		2,100	shares			2
	WEBB INTERACTIVE SERVICES INC		1,100	shares			462
	WEINGARTEN REALTY INVESTORS SBI		42	shares			1,694
	WESCO INTERNATIONAL INC		100	shares			2,964
	WESTERN WIRELESS CORP CLASS A		50	shares			1,465
	WEYERHAEUSER CO		25	shares			1,702
	WHEATON RIVER MINERALS LTD		4,607	shares			15,019
	WILLIAMS COAL SEAM GAS ROYALTY TRUST		621	shares			9,921
	WORLD GAMING PLC ADR		30,000	shares			18,600
	WORLD WRESTLING ENTERTAINMENT INC		153	shares			1,862
	XERION ECOSOLUTIONS GROUP INC		1	share			—
	XEROX CORPORATION		1,400	shares			23,814
	XM SATELLITE RADIO HOLDINGS INC		865	shares			32,541
	XYBERNAUT CORPORATION		39,500	shares			48,585
	YAHOO! INC		2,574	shares			96,988
	YUM BRANDS INC		1,005	shares			47,411
	ZAP		1,400	shares			4,550
	ZAP.COM CORP		2	shares			—
	ZYMETX INC		750	shares			30

	TOTAL COMMON STOCKS						9,536,319

- 25 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	MUTUAL FUNDS:
	ABN AMRO GROWTH FUND CLASS N		1,108	shares			25,639
	ACADIAN EMERGING MARKETS PORTFOLIO		1,638	shares			33,440
	AIM ENERGY FUND INVESTOR CLASS		266	shares			7,394
	AIM FINANCIAL SERVICES FUND INVESTOR CLASS		287	shares			8,411
	AIM TECHNOLOGY FUND INVESTOR CLASS		496	shares			12,610
	AL FRANK FUND		325	shares			9,257
	ALPINE REALTY INCOME & GROWTH FUND		283	shares			6,118
*	AMERICAN CENTURY EQUITY INCOME FUND		11,249	shares			91,228
*	AMERICAN CENTURY GLOBAL GOLD FUND		10,171	shares			122,057
*	AMERICAN CENTURY GROWTH FUND		871	shares			17,161
*	AMERICAN CENTURY INTERNATIONAL BOND FUND		1,886	shares			27,855
*	AMERICAN CENTURY INTERNATIONAL GROWTH FUND		2,464	shares			22,327
*	AMERICAN CENTURY REAL ESTATE FUND		4,333	shares			107,239
*	AMERICAN CENTURY SMALL COMPANY FUND		14,429	shares			147,035
*	AMERICAN CENTURY TARGET 2005 FUND		22	shares			2,192
*	AMERICAN CENTURY TARGET 2015 FUND		52	shares			3,767
*	AMERICAN CENTURY TECHNOLOGY FUND		511	shares			9,622
	AMERINDO TECHNOLOGY FUND CLASS D		91	shares			826
	AMERISTOCK FUND		234	shares			9,494
	ARIEL APPRECIATION FUND		135	shares			6,434
	ARIEL FUND		1,026	shares			54,545
	ARTISAN INTERNATIONAL FUND		6,980	shares			154,546
	ARTISAN INTERNATIONAL VALUE FUND		241	shares			5,073
	ARTISAN MID CAP FUND		675	shares			19,945
	ARTISAN MID CAP VALUE FUND		536	shares			9,096
	BARON GROWTH FUND		246	shares			11,056
	BARON PARTNERS FUND		3,706	shares			62,443
	BERWYN FUND		1,605	shares			46,482
	BJURMAN BARRY MICRO-CAP GROWTH		2,651	shares			81,529
	BJURMAN BARRY SMALL CAP GROWTH		1,149	shares			15,310
	BUFFALO HIGH YIELD FUND		1,194	shares			13,839
	BUFFALO SMALL CAP FUND		844	shares			23,336
	BURNHAM FINANCIAL SERVICES FUND CLASS A		232	shares			5,225
	CALAMOS GROWTH FUND CLASS A		708	shares			37,496
	CHESAPEAKE CORE GROWTH FUND		6,322	shares			107,158
	CLIPPER FOCUS FUND		3,093	shares			53,597
	CLIPPER FUND		1,252	shares			112,281
	COHEN & STEERS REALTY SHARES		1,788	shares			124,538
	COLUMBIA SMALL CAP GROWTH FUND CLASS Z		442	shares			11,388
	CONSTELLATION CLOVER SMALL CAP		542	shares			14,605
	CONSTELLATION TIP SMALL CAP VALUE OPPORTUNITIES		863	shares			14,435
	DODGE & COX BALANCED FUND		108	shares			8,598

- 26 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	DODGE & COX INCOME FUND		3,743	shares			48,066
	DODGE & COX INTERNATIONAL STOCK FUND		1,403	shares			42,979
	DODGE & COX STOCK FUND		524	shares			68,196
	DREYFUS PREMIER TECHNOLOGY GROWTH FUND		224	shares			5,159
	DREYFUS SMALL CAP STOCK INDEX FUND		2,025	shares			41,118
	EXCELSIOR EMERGING MARKET FUND		2,651	shares			23,219
	EXCELSIOR ENERGY AND NATURAL RESOURCES FUND		666	shares			13,348
	EXCELSIOR REAL ESTATE FUND		310	shares			3,068
	EXCELSIOR VALUE AND RESTRUCTURING FUND		3,695	shares			156,764
	FAM VALUE FUND		60	shares			2,784
	FBR SMALL CAP FINANCIAL FUND		1,089	shares			37,336
	FBR SMALL CAP FUND		1,359	shares			56,819
	FMI FOCUS FUND		72	shares			2,494
	FEDERATED CAPITAL APPRECIATION FUND		108	shares			2,739
	FEDERATED INTERNATIONAL SMALL COMPANY FUND CLASS A		508	shares			14,009
	FEDERATED KAUFMANN FUND CLASS K		1,482	shares			7,945
	FIDELITY AGGRESSIVE GROWTH FUND		111	shares			1,848
	FIDELITY DISCOVERY FUND		562	shares			6,348
	FIDELITY EQUITY INCOME FUND		34,981	shares			1,846,282
	FIDELITY GROWTH & INCOME FUND		122	shares			4,644
	FIDELITY GROWTH COMPANY FUND		22	shares			1,261
	FIDELITY MAGELLAN FUND		34,400	shares			3,570,368
	FIDELITY SELECT BIOTECHNOLOGY PORTFOLIO		20	shares			1,156
	FIRST AMERICAN SMALL CAP GROWTH FUND		638	shares			14,151
	FIRST EAGLE GLOBAL FUND		650	shares			25,218
	FIRSTHAND TECHNOLOGY VALUE FUND		369	shares			10,878
	GABELLI GOLD FUND		11,806	shares			188,893
	HARBOR INTERNATIONAL FUND		1,356	shares			57,639
	HEARTLAND VALUE FUND		906	shares			45,111
	HENLOPEN FUND		1,401	shares			42,689
	HENNESSY CORNERSTONE GROWTH FUND		1,580	shares			29,125
	HODGES FUND		944	shares			19,180
	HUSSMAN STRATEGIC GROWTH		1,318	shares			20,245
	ICAP SELECT EQUITY PORTFOLIO		325	shares			11,150
	ICON ENERGY FUND		104	shares			2,399
	ICON HEALTHCARE FUND CLASS A		499	shares			7,951
	ICON INFORMATION TECHNOLOGY FUND		1,460	shares			13,283
	IPS MILLENNIUM FUND CLASS A		24	shares			708
	ISHARES MSCI EMU INDEX FUND		286	shares			20,786
	ISHARES TRUST DOW JONES REAL ESTATE INDEX FUND		205	shares			25,302
	ISHARES TRUST DOW JONES SELECT DIVIDEND INDEX FUND		103	shares			6,346

- 27 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	ISHARES TRUST DOW JONES U.S. ENERGY SECTOR INDEX FUND		304	shares			19,518
	ISHARES TRUST GOLDMAN SACHS SEMICONDUCTOR INDEX FUND		60	shares			3,228
	ISHARES TRUST NASDAQ BIOTECHNOLOGY INDEX FUND		100	shares			7,540
	ISHARES TRUST S&P 500 INDEX FUND		257	shares			31,075
	ISHARES TRUST S&P SMALLCAP 600 INDEX FUND		309	shares			50,226
	JANUS BALANCED FUND		2,958	shares			62,862
	JANUS CONTRARIAN FUND		4,556	shares			60,320
	JANUS ENTERPRISE FUND		288	shares			10,826
	JANUS FUND		738	shares			18,123
	JANUS GLOBAL LIFE SCIENCES FUND		239	shares			4,304
	JANUS GLOBAL OPPORTUNITY FUND		181	shares			2,575
	JANUS GLOBAL TECHNOLOGY FUND		63	shares			671
	JANUS GROWTH & INCOME FUND		742	shares			23,897
	JANUS MERCURY FUND		1,104	shares			23,812
	JANUS MID CAP VALUE FUND INVESTOR SHARES		3,177	shares			70,173
	JANUS OLYMPUS FUND		2,180	shares			62,418
	JANUS SMALL CAP VALUE INVESTOR SHARES		1,464	shares			43,656
	JANUS TWENTY FUND		783	shares			35,085
	JENSEN PORTFOLIO CLASS J		650	shares			15,817
	JOHNSON FAMILY LARGE CAP VALUE FUND		493	shares			5,001
*	JPMORGAN MID-CAP GROWTH FUND		248	shares			1,423
	JULIUS BAER INTERNATIONAL EQUITY FUND		5,959	shares			188,373
	LOOMIS SAYLES BOND FUND CLASS I		665	shares			9,196
	LORD ABBETT AFFILIATED FUND CLASS A		1,556	shares			22,998
	LORD ABBETT BOND DEBENTURE FUND CLASS A		1,540	shares			12,630
	LORD ABBETT MID CAP VALUE FUND CLASS A		457	shares			10,335
	MARSICO GROWTH FUND		845	shares			14,926
	MATTHEWS PACIFIC TIGER FUND		2,289	shares			36,400
	MERIDIAN GROWTH FUND		922	shares			34,330
	MERIDIAN VALUE FUND		707	shares			26,942
	NAVELLIER MID CAP GROWTH FUND		4,139	shares			107,821
	NEUBERGER HIGH INCOME BOND FUND		5,330	shares			50,689
	NEUBERGER INTERNATIONAL FUND INVESTOR CLASS		907	shares			16,511
	NEUBERGER BERMAN SOCIALLY RESPONSIVE INVESTOR CLASS		498	shares			10,911
	NICHOLAS II FUND		226	shares			5,193
	NORTHERN HIGH YIELD FIXED INCOME		9,228	shares			77,794
	OAKMARK EQUITY INCOME FUND		1,540	shares			36,182
	OAKMARK FUND		2,768	shares			115,599

- 28 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	OAKMARK GLOBAL FUND CLASS I		1,561	shares			34,047
	OAKMARK INTERNATIONAL FUND CLASS I		2,226	shares			47,037
	OAKMARK SELECT FUND		2,517	shares			83,942
	PARNASSUS EQUITY INCOME FUND		184	shares			4,599
	PARNASSUS FIXED INCOME FUND		269	shares			4,262
	PAX WORLD BALANCED FUND		361	shares			8,391
	PBHG LARGE-CAP GROWTH FUND		61	shares			1,289
	PBHG MID-CAP FUND		220	shares			4,083
	PBHG SELECT GROWTH FUND		196	shares			4,395
	PBHG TECHNOLOGY & COMMUNICATIONS FUND		57	shares			653
	PIMCO COMMODITY REAL RETURN STRATEGY FUND CLASS D		388	shares			5,745
	PIMCO EMERGING MARKETS BOND FUND		1,589	shares			17,257
	PIMCO HIGH YIELD FUND		1,450	shares			14,456
	PIMCO PEA RENAISSANCE FUND CLASS D		1,428	shares			38,122
	PIMCO PEA VALUE FUND CLASS D		1,430	shares			25,339
	PIMCO RCM GLOBAL HEALTHCARE FUND CLASS D		1,560	shares			34,141
	PIMCO REAL RETURN FUND CLASS D		2,582	shares			29,666
	PIMCO TOTAL RETURN FUND CLASS D		4,783	shares			51,034
	PIMCO TOTAL RETURN MORTGAGE FUND CLASS D		240	shares			2,567
	PIN OAK AGGRESSIVE STOCK FUND		190	shares			4,046
	PIONEER GLOBAL HIGH YIELD FUND		410	shares			5,031
	PIONEER HIGH YIELD FUND CLASS A		5,473	shares			63,541
	PORTFOLIO 21		128	shares			3,262
	PRUDENT GLOBAL INCOME FUND		249	shares			3,207
	RED OAK TECHNOLOGY SELECT PORTFOLIO		585	shares			4,103
	REYNOLDS BLUE CHIP GROWTH FUND		21	shares			636
	ROYCE LOW PRICED STOCK FUND		437	shares			6,702
	ROYCE PREMIER FUND		5,413	shares			81,848
	ROYCE TOTAL RETURN FUND		5,457	shares			66,899
	ROYCE VALUE PLUS FUND		1,109	shares			12,134
	RS CONTRARIAN VALUE FUND		2,056	shares			45,221
	RS DIVERSIFIED GROWTH FUND		455	shares			10,318
	RS INTERNET AGE FUND		571	shares			4,106
	RS PARTNERS FUND		828	shares			28,798
	RYDEX URSA FUND INVESTOR CLASS		2,030	shares			17,154
	SSGA CORE OPPORTUNITIES FUND		1,182	shares			22,345
	SCHWAB 1000 FUND		33	shares			1,144
	SCHWAB S&P 500 INVESTOR SHARES		8,675	shares			161,606
	SCHWAB HEALTH CARE FOCUS FUND		861	shares			10,663
	SCHWAB TOTAL BOND MARKET FUND		22,816	shares			229,302
	SCHWAB TOTAL STOCK MARKET-INV		913	shares			18,592
	SCHWAB TOTAL STOCK MARKET-SEL		3,494	shares			71,240
	SCHWAB VALUE ADVANTAGE MONEY FUND		174,988	shares			174,988

- 29 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)	(e)
		par or maturity value,			Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	value
	SCUDDER BALANCED FUND CLASS S		543	shares			9,490
	SCUDDER GREATER EUROPE GROWTH FUND		633	shares			17,163
	SCUDDER HEALTH CARE FUND CLASS S		233	shares			5,341
	SELECTED AMERICAN SHARES INC CLASS S		350	shares			12,914
	STRATTON GROWTH FUND		781	shares			31,798
	STRATTON SMALL CAP VALUE FUND		836	shares			33,703
	STRONG ASIA PACIFIC FUND		243	shares			2,488
	STRONG MULTI CAP VALUE FUND		63	shares			4,082
	STRONG OPPORTUNITY FUND		694	shares			32,222
	T. ROWE PRICE CAPITAL APPREC		259	shares			5,039
	T. ROWE PRICE EMERGING MARKET STOCK FUND		938	shares			18,211
	T. ROWE PRICE EQUITY INCOME FUND		1,110	shares			29,511
	T. ROWE PRICE HEALTH SCIENCES FUND		2,207	shares			50,996
	T. ROWE PRICE HIGH YIELD FUND		829	shares			5,971
	T. ROWE PRICE LATIN AMERICA FUND		968	shares			15,439
	T. ROWE PRICE MID-CAP GROWTH FUND		956	shares			47,700
	T. ROWE PRICE NEW ASIA FUND		1,012	shares			10,162
	T. ROWE PRICE NEW HORIZON FUND		146,259	shares			4,276,619
	T. ROWE PRICE REAL ESTATE FUND		469	shares			8,394
	T. ROWE PRICE SCIENCE & TECHNOLOGY FUND		122,606	shares			2,341,781
	T. ROWE PRICE SMALL CAP VALUE FUND		636	shares			22,710
	T. ROWE PRICE SPECTRUM INCOME FUND		1,783	shares			21,562
	TEMPLETON GLOBAL SMALLER COMPANY		680	shares			6,348
	THIRD AVE REAL ESTATE VALUE FUND		2,988	shares			80,544
	THIRD AVENUE INTERNATIONAL VALUE FUND		2,150	shares			39,590
	THIRD AVENUE VALUE FUND		541	shares			27,988
	TOCQUEVILLE GOLD FUND		2,408	shares			79,643
	TOUCHSTONE LARGE-CAP GROWTH FUND CLASS A		325	shares			6,285
	TRANSAMERICA PREMIER GROWTH FUND		158	shares			3,110
	TURNER MIDCAP GROWTH FUND CLASS I		47	shares			1,142
	TWEEDY BROWNE GLOBAL VALUE FUND		1,861	shares			43,154
	U.S. GLOBAL INVESTORS EASTERN EUROPE FUND		929	shares			28,493
	U.S. GLOBAL INVESTORS WORLD PRECIOUS MINERALS FUND		2,390	shares			39,103
	UMB SCOUT SMALL CAP FUND		1,020	shares			15,700
	UMB SCOUT WORLDWIDE FUND		3,255	shares			78,435
	VANGUARD 500 INDEX FUND INVESTOR SHARES		1,070	shares			119,481
	VANGUARD GNMA FUND INVESTOR SHARES		1,055	shares			11,013
	VANGUARD HIGH YIELD CORP FUND		4,040	shares			26,016
	VANGUARD PRIMECAP FUND		542	shares			33,796
	VANGUARD REIT INDEX FUND		1,081	shares			20,292
	VANGUARD SHORT-TERM BOND INDEX FUND INVESTOR SHARES		1,454	shares			14,744
	VANGUARD SHORT-TERM TREASURY FUND		1,345	shares			14,085

- 30 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2004


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,					(d)	(e)
		par or maturity value,					Cost	Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares					**	value
	VANGUARD STRATEGIC EQUITY FUND		236			shares			5,057
	VANGUARD TOTAL BOND MARKET INDEX FUND		990			shares			10,163
	VANGUARD TOTAL STOCK MARKET INDEX FUND		1,737			shares			49,960
	VANGUARD U.S. VALUE FUND		892			shares			12,270
	VANGUARD WELLINGTON FUND		1,298			shares			39,172
	VANGUARD WINDSOR II FUND		543			shares			16,693
	WASATCH CORE GROWTH FUND		270			shares			11,674
	WEITZ VALUE FUND		357			shares			13,452
	WESTCORE PLUS BOND FUND		943			shares			10,246
	WHITE OAK GROWTH STOCK FUND		2,208			shares			75,189
	WILLIAM BLAIR INTERNATIONAL GROWTH FUND		923			shares			20,392
	WILLIAM BLAIR SMALL-CAP GROWTH FUND		972			shares			25,003
	WOMEN’S EQUITY MUTUAL FUND		502			shares			10,578


	TOTAL MUTUAL FUNDS								18,935,029

	EMPLOYER STOCK:
	PHELPS DODGE		856,686			shares			84,743,422
	PHELPS DODGE (PARTICIPANT DIRECTED — SCHWAB)		17			shares			1,682

	TOTAL EMPLOYER STOCK								84,745,104

	PARTICIPANT LOANS:
	LOANS TO VARIOUS PARTICIPANTS			6% - 11.5	%
			Maturing through 2019						23,642,273

	OTHER ASSETS:
	INVESTMENT IN MASTER TRUST								474,516,918



	TOTAL ASSETS HELD FOR INVESTMENT							$	614,973,174

*		This is a related party to the Plan’s Recordkeeper, a party-in-interest for which a statutory exemption exists.

**		All investments are participant directed; therefore, disclosure of cost is not required.

See Report of Independent Registered Public Accounting Firm.

- 31 -

Index to Exhibits

23 Consent of PricewaterhouseCoopers LLP.

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