Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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
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(Print or Type Responses)
1. Name and Address of Reporting Person *
DUNHAM ARCHIE W
  2. Issuer Name and Ticker or Trading Symbol
PHELPS DODGE CORP [PD]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O PHELPS DODGE CORPORATION, ONE NORTH CENTRAL AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
02/09/2004
(Street)

PHOENIX, AZ 85004
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Deferred Share Units (1) (2) 02/09/2004   A(1)   12.74     (3)   (3) Common Shares 12.74 $ 78.475 6,956.38 D  
Deferred Share Units (1) (2) 02/25/2004   A(1)   11.94     (3)   (3) Common Shares 11.94 $ 83.73 6,968.32 D  
Deferred Share Units (1) (2) 03/03/2004   A(1)   134.3     (3)   (3) Common Shares 134.3 $ 85.63 7,102.62 D  
Deferred Share Units (1) (2) 06/01/2004   A(1)   182.12     (3)   (3) Common Shares 182.12 $ 68.635 7,284.74 D  
Deferred Share Units (1) (2) 06/02/2004   A(1)   14.91     (3)   (3) Common Shares 14.91 $ 67.05 7,299.65 D  
Deferred Share Units (1) (2) 08/31/2004   A(1)   36.71     (3)   (3) Common Shares 36.71 $ 81.72 7,336.36 D  
Deferred Share Units (1) (2) 09/01/2004   A(1)   258.52     (3)   (3) Common Shres 258.52 $ 81.715 7,594.88 D  
Deferred Share Units (1) (2) 10/01/2004   A(1)   16.14     (3)   (3) Common Shares 16.14 $ 92.915 7,633.44 (4) D  
Deferred Share Units (1) (2) 10/05/2004   A(1)   16.14     (3)   (3) Common Shares 16.14 $ 92.925 7,649.58 D  
Deferred Share Units (1) (2) 10/06/2004   A(1)   31.73     (3)   (3) Common Shares 31.73 $ 94.54 7,681.31 D  
Deferred Share Units (1) (2) 10/22/2004   A(1)   17.55     (3)   (3) Common Shares 17.55 $ 85.465 7,698.86 D  
Deferred Share Units (1) (2) 11/30/2004   A(1)   15.26     (3)   (3) Common Shares 15.26 $ 98.295 7,714.12 D  
Deferred Share Units (1) (2) 12/01/2004   A(1)   220.74     (3)   (3) Common Shares 220.74 $ 95.7 7,934.86 D  
Deferred Share Units (1) (2) 12/10/2004   A(1)   16.58     (3)   (3) Common Shares 16.58 $ 90.45 7,972.02 (4) D  
Deferred Share Units (1) (2) 12/17/2004   A(1)   15.56     (3)   (3) Common Shares 15.56 $ 96.43 7,987.58 D  
Deferred Share Units (1) (2) 12/31/2004   A(1)   15.13     (3)   (3) Common Shares 15.13 $ 99.115 8,002.71 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DUNHAM ARCHIE W
C/O PHELPS DODGE CORPORATION
ONE NORTH CENTRAL AVENUE
PHOENIX, AZ 85004
  X      

Signatures

 /s/ S. David Colton, Attorney-in-fact for Archie W. Dunham   04/13/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Acquisition of deferred share units through the Deferred Compensation Plan for the Directors of Phelps Dodge Corporation, exempt pursuant to Rule 16b-3(d). Share numbers and prices do not reflect two-for-one stock split effected on March 13, 2006.
(2) Each deferred share unit represents the right to receive one Phelps Dodge Corporation common share or the cash value thereof.
(3) Deferred share units are exercisable by the reporting person at any time.
(4) Includes allocation of dividends under the Deferred Compensation Plan for the Directors of Phelps Dodge Corporation.
 
Remarks:
For each transaction reported herein, the responses to Items 5 and 9, "Number of Derivative Securities," Item 7, "Title and Amount of Underlying Securities" and Item 8, "Price of Derivative Security," have not been adjusted to reflect the two-for-one stock split effected on March 13, 2006.

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