Phelps Dodge Corp. To Conduct Webcast

Phelps Dodge Corp. will conduct a live audio Webcast of its 2nd quarter 2006 conference call with the financial community this Wednesday, at 10 a.m. EDT. J. Steven Whisler, chairman & chief executive officer, will serve as host & will review 2nd quarter 2006 financial results, which will be released before the open of the New York Stock Exchange on July 26th. Management also will provide its outlook for the 3rd quarter 2006. The public is invited to listen.

The Webcast can be accessed at http://www.phelpsdodge.com. Participants are encouraged to test their systems & register for the event in advance of the Webcast. An archive of the Webcast will be available through Aug. 2nd, 2006.