Place the 16 tablespoons of butter and chocolate chips in a large bowl.
In a medium saucepan, bring sugar and evaporated milk to a boil. Stir constantly for 10 minutes.
Pour sugar mixture over the butter and chocolate chips.
Use an electric mixer to beat the mixture for 3 minutes. Mix in vanilla extract.
Spread mixture evenly into a greased 9X13-inch pan. Refrigerate at least 1 hour before adding icing.
To make icing, stir together heavy cream, sugar, egg yolks, and butter in a medium saucepan. Cook over medium heat until mixture is thick enough to coat the back of a spoon, stirring frequently.
Add coconut and pecans and mix well. Let icing cool 15-20 minutes before pouring on fudge.