Freeport-McMoRan hires JPMorgan to help explore options: source

(Reuters) - Mining company Freeport-McMoRan Inc has hired JPMorgan Chase & Co to help it explore options, a person familiar with the matter said on Friday, after activist investor Carl Icahn called the company undervalued and asked for corporate changes.

The person asked not to be identified because the matter is confidential.

Bloomberg, which first reported the news on Friday, said the miner was considering options such as asset sales and cost cuts. However, the discussions were at an early stage, Bloomberg said, citing people familiar with the matter.

Freeport-McMoRan declined to comment and JPMorgan Chase was not immediately available for comment outside of regular U.S. business hours.

Icahn disclosed an 8.5 percent stake in the company last week, saying the struggling miner was undervalued and needed to address several corporate governance and capital issues.

Icahn disclosed his stake the same day Freeport said it would slash its mining budget by 25 percent and cut 10 percent of its U.S. mine staff citing a slump in copper prices.

Freeport's shares have plunged nearly 60 percent this year.

(Reporting by Greg Roumeliotis in New York and Mansi Goenka in Bengaluru; Editing by Lisa Shumaker)