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Freeport-McMoRan Copper & Gold, the largest publicly traded copper producer, will cooperate with the Indonesian government as it reviews the company’s contract to operate the Grasberg mine on Papua island.

Freeport said on Friday its so-called contract of work can only be modified by mutual agreement between the government and the company. It also said the government established an evaluation team in January to review “all contracts.”

Grasberg, which accounted for 19 percent of the company’s revenue last year, contains the world’s largest recoverable copper reserve, according to Phoenix-based Freeport. There are also huge gold deposits. Production was cut in 2011 because of a three-month strike that ended in December.

“We believe our contract is fair to all parties and results in substantial contributions to the government,” Freeport said in an e-mailed statement on Thursday as quoted by Bloomberg. “We will work cooperatively with the government to complete this review and to seek extension of the contract beyond 2021.”

The Indonesian Energy and Mineral Resources Ministry said on Thursday that Freeport Indonesia, the local unit of the US mining giant, was in talks to renew the contract. No details were disclosed.

The renegotiation attempt is part of a larger government effort to redraw natural resource contracts across several sectors. Many contracts were forged during the Suharto era, and the government is seeking more favorable terms.

The Freeport negotiations could have important implications for the government’s overall drive to generate more revenue from mining companies operating in the country, said Pri Agung Rakhmanto, a mining analyst at Reforminer Institute.

So far, though, it was unclear what would happen, he said.

“It’s not new, and there is no significant progress in the agreement,’’ Pri Agung said.

Another major miner on which the government has set its sights is Newmont Nusa Tenggara (NNT), the Indonesian unit of Newmont Mining, the world’s second-largest gold producer by sales.

NNT spokesman Rubi Purnomo said on Friday that the company, like Freeport, would be prepared to discuss renewing its contract of work (CoW) with the Indonesian government.

“NNT understands that the amendment to the CoW has been negotiated under the CoW itself and can be made based on a mutual agreement between the parties that provides benefits to both parties,” Rubi said in a text message on Friday.

“NNT is ready for discussion with the government of Indonesia on the CoW amendment plan,” he added.

The new willingness represents a shift for both Freeport and Newmont, which have long resisted the government’s attempts to change the terms of their agreements.

Thamrin Sihite, director general of mineral and coal at the energy ministry, said in September 2011 that Freeport and Newmont were the ‘‘stumbling block’’ for the renegotiating with the mining industries.

Companies such as Timah, a tin producer, and gold miner Aneka Tambang have agreed to contract changes, Thamrin said in September.

The government issued a mining law in 2009 that would ban the export of all raw minerals, effective 2014. Mining companies would be required to build smelters in the country for processing here.

The government wants to earn more revenue from natural resources, collect more concession fees from companies, divest stakes faster to local entities and to reduce the contract terms.