Lumina has announced a non-binding letter of intent for an earn-in and joint venture deal worth US$57 million with an Anglo American (LN:AAL) subsidiary over its Pegasus A and B concessions in Ecuador.

Under the deal, Anglo would have the right to earn 60% interest in the properties if it invests an aggregate $50 million and pays $7.3 million in cash over seven years.

It follows Lumina announcing a similar non-binding letter of intent with First Quantum Minerals (CN:FM) in October, worth $38.5 million for 51% of Lumina's Orquideas and Cascas concessions.

Lumina president and CEO Marshall Koval said the partnerships would help progress its early-stage concessions and allow it to focus its balance sheet on progressing its flagship Cangrejos copper-gold project, and gold-focused development pipeline.

"Between this LOI and the company's previously announced letter of intent with First Quantum Minerals, we have secured non-binding proposals for up to $96 million dollars in aggregate over the next seven years (up to $82 million dollars in exploration commitments and up to $14 million dollars in cash payments)," he said.

Haywood analysts viewed it as positive and gave Lumina a buy rating and a price target of C$1.20, a 55% increase on yesterday's closing price of 77c which had included a gain of 5c.

Lumina expects to release a preliminary economic assessment for Cangrejos in the June quarter.

The project's inferred resource contains 8.8 million ounces of gold, 1.1 billion pounds of copper and 8.3Moz of silver.

The Anglo joint venture is subject to customary conditions, including Anglo being satisfied with its due diligence within three months of the LOI.