Anglo-American Resources dabbles in Copper and Gold deposits in Ecuador

SMM, 26 Sep: Anglo American Group (Anglo American,), a diversified mining company, has become the latest major miner to set foot in Ecuador. The company reached a joint venture agreement with Luminex Resources (, a Canadian precious metals and base metals company, in August to spin off Lumina Gold. The deal gives Anglo American a 60 per cent stake in a joint venture that indirectly owns franchises in three copper and gold mines-Pegasus A, Pegasus B and Luz-in exchange for $50 million. And $7.3 million over seven years. Anglo American would be entitled to an additional 10 per cent ownership in the joint venture simply by providing all the funds needed until it decided to build a mine on the properties, bringing its total ownership to 70 per cent. Luminex will pay 30 per cent of the cost of developing and building mines on a pro rata basis. The Vancouver-based company said preparations were under way to continue exploration activities with Anglo American as manager and operator.