Ivanhoe Mines up 9.3% on Funding Announcement

Ivanhoe Mines

is trading higher on the session following the announcement that the company will proceed with $1.8 billion rights offering with a standby offering from Rio Tinto

. Ivanhoe Mines is an international mineral exploration and development company. Its principal mineral resource property is the Oyu Tolgoi Project, located in Mongolia. The stock has been beaten this year and is trading 27% lower year-to-date. The shares of Ivanhoe Mines are currently trading at $12.85, a gain of $1.09 or 9.27%.