Ivanhoe Mines: Rio Tinto to Commit $1.5B

Having watched Ivanhoe for a year, I missed this one while on the sideline: IVN's stock went up 33% today due to the following news:

Ivanhoe Mines said Wednesday that London-based mining company Rio Tinto PLC plans invest up to $1.5 billion to develop Ivanhoe's Mongolian copper and gold resources, in a deal that will see it take an eventual 33.4 percent stake in the Vancouver-based company.

Ivanhoe Chairman Robert Friedland said the two companies will jointly engineer, construct and operate Ivanhoe's Oyu Tolgoi copper and gold mining complex in Mongolia's South Gobi region.