Rio Tinto Group shares rose the most in almost two months in Sydney trading on Friday after the world's third-largest mining company said it will proceed with a plan to raise $19.5 billion from Aluminum Corp of China.

Rio climbed 7.4 percent to A$61.88, the biggest gain since March 23. Speculation that Rio would scrap the deal with Chinalco, as the Chinese company is known, and pursue a rights offer instead pushed the London-based company down 20 percent in the first four days of the week.

"The company remains committed to delivering this strategic partnership," Rio said in a statement.