China is considering purchasing more than 9% of Austalian miner BHP Billiton, the Financial Times reported, citing Australian media reports. The reports helped to boost BHP Billiton shares in London 4.6%. While the specifics of the deal, including the question of which state-owned financial institution would take the lead, remain unclear, there is speculation that Baoshan Iron and Steel, China’s largest steel maker, may be the buyer. Earlier this year, Chinese state-owned firm Chinalco partnered with US firm Alcoa to buy a 9% stake in Rio Tinto for US$14 billion. That came after BHP launched a takeover bid for Rio Tinto in November, which was rejected by Rio’s board. Recently, Australian regulators blocked an attempted purchase of a 19.73% stake in Australia’s Mount Gibson Iron by steelmaker Shougang after the acquisition attempt was found to violate Australia’s corporate code.