Rio Tinto PLC (ADR: RTP), the world’s third-largest mining company, may raise as much as $15 billion from top shareholder Aluminum Corp. of China (ADR: ACH), also known as Chinalco, potentially making it the latest in a series of deals that has seen the Asian giant establish a global network of commodities suppliers.

Rio is looking at a combination of asset sales, convertible notes and equity stakes that would lift Chinalco’s Rio stake to more than 11% from 9 % now, the British company said in a statement yesterday (Monday). The money from the sale would be used to reduce some of Rio Tinto’s $38.9 billion of debt, Bloomberg News reported.

The news comes on the heels of a report last week by Money Morning that Chinalco had authorized a special team of analysts to watch for an opportunity to increase its stake in Rio to the maximum 14.99% permitted by the Australian government.

Rio Tinto Chief Executive Officer Tom Albanese, who rejected a $66 billion takeover offer from BHP Billiton Ltd. (ADR: BHP), is studying the sale after commodity prices last year took their biggest plunge most in more than five decades. Rio’s debt ballooned nearly 20-fold with its buyout of Alcan Inc. two years ago.

Over the past few months, China has capitalized on the financial turmoil that has paralyzed the world’s “developed” economies by stocking up on cheap commodities, weeding out competition to its largest state-run companies, and acquiring even more foreign assets.

With commodity prices in a historic swoon, China is scouring the planet for the natural resources it needs to advance its recently unveiled $586 billion stimulus plan - a plan primarily focused on infrastructure.

In order to execute a massive infrastructure overhaul, China is using its huge stash of foreign reserves to load up on the raw materials crucial to the endeavor.