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A Financial Times report said the two sides were closer to reaching agreement as they prepare to resume talks today.
"We're still in a state of flux and I think investors are just looking for any positive sign to sustain the rally or at least put a floor underneath where we are in the marketplace," Frost Investment Advisors president Tom Stringfellow told Bloomberg.
BHP shares continued their ascent in afternoon trade, about A20c shy at the time of writing of the $40 mark last seen in the 2011 Australian mining boom.
The gain follows the iron ore price surging back above US$90 per tonne on global supply concerns.
Meanwhile in London Rio Tinto (LSE:RIO) closed up 0.8% yesterday, above its 2011 levels and back towards its 2008 pre-global financial crisis peak.
Metals and mining stocks closed down just 0.05% in Toronto yesterday and the gold price was back over $1,290 an ounce on the spot market today.
