BHP Group (LSE:BHP) has appointed long-serving executive Brandon Craig as its next chief executive, positioning the company for what management sees as a new era in global mining driven by rising demand for copper and other critical minerals.
Craig, who has spent more than 25 years with the company, will take over from current CEO Mike Henry, who has led the miner for six years. Speaking after the announcement, Craig said his focus would be on executing and advancing the development opportunities already underway across the group. He said he would be “bringing to life” the development options bequeathed to him.
The incoming chief executive highlighted the Americas—particularly the United States, Chile and Argentina—as central to BHP’s future growth prospects.
Although the role followed an international search process, BHP has historically promoted from within its ranks. Until recently, the company’s Australian operations head, Geraldine Slattery, had been widely considered a leading candidate to become BHP’s first female CEO. Craig, now 53, has risen quickly within the organisation but has yet to oversee multiple divisions across the group.
His reputation within the company has grown rapidly, however, after leading BHP’s Americas division and previously managing its Western Australia iron ore operations for three years.
“He’s run the iron ore business, and the Americas is probably the most important business for BHP in the years ahead,” said Andy Forster of Sydney-based Argo Investments. “I reckon he’s super impressive.”
M&A Opportunities Must Be Highly Compelling
Craig told reporters that he intends to maintain BHP’s diversified mining model and prioritise organic growth across its four core commodities: copper, iron ore, potash and coal. While mergers and acquisitions remain a possibility, he stressed that any potential deal would need to offer significant strategic value.
Any M&A opportunities “would have to be incredibly compelling to compete with that set of options that we have,” he said.
Craig credited former CEO Andrew Mackenzie with narrowing BHP’s portfolio to its strongest assets, while Henry focused on developing them. According to Craig, his role will now be to maximise the potential of those assets as the mining sector enters a new phase shaped by geopolitical pressures and demand for critical minerals.
The industry is increasingly receiving support from Western governments seeking to secure supply chains for minerals essential to clean energy technologies and defence applications.
“The importance of mining to the economic ambition of security of nations around the world has never been more important or so well understood,” he said.
As an example, Craig pointed to U.S. government backing for the Resolution Copper project in Arizona, where BHP is a minority partner alongside majority owner Rio Tinto. The companies recently gained control of land required to advance the development, a project expected to become a major domestic copper source in the United States but one that has faced opposition from Native American groups for more than two decades.
Leadership Changes Across the Mining Industry
Craig also emphasised the need to strengthen relationships with both governments and customers. BHP has recently been involved in a pricing dispute with one of its largest customers, China’s Mineral Resources Group, which temporarily barred its steel mills from purchasing several BHP products during negotiations over supply contracts.
“I do think it’s really, really important that we continue to strengthen the relationships with our customers, particularly in China,” he said, adding that senior executives plan to visit the country in the coming weeks.
Craig will formally assume the CEO role on July 1, at a time when leadership across the mining industry is undergoing significant change. Over the past six months, Barrick Mining and Newmont Corporation have both appointed new chief executives, as has BHP spin-off South32. Meanwhile, Rio Tinto’s CEO Simon Trott has been in the position for less than a year.
In the energy sector, Australia’s largest oil and gas producer, Woodside Energy, also confirmed a leadership change on Wednesday, appointing interim CEO Liz Westcott to the role permanently.
Assessing Mike Henry’s Tenure
During Mike Henry’s leadership, BHP strengthened its position as the world’s largest copper producer—an increasingly important metal due to its central role in electrification and the global energy transition. Copper contributed the majority of the company’s profits for the first time in its latest half-year results.
“He leaves behind now a vision for copper South Australia, a whole new copper precinct in Argentina and a pathway back to a million tons a year at Escondida,” said analyst Glyn Lawcock of Barrenjoey in Sydney, referring to the world’s largest copper mine in Chile.
Henry also oversaw major strategic changes, including BHP’s exit from the petroleum sector, the removal of its secondary listing in the UK, and a stronger focus on potash. His tenure also included several unsuccessful attempts to acquire Anglo American in a bid to expand BHP’s long-term copper exposure.
Despite these moves, BHP’s annualised total returns during Henry’s leadership averaged about 17%, slightly below the 19% delivered by peers Rio Tinto and Glencore, and trailing Fortescue’s 29%.
Following the announcement of Craig’s appointment, shares in BHP rose 0.9% in Wednesday afternoon trading.
Leave a Reply