MELBOURNE, March 19, 2026, 08:54 (AEDT)
BHP Group Ltd finished Wednesday’s session 0.72% higher at A$50.09. Investors got their first look at the miner’s biggest leadership shake-up in recent memory, as BHP tapped Brandon Craig—currently leading its Americas unit—to take over as chief executive from Mike Henry on July 1.
This shift is significant for BHP: copper made up 51% of operating earnings in the most recent half, topping iron ore for the first time. Prices got a boost as demand from AI data centers and clean-energy builds picked up.
The timing with China isn’t ideal. Craig described close relationships with both governments and customers as “really critical,” while Reuters noted that China Mineral Resources Group recently expanded its curbs on buying certain BHP iron ore products during this year’s supply negotiations. RBC Capital Markets’ Kaan Peker called the CEO handover “more evolutionary than transformational”. Reuters
Craig made it clear he isn’t looking to overhaul things right out of the gate. The new chief pointed to organic growth—building out BHP’s existing assets in copper, iron ore, potash, and coal—as the priority, adding that any deal on the M&A front would need to be “incredibly compelling”. Andy Forster at Argo Investments described Craig as “super impressive”. Over at Barrenjoey, analyst Glyn Lawcock noted that Henry hands over a robust copper portfolio spanning South Australia, Argentina, and Escondida in Chile. Reuters
The board framed the change as a nod to stability, not overhaul. Chair Ross McEwan pointed to Craig’s “discipline and focus” as qualities to drive BHP’s growth ambitions and unlock value, as the group confirmed Henry is set to exit after six and a half years leading the miner. BHP
That still leaves the valuation debate open. According to LSEG data cited by Reuters Breakingviews, BHP shares are up 48% since Henry became CEO in 2020—less than the gains logged by Rio Tinto, Fortescue, and Glencore. The underperformance means Craig remains under the gun to show that capital restraint stacks up against the appeal of a major acquisition.
The risk hasn’t gone anywhere. Back in January, BHP disclosed it agreed to discount some iron ore shipments after negotiations with China’s state buyer and warned about a 20% jump in costs for its Jansen potash project in Canada. China, for its part, temporarily lifted a ban on Jimblebar fines for just a week—underscoring how unsettled the situation still is.
Investors aren’t making up their minds just yet. BHP closed at A$50.09 in Sydney; its New York ADRs slipped 3.1% to $68.30. The share moves offer a muddled verdict on whether sticking with continuity really delivers for a miner hoping copper muscle can drive a bigger multiple.
