MELBOURNE, May 16, 2026, 02:06 AEST
BHP Group Ltd lost ground Friday, with shares slipping 2.58% to A$60.46 on the ASX, as traders locked in recent gains in the mining sector and weighed incoming CEO Brandon Craig’s focus on copper. Shares had climbed as high as A$61.61 earlier in the week, a record, according to Reuters. More details at BHP’s .
Timing’s key here. Craig steps in as CEO July 1, and his initial pitch to investors cuts it down to one thing: can BHP—the world’s largest listed miner—keep ramping up copper with its current mines, some new partnerships, and maybe a few smaller deals, or does it need another acquisition on the scale of Anglo?
Not just BHP feeling the strain. The S&P/ASX 200 slipped 0.12% at the close, with materials dropping 2.85%. Miners saw a round of profit-taking after copper and gold gave up ground, according to MarketIndex. Rio Tinto shed 3.2% and Fortescue dropped 1.7%, Trading Economics numbers showed.
Speaking at the Bank of America Global Metals, Mining & Steel Conference in Miami, Craig put growth “well beyond 2035” high on the list. He mapped out a path focused on deeper exploration, teaming up with other industry players, and striking smaller “bolt-on” acquisitions—moves that extend the current business, without overhauling it. BHP
He tried to set some boundaries on deal risk, insisting BHP would remain “extremely disciplined”—though he left the door open to act quickly if the right chance comes along. Investors are likely to keep probing that claim, especially while copper assets remain both rare and pricey. BHP
BHP’s U.S. conference filing laid out just how big its expansion plan is. The company flagged 3%-4% yearly copper-equivalent production growth through 2035 from projects already underway. (Copper-equivalent lumps multiple resource streams into a single copper-based metric.) Growth for copper alone: about 5% a year. The development slate features Escondida, Vicuña, Copper South Australia, and Jansen potash.
BHP gets to play the long game thanks to iron ore. Last month’s settlement with China’s state iron ore buyer helped clear the decks; eToro’s Josh Gilbert called it a win that “de-risks the iron ore earnings base.” Iron ore, he added, is still “the cash engine” powering BHP’s expansions. Reuters
BHP’s cash machine is front and center as the miner looks to boost growth while keeping a tight grip on capital spending. Outgoing CEO Mike Henry went after Anglo American, with a $49 billion bid in 2024—part of BHP’s hunt for more copper, Reuters reported. Anglo turned him down.
Another board shakeup this week: former BlueScope Steel boss Mark Vassella steps in as non-executive director starting June 1. Chair Ross McEwan pointed to Vassella’s “extensive experience in the global steel industry”—relevant for a company still heavily exposed to steelmaking demand via iron ore. BHP
Friday’s drop made the vulnerability clear. Should copper and iron ore prices falter, China demand falter, or permits hold up projects like Escondida, suddenly that disciplined approach risks seeming more like sluggish growth paired with a steep price tag.
BHP has its next crucial data point lined up for July 16, with the miner expected to release its operational review covering the year through June 30. Investors are already eyeing August 18, when the annual results land.
