MELBOURNE, May 14, 2026, 05:01 AEST
- Brandon Craig says BHP will look at smaller bolt-on deals where value supports them.
- The comments come weeks before Craig replaces Mike Henry as CEO on July 1.
- BHP also named former BlueScope Steel boss Mark Vassella to its board.
BHP Group Ltd’s incoming chief executive, Brandon Craig, has left the door open to smaller acquisitions and partnerships as the world’s biggest listed miner looks for growth beyond 2035, putting copper back at the centre of its long-term strategy.
The shift matters now because Craig takes over on July 1, just as copper prices are trading near record levels and large miners are under pressure to secure supply. BHP said Craig would focus on exploration, partnerships with peers and bolt-on acquisitions — smaller deals that add to existing operations rather than transform the whole company.
Craig told investors at Bank of America’s Global Metals, Mining & Steel Conference in Miami that BHP would pursue “value-accretive growth” and was not chasing expansion for its own sake. The company expects its organic projects to lift copper-equivalent output, a measure that converts different commodities into copper terms, by 3% to 4% a year through 2035. BHP
“One of my priorities” is to build options beyond 2035, Craig said, adding that BHP could “move at pace” if the right deal appears. He also said safety would be his “first priority,” a pointed line for a company that still carries heavy legal and reputational risk from past disasters.
Copper is doing part of the work for him. Comex copper futures settled at a record $6.53 a pound on Tuesday, helped by supply strains and stronger demand tied to data centres and electrification, MarketWatch reported.
BHP shares were quoted at A$61.52 in Sydney, up 2.91%, while its London line rose 5.01% and its U.S. ADR was up 3.22%, according to the company’s investor hub.
The company’s own presentation set the pitch against rivals including Anglo American, Rio Tinto and Glencore, saying BHP had raised copper guidance while peers had cut production expectations. That is also a reminder of BHP’s failed approach for Anglo American, whose copper assets had made it a natural target for bigger miners.
Prediction-market pricing also points to a still-hot, but not one-way, copper trade. Kalshi contracts for copper at May 29 showed odds of 55% for the metal finishing above $6.35 a pound and 34% for above $6.41, a sign traders see elevated prices but are not fully pricing another sharp leg higher.
BHP added a governance move on Wednesday, naming Mark Vassella, the former BlueScope Steel chief executive, as a non-executive director from June 1. Chair Ross McEwan said Vassella brings “extensive experience” in steel and resource development, including more than 40 years in the materials value chain. BHP
The risk is that copper’s rally fades before BHP can lock in new supply or close sensible deals. Mine approvals remain slow, project costs are high, and any acquisition would have to clear shareholders who still remember the sector’s costly expansion cycle.
Craig’s message was measured, not empire-building. But the timing is clear: BHP is preparing for a CEO handover with copper prices high, rivals chasing the same assets, and investors watching whether discipline survives the next deal.
