MELBOURNE, May 14, 2026, 05:01 AEST
- BHP will consider smaller bolt-on acquisitions if the value case stacks up, according to Brandon Craig.
- Craig is set to take over as CEO on July 1, stepping in for Mike Henry—a change that puts these comments just weeks ahead of the handover.
- BHP added former BlueScope Steel chief Mark Vassella to its board.
Brandon Craig, who’s set to take over as BHP Group Ltd’s chief executive, isn’t ruling out smaller deals or new partnerships. The world’s biggest listed miner is once again positioning copper as a core pillar of its growth strategy, with an eye on opportunities beyond 2035.
Copper’s brushing up against all-time highs as Craig steps in on July 1 — timing that matters, with big miners feeling the squeeze to lock down supply. BHP said Craig’s priorities: more exploration, teaming up with industry rivals, and chasing bolt-on acquisitions. Those are the targeted deals that build on what the company’s got, not sweeping overhauls.
Speaking at Bank of America’s Global Metals, Mining & Steel Conference in Miami, Craig told investors BHP isn’t expanding just to get bigger—he called it “value-accretive growth.” The miner is aiming for organic projects to push copper-equivalent output—its metric for bundling commodities—up 3% to 4% annually through 2035. BHP
Craig called building options beyond 2035 “one of my priorities,” and said BHP could “move at pace” if an attractive deal showed up. As for safety, he made a point of labeling it his “first priority”—a deliberate signal from a company still weighed down by serious legal and reputational fallout from earlier disasters.
Copper’s making things a little easier for him. Comex copper futures wrapped up Tuesday at a new record, $6.53 per pound, pushed higher by tight supplies and brisk demand from data centers and electrification trends, according to MarketWatch.
BHP climbed 2.91% to A$61.52 in Sydney. Shares in London tacked on 5.01%, with the U.S. ADR advancing 3.22%, data from the company’s investor hub show.
BHP’s latest pitch, laid out in its own presentation, drew direct lines to competitors like Anglo American, Rio Tinto, and Glencore. The miner pointed to its lifted copper guidance, a contrast to the production cuts announced by its peers. That move also throws the spotlight back on BHP’s recent failed bid for Anglo American—copper assets there had put Anglo firmly in the sights of larger industry players.
Prediction markets are signaling a strong, though hardly runaway, copper move. On May 29, Kalshi contracts put a 55% chance on copper closing above $6.35 a pound, and 34% odds for a finish north of $6.41. That’s traders betting on high prices, but not bracing for another explosive surge.
BHP has shuffled its board, appointing Mark Vassella—recently at the helm of BlueScope Steel—as a non-executive director effective June 1. Chair Ross McEwan pointed to Vassella’s “extensive experience” across steel and resource development, noting his more than four decades in the materials value chain. BHP
Copper’s rally could easily stall before BHP manages to nail down new supply or strike deals that make sense. Mine approvals drag on, project expenses keep climbing, and shareholders—still wary after the sector’s last expensive growth binge—will have their say on any acquisition.
Craig didn’t strike an empire-building tone in his message. Still, the context isn’t subtle: BHP is getting ready for a CEO transition just as copper prices remain elevated, competitors are circling the same targets, and investors are keeping a close eye on whether the next acquisition tests the company’s discipline.
