Incoming BHP CEO Brandon Craig said he intends to broaden the miner's growth options past 2035 by intensifying exploration efforts, collaborating with other companies and executing smaller acquisitions where they add value. The comments were disclosed to the Australian stock exchange on Wednesday and were delivered at a Bank of America conference in Miami the previous day.
Craig, who will formally take charge of the world’s largest listed mining company on July 1, set out a series of priorities aimed at sustaining and extending BHP's asset base. "One of my priorities will be ensuring we have options to grow well beyond 2035. That means increasing exploration, seeking opportunities to partner with peers to unlock value in adjacent operations and by executing smaller 'bolt on' acquisitions when the value case supports them," he said.
He qualified that commitment with a note on discipline: "And while we will remain extremely disciplined, our diversified model and strong balance sheet gives us the ability to move at pace if the right opportunity presents itself." That phrasing frames a strategy of selective, financially justified expansion rather than broad, aggressive deal-making.
The remarks arrive against a backdrop of prior high-profile takeover attempts by BHP under outgoing CEO Mike Henry. The company made several efforts to acquire smaller peer Anglo American, most recently in late November, as part of a push to strengthen its position in copper. Anglo rejected a A$49 billion offer from BHP in May 2024.
Market reaction accompanied the comments: BHP shares, which have risen 31% so far this year, reached a record intraday high of A$61.61 on Wednesday.
Context and implications
Craig's stated approach centers on three levers: exploration to identify organically sourced growth, partnerships with other miners to unlock synergies in nearby or complementary assets, and targeted 'bolt-on' acquisitions that meet a clear value test. He reiterated a conservative financial stance while noting that BHP's diversified portfolio and balance sheet give it optionality to act quickly when conditions are favorable.