By Rhiannon Hoyle
SYDNEY--BHP Group's next chief executive officer said he will seek to shore up long-term growth options for the world's most valuable miner, including through exploration and potential "bolt-on" acquisitions.
Brandon Craig, who will succeed Mike Henry as CEO of BHP on July 1, said one of his priorities once he takes the helm of the Australia-based mining giant will be to ensure it has 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," Craig said in prepared remarks for a conference in Miami on Tuesday.
Craig is succeeding Henry as global miners, including BHP, scramble for dominance in copper, a metal used heavily in electric vehicles, renewable-energy infrastructure and data centers.
BHP, already the world's largest copper producer, sought to boost its production of the industrial metal with several attempts to buy rival Anglo American in recent years, including as recently as November. Henry argued that a megadeal to combine the companies' copper mines and other operations would have significant benefits.
Craig, a veteran BHP executive who has run the miner's Americas operations since March 2024, said he wants BHP to "deliver more programmatic growth." So-called bolt-on acquisitions are typically small- or midsize deals that complement the larger business.
Craig said BHP will continue to focus on value and won't grow for growth's sake.
"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," he said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
05-12-26 2343ET
