Incoming BHP CEO to consider bolt-on acquisitions for growth

Incoming BHP CEO Brandon Craig will focus on securing growth options beyond 2035 by ramping up exploration, partnering with peers and making bolt-on acquisitions where they bring value, he said in comments released to the Australian stock exchange on Wednesday.

Craig will take the helm of the world’s biggest listed miner on July 1. He spoke at a Bank of America conference in Miami on Tuesday.

“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.

“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.”

Under CEO Mike Henry, BHP made several attempts to buy smaller peer Anglo American, most recently in late November, as it sought to shore up its dominance in copper. Anglo rebuffed a $49 billion offer from BHP in May 2024.

BHP shares, up 31% this year, hit a record high of A$61.61 on Wednesday.

(By Melanie Burton; Editing by Sonali Paul)