Global resources giant BHP has announced that Brandon Craig, the current head of its Americas operations, will take over as CEO from July 1 as Mike Henry steps down after more than six years.
The appointment underscores the mining giant’s laser focus on its operations in the US, Canada and South America, home to its coveted copper and potash assets.
Both commodities are increasingly in the limelight of mining sector dealmaking as the industry shifts to a new era of critical mineral-driven demand, in which protectionism and the drive to secure domestic supplies of essential minerals and metals are key.
Demand for copper is expected to increase by 40% over the next 15 years, spurred by industrialisation, electric vehicles and data centres needed for artificial intelligence.
For potash, BHP predicts that the world’s population will reach 9.7-billion by 2050, fuelling a 70% increase in global demand for the fertiliser ingredient as farming continues to be constrained by limited arable land.
Craig has been BHP’s Americas president since March 2024, leading the company’s growth strategy in “future-facing commodities across Canada, the US and South America”, said BHP in a statement.
“During his time in the role, BHP became the world’s largest copper producer and advanced high-quality growth options in copper and potash.”
BHP’s Jansen will produce about 4.15-million tonnes of potash a year, with underlying earnings before interest, tax, depreciation and amortisation (ebitda) margins estimated at about 63%-64%.
At consensus prices, that means Jansen will reach its breakeven point 11-15 years after first production, which is now set for mid-2027.
Outside Canada, BHP’s South American and US portfolios include an array of large-scale copper mines and exploration projects, such as the Peruvian Antamina mine and its flagship Escondida mine in Chile.
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