BHP’s chief commercial officer to step down in January, internal memo shows

By Melanie Burton

MELBOURNE, Sept 2 (Reuters) – BHP’s Chief Commercial Officer Rag Udd will step down at the end of January to pursue an opportunity outside the company, according to a staff memo seen by Reuters on Tuesday, leaving open one of the miner’s most difficult roles — negotiating iron ore deals with China.

He had been seen by some analysts and investors as a contender for the top job at BHP. That position went to Brandon Craig who started in July.

Udd did not immediately respond to a Reuters request for comment.

Udd, who is based in Singapore, will have worked at BHP for three decades by the time of his departure, according to the memo.

He was in charge of BHP’s negotiations with China Mineral Resources Group (CMRG) at a time when the state buyer ramped up pressure on BHP and other iron ore miners to win better terms for its steel makers.

That pressure resulted in a number of bans on steel mills from buying its products late last year until a deal was struck in April.

Iron ore makers expect those negotiations to get harder, and selecting the best leader to manage that key relationship will be a top priority for Craig.

Previously, Udd led BHP’s Americas division from 2020 to 2024, overseeing the development of the Jansen potash project in Canada that is set to start production mid next year.

He also oversaw major investments across BHP’s Chilean copper operations including the Spence expansion and Escondida, the world’s largest copper mine.

(Reporting by Melanie Burton; Editing by Christopher Cushing and Edwina Gibbs)