BHP Chief Commercial Officer Rag Udd to Depart in January

BHP's Chief Commercial Officer Rag Udd, a 30-year company veteran who leads the mining giant's crucial commodity negotiations, will step down at the end of January to pursue an opportunity outside the company. The departure was announced in a staff memo seen by Reuters on Tuesday.

A Critical Role in China Relations

The Chief Commercial Officer position is one of the most challenging roles at BHP, with primary responsibility for negotiating iron ore deals with China. Udd, who is based in Singapore, has been at the forefront of tense discussions with the state-backed China Mineral Resources Group (CMRG).

CMRG has recently increased pressure on major miners like BHP to secure more favorable terms for its domestic steel producers. According to the report, this pressure led to temporary bans on some steel mills purchasing BHP products late last year before a deal was reached in April. The selection of Udd's successor will be a top priority for new CEO Brandon Craig, who started in July, as the industry expects these negotiations to become more difficult.

Udd's Career and Previous Roles

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Before taking the commercial lead, Udd led BHP's Americas division from 2020 to 2024. In that capacity, he oversaw several major capital projects, including:

• The development of the Jansen potash project in Canada, which is slated to begin production in mid-2027.
• Significant investments in the company's Chilean copper assets, such as the Spence expansion and Escondida, the world's largest copper mine.

Udd had been considered by some analysts and investors as a potential candidate for BHP's CEO position prior to Craig's appointment. He did not immediately respond to a request for comment from Reuters.