BHP commercial chief exits amid China iron ore strain

BHP (ASX, LSE, NYSE: BHP) chief commercial officer Rag Udd will leave the world’s largest miner at the end of January, opening a key leadership vacancy as China intensifies pressure for better terms on iron ore purchases.

Udd, who is based in Singapore and has spent nearly three decades at BHP, oversees sales and marketing of the miner’s key commodities and has led negotiations with state-backed China Mineral Resources Group (CMRG). He will pursue an opportunity outside BHP, CEO Brandon Craig said in a LinkedIn post without providing details.

“I’m looking forward to what comes next, and I hope to stay connected,” Udd said.

His exit is the most senior since Craig took the top job in July and comes as analysts expect further high-profile departures during a leadership refresh. Udd had been viewed by some analysts and investors as a contender to lead BHP.

China challenge

Replacing Udd puts one of BHP’s most sensitive commercial relationships on Craig’s agenda as CMRG seeks to use China’s enormous buying power to secure better iron ore terms for the country’s steelmakers.

The state buyer stepped up pressure on BHP and other iron ore producers last year, resulting in bans preventing steel mills from buying some BHP products until an agreement was reached in April. Iron ore producers expect negotiations to become more difficult, making the choice of Udd’s successor a priority for Craig.

Udd took over as chief commercial officer in 2024 after leading BHP’s Americas division from 2020. He joined the company as a mining engineer in 1997 and has since held positions across its global operations.

His responsibilities in the Americas included overseeing development of the Jansen potash project in Canada, which is scheduled to begin production in the middle of next year.

Mining veteran

Udd also oversaw major investments in BHP’s Chilean copper business, including the Spence expansion and Escondida, the world’s largest copper mine.

That experience gave Udd senior roles spanning three commodities central to BHP’s growth and earnings — iron ore, copper and potash — before his departure under the company’s new leadership.

“I have always appreciated Rag’s curiosity and his willingness to challenge our thinking,” Craig wrote. “He leaves behind a strong team and a lasting impact on our business.”