GROWING government intervention in critical mineral resources is making mining acquisitions increasingly complex and costly, according to BHP’s chief development officer.
In an interview with the Financial Times, Catherine Raw said heightened regulatory scrutiny as nations seek greater control over domestic resources was creating friction in negotiations during a period of intense sector consolidation.
“The voice of the stakeholder, specifically the government and the regulator, is becoming louder and therefore the nature of any deal is going to become more complicated,” Raw told the Financial Times. She warned that nationalist tendencies and international competition could produce “non-optimal economic outcomes”.
Her remarks follow a surge in mining dealmaking this year, with governments simultaneously tightening control over mineral supply chains. Anglo American’s recent £53bn merger with Teck Resources attracted scrutiny in Canada, whilst Rio Tinto and Glencore abandoned merger discussions earlier in 2025.
Raw, 44, participated in BHP’s unsuccessful £39bn takeover attempt of Anglo American last year, which faced opposition from South African politicians. She joined the $140bn miner in April 2024 from Barrick Mining, where she served as CFO.
Recent examples of government interference include Ottawa’s vocal opposition to Glencore’s 2023 hostile bid for Teck Resources, Panama’s forced closure of First Quantum’s copper mine over foreign ownership concerns, and US intervention blocking the sale of Congo-based Chemaf to Chinese weapons manufacturer Norinco, said the Financial Times.
Raw, who oversees strategy, mergers and acquisitions, and long-term planning, said BHP remains alert to new opportunities as the sector enters a reinvestment phase. She declined to comment on whether BHP might pursue Anglo American again.
The company is redirecting focus from iron ore towards copper, essential for electrical infrastructure.
