Rio Tinto launches new Australian payment terms

Date : 02/05/2020 @ 2:03AM
Source : Business Wire
Stock : Rio Tinto Limited (RIO)
Quote : 85.59  -3.23 (-3.64%) @ 7:50AM
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Rio Tinto launches new Australian payment terms

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Rio Tinto will immediately begin transitioning small Australian suppliers to shorter payment terms that will see them paid within 20 days of receipt of a valid invoice. This move, which will apply to suppliers with annual turnover up to A$10 million, reflects Rio Tinto’s recognition of the importance of ensuring smaller suppliers, whom are often local to its Australian operations, are paid in a timely manner.

Rio Tinto chief commercial officer Simon Trott said, “Small businesses are often the lifeblood of the communities in which we operate and being paid quickly is important for their cash flows. That is why we are shortening our payment terms to less than three weeks in order to further strengthen our partnership with smaller Australian suppliers, that are a vital part of Rio’s supply chain.

“As a result of the new policy, around 90 per cent of Rio Tinto’s Australian business suppliers will be paid within 20 days.”

The new policy expands Rio Tinto’s definition of small suppliers from being those who supply up to A$1 million of goods and services to also include businesses with annual turnover of up to A$10 million. The new payment terms, and ongoing work to simplify and systemise our procurement processes, reflect a commitment to improve our partnership with suppliers.

Notes to editors

Rio Tinto has a strong local procurement strategy designed to increase opportunities for Australian businesses to be a part of the Rio Tinto supply chain. Procurement practices, and those of Rio Tinto contractors, help sustain many Australian businesses and, in turn, local communities.

In 2018, Rio Tinto supplier spend in Australia was around A$14 billion.

Contacts Follow @RioTinto on Twitter

Media Relations, United Kingdom Illtud Harri M +44 7920 503 600 David Outhwaite T +44 20 7781 1623 M +44 7787 597 493 Media Relations, Americas Matthew Klar T +1 514 608 4429 Media Relations, Asia Grant Donald T +65 6679 9290 M +65 9722 6028

Media Relations, Australia Jonathan Rose T +61 3 9283 3088 M +61 447 028 913 Matt Chambers T +61 3 9283 3087 M +61 433 525 739 Jesse Riseborough T +61 8 6211 6013 M +61 436 653 412 Investor Relations, United Kingdom Menno Sanderse T: +44 20 7781 1517 M: +44 7825 195 178 David Ovington T +44 20 7781 2051 M +44 7920 010 978 Investor Relations, Australia Natalie Worley T +61 3 9283 3063 M +61 409 210 462 Amar Jambaa T +61 3 9283 3627 M +61 472 865 948

Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 7, 360 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404

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