trending Market Intelligence /marketintelligence/en/news-insights/trending/paej6dhfg7duowljn0gwba2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Rio Tinto dumps plan to double payment terms to 90 days

IFRS 9: Time is Running Out for Insurance Companies to Comply

5 Quant Research Traps to Avoid

S&P Global Market Intelligence

Wind Power by the Numbers: U.S., Canada and Mexico

CUSIP Identifier Requests for New U.S. Corporate Debt Surge in January

Rio Tinto dumps plan to double payment terms to 90 days

Caving in from outcry from suppliers and political pressure,Rio Tinto dropped itsplan to extend the lengthof payment terms on up to A$24 billion of supply contracts to 90 days from 45 days,effective immediately, The Australian FinancialReview reported April 14.

A number of Australian companies raised their concerns to theprime minister and other key ministers regarding the change in payment terms asit puts cash-flow pressures on smaller companies and their business operations.

"I spoke to senior management at Rio Tinto and conveyedthe government's concerns and asked that they re-examine their decision, takingthese considerations into account," the report cited Resources Minister JoshFrydenberg as saying.

Rio Tinto maintained its payment terms for suppliers with contractsin place, as they were at March 30, reasoning that the company values its partnerships.

"Future arrangements with our suppliers will be negotiatedas part of any discussions about new contracts, to maintain the competitivenessof our business and our future ability to develop our assets," Rio Tinto said.