Rio Tinto’s Australian Supplier Portal
29 January 2020 - 4:54PM
Business Wire
Rio Tinto is committed to paying small and medium business
suppliers with up to $1 million of annual expenditure within 30
days of receipt of invoice. This is in line with the Australian
Supplier Payment Code.
Rio Tinto is continually striving to improve supplier
experiences, and our on-time supplier payments rate, which
currently stands at approximately 96 per cent.
Last year, Rio Tinto introduced a voluntary online portal to
offer suppliers greater transparency on their payment status,
including viewing invoices and tracking payments. Feedback
regarding the portal has been largely positive, with suppliers
reporting favourably on the added ability to track payments.
The portal also provided an option for discounted accelerated
payments for those requiring shorter payment terms than the agreed
30 days.
After review, Rio Tinto will no longer offer this accelerated
payment option and will work on transition arrangements for those
suppliers, representing about 3 per cent of Rio Tinto’s 10,000
Australian suppliers, that had selected the option.
Rio Tinto chief commercial officer Simon Trott said “Our
suppliers are vital to our business success and we will continue to
work to improve our partnerships with them. A supply chain of
strong local suppliers is good for our business, good for local
communities and good for the economy. We are committed to the
Australian Supplier Payment Code.
“We are concerned about any reports that suggest we are not
meeting supplier expectations and encourage suppliers to work with
us and continue providing feedback about how our processes can be
enhanced.”
A telephone hotline is being established for suppliers to
contact Rio Tinto on this issue. Suppliers can email
VendorFeedback@riotinto.com for further information in the
interim.
Across Australia, Rio Tinto spends billions with local suppliers
every year and continues to work with them to improve the
partnerships and ensure increased opportunities for local
communities.
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. Aboriginal businesses and charities are
offered favourable terms on payments by Rio Tinto.
In 2018, Rio Tinto spent $4.4 billion with around 1,800 WA-based
businesses, including $281 million with Pilbara-based businesses.
At its Amrun bauxite mine in far north Queensland, Rio Tinto has
spent more than $2 billion with 1,130 Australian suppliers,
including more than 770 Queensland businesses during
construction.
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version on businesswire.com: https://www.businesswire.com/news/home/20200128005905/en/
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