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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Rio Tinto : publishes Payment Times Reporting Scheme data

12/01/2021 | 11:11pm EST

Rio Tinto has published its first payment times performance data as part of the Australian Government's Payment Times Reporting Scheme (PTRS) and put in place faster payment times for Australian small and regional suppliers.

During the first PTRS reporting period, from January to June 2021, Rio Tinto spent A$613 million with around 6,300 Australian suppliers on the government's small business register.

In this period, Rio Tinto paid 76 per cent of invoices to small businesses within 20 days, in line with its terms at the time, and 93 per cent within 30 days. Performance has improved significantly in the current reporting period, with 96 per cent of invoices paid within 20 days and 98 per cent within 30 days to date since 1 July 2021.

Rio Tinto is committed to further improving its payment times performance. Effective immediately, Australian small suppliers are on faster 14-day payment terms and all regional businesses, regardless of size, based close to the company's Australian operations are on 20-day payment terms.

Following feedback from Australian suppliers, Rio Tinto will also create a new local support team to provide additional assistance to the company's Australian small and regional business suppliers.

The new team will focus on increasing local buying programs, ensuring quicker payment turn-around times, and will be targeting seven-day payment terms for Indigenous suppliers. In 2020, Rio Tinto spent about A$300 million with around 80 Indigenous suppliers.

Rio Tinto Chief Executive, Australia, Kellie Parker said "Suppliers play a crucial role in our business and are integral to the local economies and communities in which we operate. Fast and timely payment is an important part of our supply chain, and we will continue to support openness and transparency surrounding payment terms.

"To reinforce our commitment to our suppliers, we have introduced new faster payment terms for Australian small and regional businesses. After not meeting our own expectations and those of our suppliers in the first PTRS reporting period, we have made changes to improve our performance in the second reporting period, which we must now build upon."

The Payment Times Reporting Scheme, which commenced on 1 January 2021, seeks to increase transparency on payment terms and requires large businesses and government to publicly report their small business payment terms and times.

Media Relations, UK

Illtud Harri
M +44 7920 503 600

David Outhwaite
M +44 7787 597 493

Media Relations, Americas

Matthew Klar
T +1 514 608 4429

Media Relations, Australia

Jonathan Rose
M +61 447 028 913

Matt Chambers
M +61 433 525 739

Jesse Riseborough
M +61 436 653 412

Investor Relations, UK

Menno Sanderse
M: +44 7825 195 178

David Ovington
M +44 7920 010 978

Clare Peever
M +44 7788 967 877

Rio Tinto plc
6 St James's Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885

Investor Relations, Australia

Natalie Worley
M +61 409 210 462

Amar Jambaa
M +61 472 865 948

Rio Tinto Limited
Level 7, 360 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

riotinto.com

Disclaimer

Rio Tinto plc published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2021 04:10:09 UTC.


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Net income 2021 21 516 M - -
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P/E ratio 2021 3,97x
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Capitalization 86 807 M 117 B -
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