PERTH (miningweekly.com) – Diversified miner BHP on Wednesday announced that from July 1, the company would implement seven-day payment terms for all small, local and indigenous businesses across its global operations.
The change is expected to benefit approximately 4 000 supply partners across 31 countries, including the key operating regions of Australia, Chile, the US, Canada, Mexico, and Trinidad and Tobago.
BHP last year implemented an accelerated payment plan to its small, local and Indigenous business providers in Australia, as part of its efforts to support Australian businesses during the Covid-19 pandemic, by reducing payment terms from 30 days to seven days.
The miner said that the move to implement this payment schedule globally, followed on from positive feedback on the quicker payment terms implemented in Australia last year.
Each year, BHP spends approximately $2.5-billion with small, local and Indigenous businesses, which provide a diverse range of goods and services to BHP’s global operations.