World Economy

Rio Doubles Payment Terms

Rio Doubles Payment TermsRio Doubles Payment Terms

Suppliers to Rio Tinto face more financial pain after the global mining giant said it would double its standard payment terms to 90 days–twice as long as the average Australian business takes to pay its bills, Business Today reported. This change comes nine months after Rio extended its standard payment terms from 30 days to 45 days. It also comes several months after BHP Billiton told its suppliers that its standard payment terms would increase to 60 days.