Search
Monday, 25 March 2019

Welcome to OZ METS Hub

The one-stop solutions shop for all your mining needs. Featuring the best Mining Equipment, Technology and Services (METS) available in the world today.

Powered by Austmine, Australia’s leading METS industry association, OZ METS Hub is where you can find the most innovative, cost effective and value-adding mining technologies, equipment and services.
 
Find out about Austmine membership

 

Mining Solutions

Companies featured provide a wide range of solutions from asset management to ventilation equipment and water technologies. You will find information on small, agile tech start-ups, offering breakthrough innovations to well-known multi-national players with vast experience and a wealth of knowledge.

Improve Productivity

Whether your mining operation is open cut or underground, a block cave or a longwall, coal, iron ore or gold, there are companies who can help you improve productivity, reduce life-cycle cost and drive efficiency. All companies provide information on their capability, global reach, latest products and more.

Report Shows Big Opportunity Being Missed in Regional Economy When Adopting Extended Payment Terms
Austmine Limited
/ Categories: Press Releases

Report Shows Big Opportunity Being Missed in Regional Economy When Adopting Extended Payment Terms

Resource Industry Network (RIN) has released a report analyzing the effects on the mining supply chain and demonstrating that the regions will miss out new jobs and other significant flow-on economic benefits from the continuation of extended payment terms, stating the report highlights that there is clearly a widespread positive economic impact to be gained from returning to standard 30-day payment terms.

The report “Economic Analysis of Impacts of Extended Payment Terms”, prepared by Lytton Advisory on behalf of RIN, includes data and breakdowns on resulting practices in the industry supply chain such as financing, payment terms, and cashflow impacts, as well as identifying the effects on local businesses and the economy.

The mining services sector is the major contributor to the Mackay economy and the report identifies that reverting to 30-day payment terms could result in hundreds of jobs, $150m increase in wages, and $250m in Gross Regional Product when taking into account flow-on impacts during the next five years.

RIN general manager Adrienne Rourke said the report was commissioned to demonstrate that this specific industry practice was a road block to the growth of businesses in the sector, as well as eroding their ability to invest and employ more people.

“The report highlights the significant variance in financial outcomes to two otherwise identical companies when subjected to 30-day versus 60-day payment terms,” Ms Rourke said.

“It is an opportunity that is being missed for stronger outcomes for both the resources sector and the METS sector.

“There are also case studies in the report that highlight major operational differences between otherwise identical companies when subjected to varying payment terms.”

The consultants also identified that amongst the RIN member interviewed there was a high level of uniformity regarding what constituted fair and reasonable payment terms: 30 days from end of the month. RIN Members also noted that there was no standard approach by large mining companies to extended payment terms with a wide array of arrangements reported.

“As an advocate for the Resources and METS sector, Resource Industry Network wants to ensure the longevity and sustainability of all businesses and this report provides great insight for businesses, mining houses, government, and stakeholders to consider.”

RIN commissioned this report following a survey of the supply chain carried out with six other regional economic development groups last year which identified that 75% of respondents were affected by extended payment terms to the point where they were scaling back on expansion plans, restocking, employment, technology investment and acquisitions.

The launch of this report is timely given the Parliamentary Inquiry into Mining Industry Support for Regional Businesses.

“We will be using this report to support the submission on behalf of our members to the Parliamentary Inquiry, as it clearly outlines the missed opportunity to regional businesses and our regional economy as a direct result of extended payment terms,” Ms Rourke said.

 

 

 

Report Infographic Summary
Download the report at: www.resourceindustrynetwork.org.au

For further information, please contact: RIN Communications Officer
Jodie Thompson
P: 07 4952 4184

M: 0408 638 968
Email: comms@resourceindustrynetwork.org.au


Image

 

Print
715
Previous Entry Latest Software Release from Maptek Supports 19,000 Vulcan Users
Return
Next Entry Taking Shift Planner to the Next Level

Find Mining Technology & Services

Want information on a specific solution or challenge? Drop us a note and we’ll do our best to help you out!

Loading

News Headlines

Featured Members

OZ METS HUB FEATURES THE BEST MINING EQUIPMENT, TECHNOLOGY AND SERVICES (METS) AVAILABLE IN THE WORLD TODAY!

- OZ METS Hub

Looking to be included on the directory? Only Austmine members can be featured here,
so to learn more about how you can sign up, visit the Austmine website...

INTERESTING THINGS ABOUT AUSTMINE 2016/17

3000

EVENT ATTENDEES

25

PERCENT MEMBERSHIP GROWTH

8500

UNIQUE WEBSITE VISITORS

60000

INDUSTRY EXECUTIVES REACHED

CONTACT US

GET SOCIAL

Copyright © 2019 OZ METS Hub - Australian Mining, Oil and Gas Equipment, Technology and Services Hub Terms Privacy WonderWebs.com
Back To Top