By ROGERS KALEROGovernment should look into challenges facing mine suppliers who are being subjected to long payment periods, detrimental to survival of small businesses, Kitwe-based business executive has said.Former Association of Mine Suppliers and Contractors (AMSC) president, Augustine Mubanga, complained in an interview that mines are setting unavailable payment periods for suppliers.Mr Mubanga said apart from the way contracts and orders are given, the payment mode was also a source of concern which needed to be addressed, saying the current situation where some mining companies were paying 90 or 120 days after delivery was adversely affecting businesses.Mr Mubanga said initially the standard of payment by Anglo American Corporation (AAC) and Glencore PLC was between 15 to 30 days after delivery, but the current situation where mining companies were subjecting suppliers to 90 or 120 days after delivery was retrogressive .“This arrangement of waiting for 90 or 120 days after delivery is killing our businesses because […]
SMES COMPLAIN OVER PROLONGED PAYMENT PERIODS
