The JSW Management Board has made the decision to shorten the terms of payment used in procurement procedures to 90 days.
This resolution stems from the expectations presented by many business partners.
“We hope that shortening the term of payment by 30 days will contribute to improving the liquidity position of our suppliers and obtaining better pricing in tender procedures. We are also counting on improvement in the banking sector’s trust in the mining industry,” explains Daniel Ozon, CEO of Jastrzebska Spólka Weglowa.
This decision to shorten the terms of payment also confirms the company’s good financial standing. In November of last year, Jastrzebska Spólka Weglowa entered into a memorandum of agreement with Bank Ochrony Srodowiska, and then PKO BP SA, enabling the suppliers selected by the company to take advantage of an additional means of financing their receivables. Now, thanks to this resolution, all of JSW’s suppliers will be able to receive payment more quickly for the materials they supply or the services they provide.
Read the article online at: https://www.globalminingreview.com/finance-business/05102018/jsw-announced-shorter-terms-of-payment/