The decision was made following a period of engagement with suppliers, host communities and the local authorities.
(1888PressRelease) July 17, 2020 - Huangpu Mining (ISIN: CN0397106583), a pioneering cobalt mining company in China whose vision is to become a new mining benchmark company, delivering value and tangible benefits to its shareholders, partners and for the community in which it operates, is pleased to announce a change to its procurement policies, extending preferred payment terms of 30 days to all Chinese businesses in local areas. This change means nearly 100 local businesses will experience preferred payment terms from the beginning of this month.
“We’ve heard concerns about the impact of our standard global payment terms on local businesses and recognise there is more we can do to support our local communities.
We will extend our preferential terms further than the existing small and local businesses already captured,” said Lam Keping, President Operations.
All of Huangpu Mining suppliers with a primary operating presence - regardless of size - will be placed on 30-day payment terms. Businesses won’t need to apply for the new payment terms, and will be automatically moved to 30 days.
Huangpu Mining Vice President Supply, Mao Nanchun, says the change will be a huge win in the mining sector.
“As well as being a respected employer in regional communities, we are also a contributor to local economies - through the jobs we provide, and the goods and services we purchase.” said Mr. Mao Nanchun.
“We value the communities we operate in, and want our local suppliers to grow strong businesses as we grow ours,” Mr. Poon T. Guanqiu, Chief Executive Officer added.
However, Mr. Mao Nanchun says Huangpu Mining’s success nationally and internationally is built on strong local relationships.
“We understand that the strength and capability of communities that are local to us are critical to the strength and capability of our business as a whole.”
About Huangpu Mining
Huangpu Mining is a pioneering cobalt mining company in China whose vision is to become a new mining benchmark company, delivering value and tangible benefits to its shareholders, partners and the community in which it operates. The strategy at Huangpu Mining is to explore, develop and refine ethically sourced cobalt within Asia for sale back into the Asian battery market, focusing on its main site in Huangpu, Guangdong. Company’s Board and Management teams are a diverse group of experienced mine-builders, mine-operators, financiers and company-makers, positioning the Huangpu Mining to be at the forefront of the cobalt-driven battery movement in the coming years.
The decision was made following a period of engagement with suppliers, host communities and the local authorities. 
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