Industry ranking
Score of 88/100 qualifies for PaymentCheck Certification
The average time to pay for LKAB MINERALS LIMITED has increased from 19 days in the first half of 2020 to 23 days in the first half of 2021. This is a 21.1% increase in the time taken to pay invoices on average.
The volatility in the average time to pay for LKAB MINERALS LIMITED is relatively low, with an increase of only 2 days from the first half of 2020 to the first half of 2021.
In summary, the data shows that LKAB MINERALS LIMITED has experienced a decrease in prompt payment and an increase in delayed payment in the first half of 2021 compared to the first half of 2020. The average time to pay has increased by 21.1%, with a decrease in the percentage of invoices paid within 30 days and an increase in the percentage of invoices paid between 31 and 60 days and later than 60 days. The volatility in these metrics is relatively low, but there is a higher volatility in the percentage of invoices paid between 31 and 60 days and later than 60 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2020 - 31 Dec 2020 | 26 May 2021 | 21 | 85% | 10% | 5% | 19% |
| 01 Jan 2020 - 30 Jun 2020 | 26 May 2021 | 19 | 85% | 10% | 5% | 16% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Individually agreed with each supplier
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Dialogue with suppliers
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
❌
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
❌
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
LKAB Minerals Limited supplies processed and raw industrial minerals to formulators, compounders and engineers, trading via its website as LKAB Minerals. Its product range includes calcium carbonates and fillers, cement and binder solutions, functional fillers and additives, iron-based and high-density minerals, thermal and refractory minerals, and specialty metals. These materials serve construction, agriculture, coatings, infrastructure and engineering applications, including screeds, radiation shielding aggregates and soil nutrition products. The company forms part of the LKAB Group, a mining group with origins dating to 1890, and operates offices across twelve countries distributing over thirty raw and processed minerals worldwide. Its registered office is in Derby, England, and its SIC classification covers manufacture of other non-metallic mineral products.
Generated from the company's website and Companies House records. Sources: francisflower.com · francisflower.com · francisflower.com