JAKARTA. PT Aneka Tambang Tbk (ANTM), a member of state-owned holding company, has secured a rating upgrade from S&P to “BB+/Stable.”

This upgrade indicates an improvement of ANTM’s business prospect through nickel downstreaming process for the electric vehicle (EV) battery industry chain in Indonesia and gold mining business. Prior to this, the company held a “B+/Positive” rating.

In its report, S&P is optimistic that the Indonesian government will continue to provide full support for ANTM through MIND ID. It is in line with the government’s vision to manage and consolidate strategic mining assets through MIND ID.

Elisabeth RT Siahaan, Director of Finance and Risk Management of ANTM, said that this upgrade is in accordance with ANTM’s business sustainability strategy, both in operational and financial aspects. “In order to carry out the operation, the company continues to promote operational excellence and focus in meticulous cost management through suitable efficiency programs,” Siahaan mentioned in the official statement.

For the record, ANTM’s cash and cash equivalent at the end of the first half of 2023 was reported at IDR 6.58 trillion, whereas the net cash flow from the operational activities clocked up to IDR 1.69 trillion. (KR/ZH)