Antam receives "B" corporate credit rating from S&P

Publicly listed diversified mining company PT Antam announced on Tuesday that it had received a "B" corporate credit rating from international rating agency Standard and Poor's with a stable outlook.

S & P said that Antam's position as vertically integrated mining company with activities including exploration, mining and refining provided the company with the operational diversity to its business profile and stability to its operating costs and supply procurement.

Additionally, Antam maintains a well-established reputation at proving up resources and operating in difficult social and economic circumstances.

The rating agency said that Antam's FeNi III project would enable the company to maintain its competitiveness in nickel production. Antam is currently concentrating on the development of FeNi III project which will more than double Antam's output and is part of the company's long-term strategy.

S & P expected that credit quality would be maintained with the expected favorable nickel price in the medium term and that the capacity expansion would materially improve Antam's cost profile.

Antam announced recently that its revenues rose by 40 percent in the second quarter of this year compared to the corresponding period last year and the back of higher production volumes and an increase in global commodity prices.(hun)