PEFINDO assigned its idA+ rating with stable outlook for PT Timah Tbk

(December 5, 2025)--The rating reflects Timah’s very strong market position, relatively strong financial profile, and strong likelihood of support from the shareholder. These strengths are partly offset by its exposure to the risk from illegal mining, as well as volatility of tin prices and adverse weather condition.

The rating may be raised if Timah continues to demonstrate intensive improvements in business performance through higher productivity, cost-efficiency initiatives, and strong EBITDA generation, which could also be driven by the sustainability of good governance within the industry. The rating may be lowered if the Company incurs significantly higher debt than projected without corresponding improvements in performance, or if the fluctuation of global tin price significantly impairs its revenue and profitability. The social risk of illegal mining activities on a large scale may also potentially impair the Company’s performance, cash flow generation, and eventually its credit profile.

Timah is a vertically integrated mining company in Indonesia focused on producing tin ingots. Its main mining operations are in Pangkal Pinang, Bangka Belitung. As of September 30, 2025, the Company’s A-class shares were owned by the Indonesian government, and its B-class shares by PT Mineral Industri Indonesia (Persero) (MIND ID) (65.0%) and the public (35.0%). (ends)