This case study illustrates how PT Aneka Tambang Tbk (Antam) manages their cash flows. Antam’s cash was held in over 15 local and foreign banks where mainly was placed in time-deposit and the rest was in the form of cash account. This company used their revenue to pay administrative cost, investment and financing activities such as construction cost, repayment of bonds and dividend. However, the high-cost labour and the increasing of wages have adversely influenced the condition of their cash-flow management. At the same time payment to suppliers has also gradually increasing. As a result, Antam’s liquidity decreased although the debt-ratio has shown some improvement and profitability seems to be flat with a tendency to decline.