Anglo American’s worst mines are delivering a windfall. Iron ore and coal prices were among the hardest hit during the commodities rout and have bounced back strongly. Now that the mines are profitable instead of bleeding cash, Anglo is scrapping plans to sell some of its biggest assets, according to people familiar with the matter. During the depths of the commodities crisis, when investors were questioning whether Anglo could survive, the firm unveiled a dramatic turnaround plan to unload assets and pay down debt. As metal prices steadily climb higher, those fears are long gone and Anglo is preparing to report its first annual profit increase in five years. "With all these commodities being up right now, they are trying to milk as much cash as possible," Yuen Low, an analyst at Shore Capital Stockbrokers, said by phone. "They might be hoping that prices will stay strong for longer than most people think."
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