Six to buy
Anglo American
“Profits down, a dividend cut… a rise in net debt.” This mining giant’s 2023 results made for dispiriting reading. Yet mining is a deeply cyclical business and a bottom may be near as central bankers prepare to cut interest rates and the Biden administration splurges on infrastructure. Anglo is “still a major… profitable, producer of copper and iron ore”, yet its shares trade at a discount to book value. When the cycle