The mining group Anglo American has reported a pre-tax loss in 2012, as the company was hit by lower commodity prices and a writedown on a key iron ore project.
It made a pre-tax loss of $239m compared with a $10.8 billion profit in 2011.
Last month, Anglo said it would write off $4 billion after a review of its Minas-Rio project in Brazil.
The company has also been affected by strikes in South Africa, particularly at its platinum mines, and took a $600m impairment charge on platinum projects.
Earlier this month, its Anglo American Platinum unit posted an operating loss of $710m for 2012.
Anglo American chief executive Cynthia Carroll said last year commodity prices were "markedly weaker", and she cited continuing cost pressures and the operating loss in its platinum business as key factors affecting the overall business in 2012.
The group's operating profit for the year fell 44% to $6.2 billion. Revenue fell 10% to $32.8bn.
She said: "While European and Japanese economic activity remains weak, recent policy changes ought to stimulate growth in 2013."
"Alongside a continuing recovery in the US, we expect robust growth in the major emerging economies - especially China and India - as they benefit from continuing urbanisation."