Mining company Anglo American PLC has posted a $1.5 billion net loss for 2012 due to weak commodity prices and problems with a Brazilian iron ore project.
The company's poor performance came after showing a $6.16 billion net profit the year before.
Outgoing chief executive Cynthia Carroll said in a statement Friday that the company had "recorded impairments totally $4.6 billion (post-tax) in relation to Minas-Rio and a number of platinum projects." She called the results "disappointing."
The company adds that the platinum industry faces "challenging economic conditions" and cited the weak global economy.
Carroll has said that the short-term picture is challenging because of problems in Europe and a slowdown in Asia, but she said long- and mid-term prospects were strong.