Global miner Anglo American took a $3.9 billion writedown after commodity prices tumbled and it warned on Friday of more headwinds, but a steady dividend reassured investors.
The rout on commodity markets that has seen iron ore prices slide by half over the past 12 months has also forced Anglo and other mining groups to slash capital spending and cut costs.
"It's going to be a tough one or two years,'' Chief Executive Mark Cutifani told a conference call.
The company, which flagged a likely writedown last month, posted a 25 percent drop in underlying operating profit for last year to $4.9 billion, in line with expectations, while earnings per share fell 17 percent to $1.73.
The company, however, left unchanged its dividend at 85 cents a share after cutting $500 million in overhead costs.