Miner Anglo American on Tuesday posted a full-year net loss and announced plans to sell assets including Kumba Iron Ore as commodity prices slump.
"We've got a couple of options (for the Kumba sale), whether we do a sell down or in fact do a spin-off," CEO Marc Cutifani told CNBC in an interview. He said the group was a smaller player in iron ore and wanted to focus on diamonds, platinum and copper.
"It's about focusing on consumer-based commodities," he said.
Shares in the group opened up over 6 percent, but was down 7 percent by mid-morning trade.
"At the end of the day, we have to make some tough calls," Cutifani told CNBC.
A slowdown in the Chinese economy has hit the mining industry hard. On Monday, ratings agency Moody's cut Anglo's debt rating to junk, citing a deterioration in commodities market conditions.
Cutifani defended the group's position, telling CNBC it had bids on the table for a number of its assets. Moody's "may have to re-think" its announcement in the next months, he said.
The net loss for 2015 came in at $5.62 billion. Underlying profit before interest and tax came in at $2.2 billion from $4.9 billion last year, a 55 percent drop.