Anglo American's shares just jumped despite a 161% rise in losses
It unveiled a £2.5bn writedown on its iron-ore and coal-mining assets as volatile commodity prices made it cut prices.
Revenue also tumbled by 7.7% to £17.5 billion.
The mining giant unveiled a massive net loss for 2014 of £1.62 billion. This is worse than the losses it posted in 2013 and 2012, at £624 million and £954 million, respectively.
In fact, it equates to a 161% jump in losses.
So, why are the shares rising in the market open?
Google Finance 13 Feb
Well, despite the top line figures, Anglo American said it aims to complete the iron ore Minas Rio project at $400m under budget and will stick to a range of cost cutting measures.
It also believes that the group will be able to ride out the storm of volatile commodity prices and has a diversified enough portfolio to protect it.
"2014 was a year of significant operational improvement against sharp commodity price declines amid generally adverse market conditions," said Mark Cutifani, CEO of Anglo American in a statement. "We delivered on our major operational and portfolio commitments to shareholders, including delivering Minas-Rio, defining our future platinum business and resetting the performance of our operations."
"Despite the headlines of economic uncertainty and geopolitical tensions, the underlying fundamentals of our business - applying world class technical skills to world class assets - remain attractive over the long term. In the immediate term, I expect tough trading conditions to prevail during 2015, but we are determined to continue to build on our already very significant operational improvements, drive towards an effective and efficient organisation and culture, and to be unwavering in our capital discipline."