Mining giant Anglo American has been hit by falling commodity prices, seeing a pre-tax loss of $5.5 billion for 2015.

This was double the amount reported in 2014, alongside a 55 percent drop in underlying core profit. Anglo American had been expected by analysts to post annual earnings before interest and tax of $1.5 billion.

In a statement, CEO Mark Cutifani acknowledged the effect the economy has had on commodity prices recently, saying that they have presented “significant challenges” to the group. In order to keep its head above water, the company have announced plans to sell its iron ore unit, Kumba Iron Ore, of which it owns 70 percent.

“The company has initiated a review to consider options to exit from KIO at the appropriate time, including a potential spin-out,” the company said in statement.

Anglo American (LON:AAL) are currently trading down 0.03 percent at 392.30, after a rocky morning (0952GMT).

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