The head of global mining firm Anglo American (LSE: AAL.L – news) said on Friday the company could sell more assets than now planned should market conditions deteriorate much further.

It is the second multi-billion charge announced this year, mostly related to its recently launched Minas Rio iron ore mine in Brazil, which has been plagued by delays and cost overruns since Anglo bought it in 2007-2008 for about $5.5 billion.

According to the company, falling prices were seen across most products, with the realized price of iron ore down 41 percent, platinum down 19 percent, copper 18 percent and HCC down 15 percent. In the same period in 2014, it gained $1.464 billion.

Anglo American also declared an interim dividend of 32 US cents per share, unchanged from past year.

The job cuts amount to 35% of the company’s total job force, shrinking it to 98,000 from 151,000, Mr. Cutifani said.

“We expect to generate proceeds of at least $3 billion from asset sales, including the $1.6 billion received from the sale of our 50% interest in Lafarge Tarmac”.

Between January 1 and June 30, Anglo American suffered net losses of $3.015 billion (2.754 billion euros).

Cutifani said: “We are ensuring that the business is sustainable through the commodity price cycles, as well as shorter-term price shocks, and offers investors attractive and differentiated exposure to the mining industry”.

Mark Cutifani, chief executive, said: “Having defined our portfolio and significantly improved operational performance, now is the right time to accelerate the right-sizing of the organisation that supports the future business”. The earnings before interest and taxes (Ebit) stood at $1.9 billion, down 36% year-on-year.