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World's largest mining firm records worst loss in its history

BHP Billiton, the world's largest mining firm by market value, reported a record $6.4 billion annual loss on Tuesday, hammered by a bad bet on shale, a dam disaster in Brazil and a commodities slump.

"While commodity prices are expected to remain low and volatile in the short to medium term, we are confident in the long-term outlook for our commodities, particularly oil and copper," Chief Executive Andrew Mackenzie said in a statement.

Even excluding $7.7 billion in writedowns and charges, underlying profit slumped 81 percent to $1.2 billion for the year to June 2016 from $6.4 billion a year ago...


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