Mining giant BHP Billiton met the worst expectations and posted a net loss for the year of AU$8.29 Billion dollars - it's worst loss since the current company came together in 2001.

This caused by significant writedowns at its US onshore gas business and the disaster at the Samarco iron in Brazil, which killed 19 people last November.  The company went from said it swung from a $US1.91 Billion profit last year to the $US6.39 billion loss announced on Tuesday.

"The last twelve months have been challenging for both BHP Billiton and the resources industry," said BHP chief executive Andrew Mackenzie.  "Nevertheless, our results demonstrate the resilience of our portfolio and the diverse ways in which we can create value for shareholders despite low commodity prices," he added.

This will impact investors under BHP's new dividend policy which states that at least 50 per cent of underlying profits will be paid to shareholders every six months.  It means the dividend was slashed from last year's US$0.62 per share to US$0.14.