Mining company MMG has announced a net loss of $58.8 million for the first half of the year.

The company’s revenue stood at $1.896.2 million, as compared to $1.408 million in the previous year.

Despite this, the board elected not to recommend a dividend payment for the first half of the year.

Predictions for the C1 cost expectation for Kinsevere in 2023 range from $3.15 to $3.35 per pound.

The board remains confident in the outlook for copper, zinc, and cobalt in the medium to long term.

Total capital expenditure in 2023 is expected to be between $700 - $850 million, while the C1 cost is projected to range from $1.05 - $1.20 per pound for Dugald River’s production.

The demand for critical minerals and other base metals are expected to keep growing in the coming years.

The Las Bambas team is working towards developing enduring agreements for the development of the Chalcobamba deposit with the Huancuire community.

Rosebery is expected to produce between 55,000 and 65,000 tonnes of zinc in zinc concentrate in 2023.

Furthermore, MMG plans on commencing the construction of their Kinsevere expansion project and expect its first cobalt production in the second half of the year.

It is predicted that the Las Bambas copper production for 2023 will be between 265,000 to 305,000 tonnes, with C1 costs remaining between $1.70 - $1.90 per pound.

The company remains hopeful to commence the development of the Chalcobamba deposit with the Huancuire community by the end of 2023.

MMG (ASX:1208) is a global resources company that mines and delivers value from one of the world’s largest untapped zinc and copper sources.