The Çaldag deposit was discovered and investigated by the MTA (the Turkish Government Mining and Exploration Service) in the late 1970's and early 1980's. The forestry permit necessary for Caldag was issued to the new owners and development is now ongoing. The company intends to bring the project into production by around mid-2014. Capital costs are estimated at €620M. It is intended that the project will produce finished cathode rather than an intermediate product.