the chinese poster where is he now, page-16

I agree this bond is a serious issue for the company. According to last years annual report NCZ must allocate an amount equal to 40% of EBITDA towards replacing the Financial Assurance Bond of $193.7mill (the Bond also incurs an annual fee of 1.35% pa on the outstanding balance). When one considers other issues for NCZ eg the operation is currently cash flow negative , it still requires significant capex to increase production & the company has other outstanding debt of $60m plus, the picture currently doesn't look great for equity holders !