a short analysis!

Latest news tell us, ECE continues to support ARU and accepts the board refreshments. Much more important is, that ECE will not control ARU. Thats sounds crazy - a stock-company is allways controlled by the majority! The more the stake of ECE grows, the less interests from western companies will be.
Of course its difficult to raise money during stagnation (maybe recession). But there would be an simple approach:
If progress were transparent and would be intelligible for the shareholders, they would spend money for the development. Have a look at LYC - they nearly had the same situation, but they were successful!
Not only the progress in the project seems blurry, the old boys' network takes care to fill their pockets with millions of options and dollars. There were no objections to it, if SUBSTANTIAL PROGRESS WERE SEEN BY THE SHAREHOLDERS. (Btw, the managment dont own an appreciable amount of shares.)
But what we can see are leaps in strategy (if there were any), collapsed financings and managers divorced from reality. It's not just that they are tellung us the same primitive phrases for years (read the latest announcement) they haven't recognized, thats us to make new investors nosey. OK - world economy goes haywire, therefore Macquarie was hired to guarantee the huge incomes. I dont know the mission! Were they only ordered to pick some dollars or were they ordered for consulting. And, if so, they will soon check the essential problem: the acting people dont have the ability to manage a complex theme. Therefore Macquarie has to suggest major changes within the management. But will they do so? - Never bite the feeding hand!
ARU has do learn some lessons: how to build and how to explain a STRINGENT APPROACH, they have to learn, that the most important part of a stock-company are the SHAREHOLDERS - are us!