Ann: December 2014 Quarterly Cashflow Report, page-80

Sorry guys equity value is zero. Losing money at operating level, burdened with debt, in a country with limited options from conventional financiers, highly dilutive cap raise a distinct possibility. This situation has been on the cards since they went from being "funded from operating cash flows" back in 2012 to having to seek debt and prepays to fund stage 2 phase 1. Then they doubled down their bet when they bought gecamine's interest. Unless you are a day trader, hard to see a way forward.