Ann: 2017 Full Year Statutory Accounts and Appendix 4E, page-178

BDR owes around $65 Million Dollars to MACA as Loan (Australian Mining Contractor).
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MACA must be paid cash periodically but MACA has the right to convert its loan into shares (periodically)
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Today BDR Market cap is bigger than MACA loan itself, plus Debt & other contractors.
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BDR Survival depends on Large Cash Injection.
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With out another major Capital Raising, cant finish plant upgrade and without plant upgrade BDR can't survive.