1. Looking at your output I can't realize why there is rm -f blib/.../Parser.dll. Mine try do not contain that. But this point is not such important as point two below.

2. line next to it contains "ld2" command, which in fact is a script, in my case from .../cygwin/bin directory (which is /usr/bin or just /bin). It is it who makes your unsuccessfull building. Look at it and change to reflect your setting.

Hope this helps,
Courage, the Cowardly Dog