HotfireI think you might have the wrong end of the stick?From...

Hotfire

I think you might have the wrong end of the stick?

From what I can tell from BOA's market announcements the Sabre Fund basically uses BOA as a 'Custodian' who holds their holdings - the 'Return' and 'Borrowing' terms are just misleading!! But, I could be wrong.

Could you either check your facts or point me in the right direction? Certainly cloak and dagger stuff, but Sabre tend to do it will all their holdings (prime agreement). For instance check Resolute, Beach and Noble (OR Google search Sabre Fund Merrill) and you'll see what I mean.

Respectfully

Gus

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P.S. I have just rejigged my model to produce the following (my tonnes milled down a fraction due (BUT up in following quarters) to the current Trolly debacle):

PLA 2012
March
Quarter (est.)

Tonnes Milled Tonnes 103,042
Head Grade g/t 4E 3.9
Recovery % 80.00%
4E PGM Ozs 9,998
Cash Costs ZAR/tonne 805
Cash Margin (USD) USD 168