zinc up strongly , page-4

Millenium Partners is a hedge fund in New York, I seem to recall.

However, of more interest is RAB Capital, another hedge fund but UK based. This fund has been mentioned in UCL announcements as early as May 2005. RAB Capital Special Situations took an 18.7% interest (90 million shares) as announced by UCL in August 2005.

RAB Capital is a London-based investment management company, founded in 1999 and is one of the world's leading investors in the junior mining sector. RAB Capital specializes in managing absolute return funds and as of June 30, 2005 had $2.25 billion in assets under management. The Company currently manages ten hedge fund strategies including RAB Special Situations.

RAB Special Situations made a fortune buying early into the mining and resources boom two years ago. The investment objective of the RAB SS strategy is to maximise returns with minimal investment restrictions, and it has a particular focus on natural resources. The hedge fund produced gains of 1,100% in 2003, and over 2,500% at 30 June 2005, underlining the fund’s ability to identify undervalued opportunities.

RAB Special Situations was awarded New Hedge Fund of the Year at the EuroHedge Awards 2003.

RAB SS pursues an opportunistic strategy, which allows investment in a wide range of securities and other instruments, with no specific asset or geographic exposure. Since January 2003 the focus has been on the natural resources sector. The fund manager, Philip Richards, believes potential returns from natural resources-related investments will continue to be influenced by strong levels of demand for natural resources combined with the effect of a decline in exploration activities over the last decade.

Now this doesn’t necessarily mean anything, however, I would have thought that based on their past performance, this crowd is an astute bunch of investment managers and would have done their homework before sinking money into UCL.