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We propose a quantum dimer model for the metallic state of the hole-doped cuprates at low hole density, . The Hilbert space is spanned by spinless, neutral, bosonic dimers and spin , charge fermionic dimers. The model realizes a `fractionalized Fermi liquid’ with no symmetry-breaking and small hole pocket Fermi surfaces enclosing a total area determined by . Exact diagonalization, on lattices of sizes up to , shows anisotropic quasiparticle residue around the pocket Fermi surfaces. We discuss the relationship to experiments.

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