• Nenhum resultado encontrado

5LSHQLQJ RI ³3HGUR 6DWR´ JXDYD VWXG\ RQ LWV FOLPDFWHULF RU QRQ FOLPDFWHULF QDWXUH

N/A
N/A
Protected

Academic year: 2018

Share "5LSHQLQJ RI ³3HGUR 6DWR´ JXDYD VWXG\ RQ LWV FOLPDFWHULF RU QRQ FOLPDFWHULF QDWXUH"

Copied!
8
0
0

Texto

(1)

5LSHQLQJRI³3HGUR6DWR´JXDYDVWXG\RQLWVFOLPDFWHULFRU

QRQFOLPDFWHULFQDWXUH

0DULVD$]]ROLQL

$QJHOR 3HGUR -DFRPLQR

,ODQD 8UEDQR %URQ

5LFDUGR$OIUHGR .OXJH

DQG 0DUOHQH

$SDUHFLGD6FKLDYLQDWR

'HSDUWDPHQWRGH%RWkQLFD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO3RUWR$OHJUH56%UDVLO'HSDUWDPHQWRGH3URGXomR

9HJHWDO(VFROD6XSHULRUGH$JULFXOWXUD/XL]GH4XHLUR]8QLYHUVLGDGHGH6mR3DXOR&33LUDFLFDED63%UDVLO&HQWUR$SWDGH

(QJHQKDULDH$XWRPDomR,QVWLWXWR$JURQ{PLFRGH&DPSLQDV&3-XQGLDt63%UDVLO'HSDUWDPHQWRGH&LrQFLDV%LROyJLFDV

(VFROD6XSHULRUGH$JULFXOWXUD/XL]GH4XHLUR]8QLYHUVLGDGHGH6mR3DXOR&33LUDFLFDED63%UDVLO'HSDUWDPHQWRGH

)LVLRORJLD9HJHWDO,QVWLWXWRGH%LRORJLD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV&3&DPSLQDV63%UDVLO&RUUHVSRQGLQJ DXWKRUMDFRPLQR#HVDOTXVSEU

5HFHLYHG$FFHSWHG

*XDYD3VLGLXPJXDMDYD/LVDWURSLFDOIUXLWH[KLELWLQJUDSLGSRVWKDUYHVWULSHQLQJ+RZHYHUWKHSK\VLRORJLFDOEDVLVLQYROYHG

LQWKHULSHQLQJSURFHVVRIJXDYDLVQRWWRWDOO\FOHDUZKLFKPDNHVLWGLI¿FXOWWRGHYHORSWHFKQRORJLHVWRHQKDQFHIUXLWVWRUDELOLW\ 7ZRH[SHULPHQWVZHUHFDUULHGRXWZLWKWKHREMHFWLYHRIGHWHUPLQLQJWKHULSHQLQJEHKDYLRURIµ3HGUR6DWR¶JXDYDV,QWKH¿UVW H[SHULPHQWJXDYDIUXLWVDWWKUHHPDWXULW\VWDJHV,GDUNJUHHQ,,OLJKWJUHHQDQG,,,\HOORZJUHHQZHUHVWRUHGDWURRP WHPSHUDWXUH“$&DQG“5+7KHUHVSLUDWRU\UDWHHWK\OHQHSURGXFWLRQSXOSDQGVNLQFRORXUVDQG¿UPQHVVZHUH HYDOXDWHG,QWKHVHFRQGH[SHULPHQWHWK\OHQHDQGPHWK\OF\FORSURSHQH0&3ZHUHDSSOLHGWRJXDYDVDWWKHOLJKWJUHHQ PDWXULW\VWDJHDQGWKHULSHQLQJEHKDYLRXUGXULQJVWRUDJHDWURRPWHPSHUDWXUHZDVVWXGLHG)UXLWVIURPDOOPDWXULW\VWDJHV VKRZHGDJUDGXDOLQFUHDVHLQWKHUHVSLUDWRU\UDWHDQGHWK\OHQHSURGXFWLRQ7KHLQWHQVHFKDQJHVLQSXOSDQGVNLQFRORXUVDQG LQ¿UPQHVVSUHFHGHGWKHPD[LPXPUHVSLUDWRU\UDWHDQGHWK\OHQHSURGXFWLRQ0&3UHGXFHGWKHUDWHRIULSHQLQJZKLOHWKH DSSOLFDWLRQRIHWK\OHQHGLGQRWSURPRWHWKLVSURFHVV7KHVHUHVXOWVGRQRWSHUPLWWKHFODVVL¿FDWLRQRIµ3HGUR6DWR¶JXDYDDVD WUDGLWLRQDOFOLPDFWHULFIUXLW

.H\ZRUGV3VLGLXPJXDMDYDHWK\OHQHPHWK\OF\FORSURSHQHUHVSLUDWLRQ

$PDGXUHFLPHQWRGHJRLDEDVµ3HGUR6DWR¶HVWXGRVREUHVXDQDWXUH]DFOLPDWpULFDRXQmRFOLPDWpULFD$JRLDED3VLGLXP JXDMDYD / p XP IUXWR WURSLFDO TXH DSUHVHQWD UiSLGR DPDGXUHFLPHQWR DSyV D FROKHLWD (QWUHWDQWR DV EDVHV ¿VLROyJLFDV HQYROYLGDVQRVHXSURFHVVRGHDPDGXUHFLPHQWRDLQGDQmRHVWmRWRWDOPHQWHFODUDVRTXHWRUQDGLItFLORGHVHQYROYLPHQWRGH WpFQLFDVTXHSURORQJXHPRDUPD]HQDPHQWR5HDOL]DUDPVHGRLVH[SHULPHQWRVFRPRREMHWLYRGHGHWHUPLQDURFRPSRUWDPHQWR GRDPDGXUHFLPHQWRGHJRLDEDVµ3HGUR6DWR¶1RSULPHLURJRLDEDVHPWUrVHVWiGLRVGHPDWXUDomR,±YHUGHHVFXUR,,±YHUGH FODUR H ,,, ± YHUGHDPDUHODGR IRUDP DUPD]HQDGDV j WHPSHUDWXUD DPELHQWH “ $& H “ 85 DYDOLDQGRVH WD[D UHVSLUDWyULDDSURGXomRGHHWLOHQRDFRUGDFDVFDHGDSROSDHD¿UPH]D1RVHJXQGRH[SHULPHQWRDSOLFDUDPVHHWLOHQRH PHWLOFLFORSURSHQR0&3QDVJRLDEDVQRHVWiGLRYHUGHFODURHHVWXGRXVHRFRPSRUWDPHQWRGRDPDGXUHFLPHQWRGXUDQWH DUPD]HQDPHQWR j WHPSHUDWXUD DPELHQWH )UXWRV GH WRGRV RV HVWiGLRV GH PDWXUDomR PRVWUDUDP DXPHQWR JUDGXDO QD WD[D UHVSLUDWyULDHSURGXomRGRHWLOHQR$VPXGDQoDVLQWHQVDVQDFRUGDFDVFDHGDSROSDHGD¿UPH]DSUHFHGHUDPDPi[LPDWD[D UHVSLUDWyULDHSURGXomRGHHWLOHQR0&3UHWDUGRXRDPDGXUHFLPHQWRHQTXDQWRDDSOLFDomRGHHWLOHQRQmRSURPRYHXHVVH SURFHVVR7DLVUHVXOWDGRVQmRSHUPLWHPDFODVVL¿FDomRGDJRLDEDµ3HGUR6DWR¶FRPRXPWUDGLFLRQDOIUXWRFOLPDWpULFR

(2)

,1752'8&7,21

%UD]LO LV WKH PDLQ ZRUOG SURGXFHU RI JXDYD 2QH RI WKH PRVW FXOWLYDWHG JXDYDV LQ WKLV FRXQWU\ LV WKH UHG SXOS FXOWLYDU µ3HGUR 6DWR¶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

7UDGLWLRQDOO\ DFFRUGLQJ WR WKH UHVSLUDWRU\ SDWWHUQ IUXLWV KDYH EHHQ FODVVL¿HG DV FOLPDFWHULF RU QRQFOLPDFWHULF %LDOH&OLPDFWHULFIUXLWVDUHWKRVHZKRVHULSHQLQJLV DFFRPSDQLHGE\DGLVWLQFWLQFUHDVHLQUHVSLUDWRU\UDWHZKLFK LV JHQHUDOO\ DVVRFLDWHG ZLWK HOHYDWHG HWK\OHQH SURGXFWLRQ MXVWEHIRUHWKHLQFUHDVHLQUHVSLUDWLRQ$IWHUWKHFOLPDFWHULF ULVH HWK\OHQH SURGXFWLRQ GHFOLQHV VLJQL¿FDQWO\ GXULQJ WKH SRVWFOLPDFWHULF SKDVH +RIIPDQ DQG<DQJ ,Q WKHVH IUXLWV HWK\OHQH SOD\V D NH\ UROH LQ WKH SK\VLRORJLFDO DQG ELRFKHPLFDO FKDQJHV WKDW RFFXU GXULQJ ULSHQLQJ /HOLqYUH HW DO *LRYDQQRQL 2Q WKH RWKHU KDQG QRQ FOLPDFWHULF IUXLWV DUH WKRVH WKDW GR QRW H[KLELW LQFUHDVHV LQ HWK\OHQHDQGUHVSLUDWLRQEXWUDWKHUXQGHUJRDJUDGXDOGHFOLQH LQUHVSLUDWLRQGXULQJULSHQLQJ.QHHHWDO

&OLPDFWHULF IUXLWV SUHVHQW GLIIHUHQW ULSHQLQJ SKDVHV %HIRUHWKHRQVHWRIULSHQLQJSUHFOLPDFWHULFIUXLWVSURGXFH ORZ OHYHOV RI HWK\OHQH V\VWHP $W WKH RQVHW RI WKH FOLPDFWHULXP WKHUH LV D KLJK UDWH RI HWK\OHQH SURGXFWLRQ V\VWHP DQG LWV UHJXODWLRQ EHFRPHV DXWRFDWDO\WLF 0F0XUFKLHHWDO

6WXGLHVLQYROYLQJWUHDWPHQWVZLWKH[RJHQRXVHWK\OHQH KDYH LQGLFDWHG WKDW WKH IUXLW UHVSRQVH PD\ DOVR VHUYH WR GLVWLQJXLVKEHWZHHQFOLPDFWHULFDQGQRQFOLPDFWHULFIUXLWV 0F0XUFKLHHWDO,QW\SLFDOFOLPDFWHULFSDWWHUQVRI ULSHQLQJWKHDSSOLFDWLRQRIHWK\OHQHDGYDQFHDQGHQKDQFH WKH RQVHW RI UHVSLUDWLRQ DQG HWK\OHQH FOLPDFWHULFV ZKLOH LQQRQFOLPDFWHULFIUXLWVH[RJHQRXVHWK\OHQHDSSOLFDWLRQ MXVW OHDGV WR D WUDQVLWRU\ UHVSLUDWLRQ UHVSRQVH %XÀHU $FFRUGLQJWR/XGIRUGWKHPDLQGLIIHUHQFH EHWZHHQ FOLPDFWHULF DQG QRQFOLPDFWHULF IUXLWV OLHV LQ WKHLU DXWRFDWDO\WLF SURGXFWLRQ RI HWK\OHQH LQ UHVSRQVH WR WKUHVKROG OHYHOV RI HWK\OHQH $WWD$O\ HW DO VXJJHVWHG WKDW D QHJDWLYH HWK\OHQH IHHGEDFN PHFKDQLVP

FRXOG XQGHUOLH WKH QRQFOLPDFWHULF EHKDYLRU ZKLOH D SRVLWLYH IHHGEDFN PHFKDQLVP XQGHUOLHV FOLPDFWHULF EHKDYLRUGXULQJULSHQLQJ

7KH FODVVL¿FDWLRQ RI JXDYD DV D FOLPDFWHULF RU QRQ FOLPDFWHULF IUXLW LV FRQWUDGLFWRU\ 0DQ\ DXWKRUV FRQVLGHU JXDYD DV D QRQFOLPDFWHULF IUXLW %LDOH DQG %DUFXV 0HGLQDHWDO&KLWDUUDDQG&KLWDUUDZKLOHRWKHUV FRQVLGHULWWREHDFOLPDFWHULFIUXLW$NDPLQHDQG*RR %URZQ DQG :LOOV DQG 0HUFDGR6LOYD HW DO $FFRUGLQJWR%RWHOKRWKLVLVDYDULHWDOFKDUDFWHULVWLF :LWKUHJDUGWRµ3HGUR6DWR¶JXDYDFRQWUDGLFWRU\UHSRUWVDVWR WKHULSHQLQJSDWWHUQKDYHDOVREHHQREVHUYHG0DWWLX] GHPRQVWUDWHG WKDW µ3HGUR 6DWR¶ JXDYD SUHVHQWHG D FRQVWDQW LQFUHDVH LQ UHVSLUDWRU\ UDWH XS WR VHYHQ GD\V DIWHU KDUYHVW ZKHQWKHIUXLWZDVDOUHDG\VHQHVFHQW

7KHREMHFWLYHRIWKLVZRUNZDVWRVWXG\WKHULSHQLQJSURFHVV RIµ3HGUR6DWR¶JXDYDKDUYHVWHGDWGLIIHUHQWPDWXULW\VWDJHV DQGYHULI\WKHHIIHFWVRIHWK\OHQHDQGPHWK\OF\FORSURSHQH RQWKHULSHQLQJRIWKLVFXOWLYDU

0$7(5,$/$1'0(7+2'6

3ODQW PDWHULDO µ3HGUR 6DWR¶ JXDYD IUXLWV ZHUH KDUYHVWHG IURP D FRPPHUFLDO RUFKDUG LQ WKH 9LVWD $OHJUH GLVWULFW RI 6mR3DXOR6WDWHDQGWUDQVSRUWHGE\DUHIULJHUDWHGYHKLFOHDW ž&GXULQJDKMRXUQH\WR3LUDFLFDED6mR3DXOR6WDWH7KH IUXLWVZHUHVHOHFWHGDFFRUGLQJWRWKHLUZHLJKW“J DQGFODVVL¿HGZLWKWKHDLGRID0LQROWD&5FRORULPHWHU IRURQHRIWKHWKUHHPDWXULW\VWDJHVVWDJHGDUNJUHHQ KXHDQJOH+žEHWZHHQžDQGžVWDJHOLJKWJUHHQ

+R EHWZHHQ ž DQG ž VWDJH \HOORZJUHHQ +R

EHWZHHQžDQGž

)UXLWV ZHUH WUHDWHG ZLWK WKH IXQJLFLGH 3URFKORUD]

PJ/IRUWKUHHPLQXWHV7KLVWUHDWPHQWZDVFDUULHGRXWWR

DYRLGURWLQFLGHQFHZKLFKFRXOGLQÀXHQFHWKHUHVSLUDWLRQDQG HWK\OHQH SURGXFWLRQ GXULQJ ULSHQLQJ )UXLWV ZHUH SODFHG LQ

FDUGERDUGER[HVDQGVWRUHGDWR&DQG5+

(3)

GHWHUPLQHG ZLWK DQ PP SRLQW GLJLWDO SHQHWURPHWHU E\ FDUU\LQJRXWWZRUHDGLQJVSHUIUXLWRQRSSRVLWHVLGHVDORQJ WKHIUXLW¶VHTXDWRULDOUHJLRQ

5HVSLUDWRU\UDWHDQGHWK\OHQHSURGXFWLRQ7KHUHVSLUDWRU\ UDWH DQG HWK\OHQH SURGXFWLRQ ZHUH HYDOXDWHG HYHU\ RU KXVLQJUHSOLFDWHV)UXLWVZLWKNQRZQPDVVHVZHUH LQGLYLGXDOO\ SODFHG LQ P/ KHUPHWLFDOO\ VHDOHG ÀDVNV

IRU RQH KRXU 7KH &2 FRQFHQWUDWLRQ LQ WKH ÀDVNV ZDV

GHWHUPLQHG E\ PHDQV RI D &KHFN 0DWH 3%, 'DQVHQVRU

JDV DQDO\]HU 5HVXOWV ZHUH H[SUHVVHG DV P/ &2NJK

(WK\OHQHZDVHYDOXDWHGE\PHDQVRIDJDVFKURPDWRJUDSK 6KLPDG]X*&%-DSDQDQGUHVXOWVZHUHH[SUHVVHGDV

—/&+NJK

$SSOLFDWLRQV RI HWK\OHQH DQG PHWK\OF\FORSURSHQH 0&3 *XDYD IUXLWV DW VWDJH ZHUH WUHDWHG ZLWK HWK\OHQH RU0&3LQWKHIROORZLQJPDQQHU)UXLWVZHUHWUHDWHGZLWK

$]HWLOŠFRQWDLQLQJHWK\OHQHDWDFRQFHQWUDWLRQRI

—//)UXLWVZHUHSODFHGLQKHUPHWLFDOO\VHDOHGFKDPEHUV

P DQG H[SRVHG WR HWK\OHQH IRU K DW ž&$IWHU

WUHDWPHQWWKHFKDPEHUVZHUHRSHQHGDQGWKHIUXLWVZHUHNHSW

XQGHUURRPFRQGLWLRQVR&DQG5+)RUWKH

WUHDWPHQWZLWK0&3IUXLWVZHUHWUHDWHGZLWK6PDUW)UHVKŒ

ZHWDEOHSRZGHUFRQWDLQLQJ0&3DFWLYHLQJUHGLHQW

DW D FRQFHQWUDWLRQ RI Q// )UXLWV ZHUH SODFHG LQ

KHUPHWLFDOO\ VHDOHG FKDPEHUV DQG H[SRVHG WR WKH SURGXFW IRU K DW ž& ,Q RUGHU WR REWDLQ WKH UHTXLUHG 0&3 FRQFHQWUDWLRQ LQVLGH WKH FKDPEHUV SUHGHWHUPLQHG DPRXQWV

RI6PDUW)UHVKŒZHUHWUDQVIHUUHGWRFDSSHGÀDVNV'LVWLOOHG

ZDWHU P/ DW ž& ZDV DGGHG WR WKH ÀDVNV DQG VWLUUHG XQWLO FRPSOHWH GLVVROXWLRQ RI WKH SURGXFW 7KHQ WKH ÀDVNV ZHUHRSHQHGLQVLGHWKHFKDPEHUVZKLFKZHUHLPPHGLDWHO\ VHDOHGWRDYRLGJDVORVV$IWHUWUHDWPHQWWKHFKDPEHUVZHUH RSHQHGDQGIUXLWVNHSWXQGHUURRPFRQGLWLRQV

'DWDDQDO\VLV$QDO\VHVZHUHSHUIRUPHGXVLQJDFRPSOHWHO\ UDQGRPL]HG GHVLJQ ZLWK WHQ UHSOLFDWHV IRU HDFK GD\ RI DQDO\VHVQ IUXLWV7KHGDWDZHUHVXEMHFWHGWRDQDO\VLV RI YDULDQFH DQG WKH OHDVW VLJQL¿FDQW GLIIHUHQFHV /6' FDOFXODWHG

5(68/76

)UXLWV DW WKH WKUHH PDWXULW\ VWDJHV VKRZHG D FRQVWDQW LQFUHDVH LQ WKH UHVSLUDWRU\ UDWH GXULQJ VWRUDJH DW URRP WHPSHUDWXUH ¿JXUH $ 7KH PLQLPXP UHVSLUDWRU\ UDWHV

REVHUYHGZHUHDQGP/&2NJKIRUVWDJHV

DQGUHVSHFWLYHO\5HVSLUDWLRQZDVIDLUO\VWDEOHXSWRGD\V DIWHUKDUYHVWZKHQLWEHJDQWRUDLVHUHDFKLQJYDOXHVRIP/

&2NJKIRUVWDJHVDQGDQGP/&2

NJKIRU

VWDJH7KHVHPD[LPXPUHVSLUDWRU\DFWLYLWLHVZHUHREVHUYHG

RQWKHWKWKDQGWKGD\VDIWHUKDUYHVWIRUIUXLWVDWVWDJHV

DQGUHVSHFWLYHO\¿JXUH$

(WK\OHQH SURGXFWLRQ YDULHG VLPLODUO\ WR WKH UHVSLUDWRU\ UDWH¿JXUH%)UXLWVDWVWDJHVDQGSURGXFHG

DQG —/ HWK\OHQH NJK UHVSHFWLYHO\ KRXUV

DIWHU KDUYHVW 7KH KLJKHVW YDOXHV IRU HWK\OHQH SURGXFWLRQ ZHUHREVHUYHGDWQLQHGD\VDIWHUKDUYHVWIRUVWDJHVDQG

DQG—/NJKUHVSHFWLYHO\DQGHLJKWGD\VDIWHU

KDUYHVWIRUVWDJH—/NJK¿JXUH%

7KHUHGXFWLRQLQWKHVNLQFRORXU+RUHSUHVHQWVDFKDQJH

IURPJUHHQWR\HOORZ)UXLWVKDUYHVWHGDWVWDJHZHUHDOZD\V JUHHQHUWKDQWKRVHDWWKHRWKHUVWDJHVGXULQJVWRUDJH¿JXUH 6WDJHIUXLWVVKRZHGWZRSHULRGVRILQWHQVHFKDQJHLQ

VNLQFRORXURQHEHWZHHQWKHQGDQGWKGD\VDIWHUKDUYHVW

RI WRWDO +R YDULDWLRQ DQG DQRWKHU EHWZHHQ WKH WK

DQGWKGD\VDIWHUKDUYHVWRIWRWDO+RYDULDWLRQ7KH

)LJXUH5HVSLUDWRU\UDWHDDQGHWK\OHQHSURGXFWLRQERI µ3HGUR6DWR¶JXDYDVKDUYHVWHGDWGLIIHUHQWPDWXULW\VWDJHV

DQGVWRUHGDWURRPWHPSHUDWXUHR&DQG5+6WDJH

GDUNJUHHQVWDJH OLJKWJUHHQVWDJH \HOORZJUHHQ 9HUWLFDOEDUVUHSUHVHQW“6'Q

5HVSLUDWLRQP/

&2

NJ

K

(WK\OHQHSURGXFWLRQ—/

& +

NJ

K

(4)

PRVW LQWHQVH VNLQ FRORXU FKDQJH RFFXUUHG EHWZHHQ WKH QG

DQGWKGD\VDIWHUKDUYHVWIRUVWDJHVDQG,QERWKFDVHVWKH

LQWHQVH FKDQJHV LQ VNLQ FRORXUV RFFXUUHG EHIRUH PD[LPXP HWK\OHQHSURGXFWLRQ¿JXUH

:LWK UHJDUG WR SXOS FRORXU WKHUH ZDV DQ LQFUHDVH LQ &KURPD & XS WR WHQ GD\V DIWHU KDUYHVW IRU DOO PDWXULW\ VWDJHV LQGLFDWLQJ WKH GHYHORSPHQW RI D PRUH LQWHQVH SXOS FRORXU¿JXUH$IWHUWKLVLQFUHDVHWKHUHZDVDUHGXFWLRQ LQ & YDOXHV SUREDEO\ GXH WR WKH GHVWUXFWLRQ RI SLJPHQWV DV D IXQFWLRQ RI IUXLW VHQHVFHQFH WHQ GD\V DIWHU KDUYHVW $SSDUHQWO\ HWK\OHQH SURGXFWLRQ GLG QRW KDYH D VWURQJ LQÀXHQFHRQWKLVULSHQLQJFKDUDFWHULVWLF¿JXUH

)UXLWV DW DOO PDWXULW\ VWDJHV VKRZHG LQWHQVH ORVV RI ¿UPQHVVDVZHOODVDJUDGXDOLQFUHDVHLQHWK\OHQHSURGXFWLRQ

¿JXUH+RZHYHUZKHQIUXLWVZHUHSURGXFLQJWKHKLJKHVW DPRXQWV RI HWK\OHQH WKH GHFUHDVH LQ ¿UPQHVV KDG DOUHDG\ VWDELOL]HG

)UXLWVKDUYHVWHGDWVWDJHVDQGGHYHORSHGRIIÀDYRXU WZRIRXUDQGVL[GD\VDIWHUKDUYHVWUHVSHFWLYHO\,QDGGLWLRQ GXULQJWKHVHSHULRGVIUXLWVEHFDPHPXFKVRIWHUDQGSUHVHQWHG D³JXPP\´DVSHFW5H\HVDQG3DXOOLQWKHSODFHQWDO UHJLRQGDWDQRWVKRZQ

)UXLWV KDUYHVWHG DW VWDJH DQG WUHDWHG ZLWK 0&3 H[KLELWHG D ORZ UHVSLUDWRU\ UDWH DQG HWK\OHQH SURGXFWLRQ FRPSDUDEOH WR ERWK QRQWUHDWHG DQG HWK\OHQHWUHDWHG IUXLWV 7KH UHVSLUDWRU\ UDWH DQG HWK\OHQH SURGXFWLRQ YHUL¿HG LQ HWK\OHQH WUHDWHG IUXLWV ZHUH VLPLODU WR WKRVH REVHUYHG LQ FRQWUROIUXLWV¿JXUHV$DQG%$OWKRXJK0&3UHGXFHG

)LJXUH&KDQJHVLQHWK\OHQHSURGXFWLRQDQGLQVNLQFRORXU RIµ3HGUR6DWR¶JXDYDVKDUYHVWHGDWGLIIHUHQWPDWXULW\VWDJHV

DQGVWRUHGDWURRPWHPSHUDWXUHR&DQG5+6WDJH

GDUNJUHHQVWDJH OLJKWJUHHQVWDJH \HOORZJUHHQ 9HUWLFDOEDUVUHSUHVHQW“6'Q

)LJXUH&KDQJHVLQHWK\OHQHSURGXFWLRQDQGLQSXOSFRORXU RIµ3HGUR6DWR¶JXDYDVKDUYHVWHGDWGLIIHUHQWPDWXULW\VWDJHV

DQGVWRUHGDWURRPWHPSHUDWXUHR&DQG5+6WDJH

GDUNJUHHQVWDJH OLJKWJUHHQVWDJH \HOORZJUHHQ 9HUWLFDOEDUVUHSUHVHQW“6'Q

6NLQFRORU+ž

'D\VDIWHUKDUYHVW

(WK\OHQHSURGXFWLRQ—/

&

+ NJ

K

3XOSFRORU&

'D\VDIWHUKDUYHVW

(WK\OHQHSURGXFWLRQ—/

&

+ NJ

K

(5)

UHVSLUDWLRQ WKH PD[LPXP UHVSLUDWRU\ UDWH RFFXUUHG ZLWKLQ WKH VDPH SHULRG DV IRU WKH RWKHU WUHDWPHQWV ([RJHQRXV DSSOLFDWLRQ RI HWK\OHQH GLG QRW UHVXOW LQ DQ LQFUHDVH LQ HQGRJHQRXV SURGXFWLRQ RI WKLV KRUPRQH ¿JXUH % LQ FRQWUDVWWRWKDWREVHUYHGIRUPDQ\FOLPDFWHULFIUXLWV

0&3 DIIHFWHG IUXLW ¿UPQHVV DQG FKDQJHV LQ VNLQ DQG SXOS FRORXUV ZKLOH HWK\OHQH GLG QRW DOWHU WKHVH ULSHQLQJ FKDUDFWHULVWLFV¿JXUH/RVVRI¿UPQHVVZDVVLJQL¿FDQWO\ UHGXFHGLQIUXLWVWUHDWHGZLWK0&3¿JXUH$6NLQFRORXU

UHPDLQHGJUHHQLQIUXLWVWUHDWHGZLWK0&3XSWRWKHWK

GD\ZKLOHQRQWUHDWHGRUHWK\OHQHWUHDWHGIUXLWVH[KLELWHGD WRWDOO\ \HOORZ VNLQ VL[ GD\V DIWHU KDUYHVW ¿JXUH % 3XOS FRORXUVKRZHGLQFUHDVLQJYDOXHVXSWRQLQHGD\VDIWHUKDUYHVW LQ ERWK QRQWUHDWHG DQG HWK\OHQHWUHDWHG IUXLWV ¿JXUH &

)LJXUH&KDQJHVLQHWK\OHQHSURGXFWLRQDQGLQ¿UPQHVV RIµ3HGUR6DWR¶JXDYDVKDUYHVWHGDWGLIIHUHQWPDWXULW\

VWDJHVDQGVWRUHGDWURRPWHPSHUDWXUHR&DQG

5+6WDJH GDUNJUHHQVWDJH OLJKWJUHHQVWDJH \HOORZJUHHQ9HUWLFDOEDUVUHSUHVHQW“6'Q

)UXLWVWUHDWHGZLWK0&3VKRZHGOHVVLQWHQVHSXOSFRORXU WKDQIUXLWVIURPWKHRWKHUWUHDWPHQWVRQO\XSWRVL[GD\VDIWHU KDUYHVW

',6&866,21

$VRFFXUVZLWKFOLPDFWHULFIUXLWVJXDYDVKDUYHVWHGDWDOO PDWXULW\VWDJHVFRPSOHWHWKHULSHQLQJSURFHVVHVDIWHUKDUYHVW VKRZLQJ SURIRXQG FKDQJHV LQ VRPH DWWULEXWHV VXFK DV VNLQ FRORXU DQG ¿UPQHVV +RZHYHU WKH\ GLG QRW SUHVHQW W\SLFDO FOLPDFWHULFUHVSLUDWRU\DFWLYLW\,QIDFWDJUDGXDOLQFUHDVHLQ WKH UHVSLUDWRU\ UDWH ZDV REVHUYHG UHDFKLQJ PD[LPXP UDWHV ZKHQJXDYDVZHUHDOUHDG\ULSH¿JXUHVDQG%URQHW DODOVRREVHUYHGDJUDGXDOLQFUHDVHLQUHVSLUDWLRQLQ µ3DOXPD¶JXDYDVKDUYHVWHGDWPDWXULW\VWDJHOLJKWJUHHQ VNLQDQGVWRUHGDWž&%\GH¿QLWLRQFOLPDFWHULFIUXLWVDUH WKRVH WKDW VKRZ D VLJQL¿FDQW LQFUHDVH LQ UHVSLUDWLRQ GXULQJ ULSHQLQJ5KRGHV<DQJ/HOLqYUHHWDO ,QW\SLFDOFOLPDFWHULFIUXLWEHIRUHWKHRQVHWRIULSHQLQJDORZ UHVSLUDWRU\ DFWLYLW\ LV REVHUYHG ZKLOH DW WKH FOLPDFWHULXP WKHUH LV D VXUJH LQ UHVSLUDWRU\ DFWLYLW\ 2HWLNHU DQG <DQJ IROORZHG E\ FKDQJHV LQ TXDOLW\ DWWULEXWHV ,Q VSLWH

)LJXUH 5HVSLUDWRU\ UDWH D DQG HWK\OHQH SURGXFWLRQ E RI µ3HGUR 6DWR¶ JXDYDV WUHDWHG RU QRW ZLWK HWK\OHQH

—//RU0&3Q//DQGVWRUHGDWURRP

WHPSHUDWXUHR&DQG5+9HUWLFDOEDUVUHSUHVHQW

“6'Q

)LUPQHVV1

'D\VDIWHUKDUYHVW

(WK\OHQHSURGXFWLRQ—/

&

+

NJ

K

5HVSLUDWLRQP/

&2

NJ

K

(WK\OHQHSURGXFWLRQ—/

& +

NJ

K

(6)

RIWKHVXJJHVWLRQE\VRPHDXWKRUV%URZQDQG:LOOV 0HUFDGR6LOYDHWDOWKDWJXDYDLVDFOLPDFWHULFIUXLW DFFRUGLQJWRRXUGDWDRQUHVSLUDWRU\EHKDYLRUµ3HGUR6DWR¶ JXDYDVFDQQRWEHFODVVL¿HGDVDWUDGLWLRQDOFOLPDFWHULFIUXLW 7KLVLVLQDJUHHPHQWZLWKRWKHUDXWKRUV%LDOHDQG%DUFXV 0HGLQDHWDO&KLWDUUDDQG&KLWDUUD,WLV SRVVLEOHWKDWWKLVLVUHDOO\DYDULHWDOFKDUDFWHULVWLFDVVKRZQ E\%RWHOKR,QGHHGWKHUHVSLUDWRU\UDWHREVHUYHGIRU µ3HGUR 6DWR¶ JXDYDV ZDV KLJKHU WKDQ WKDW REVHUYHG IRU WKH µ.XPDJDL¶FXOWLYDU2OLYHLUDDQG&HUHGD

7KH LQFUHDVH LQ UHVSLUDWLRQ UDWHV GXULQJ ULSHQLQJ RI FOLPDFWHULFIUXLWVLVFRQVLGHUHGWREHDKRPHRVWDWLFUHVSRQVH RIWKHPLWRFKRQGULDDVDQDWWHPSWWRUHSDLUFHOOGDPDJHFDXVHG E\WKHDXWRFDWDO\WLFSURGXFWLRQRIHWK\OHQH5RPDQL 7KHGHFUHDVHLQWKHUHVSLUDWLRQUDWHVGXULQJSRVWFOLPDFWHULF UHSUHVHQWV WKH ORVV RI KRPHRVWDWLF DELOLW\ RI PLWRFKRQGULD ZLWKWKHSUHGRPLQDQFHRIVHQHVFHQFHGXULQJWKLVSHULRG,Q WKLVVWXG\µ3HGUR6DWR¶JXDYDVPDLQWDLQHGKLJKUHVSLUDWRU\ UDWHVDQGHWK\OHQHSURGXFWLRQHYHQDIWHUFRPSOHWHULSHQLQJ 7KLV REVHUYDWLRQ VXJJHVWV WKDW µ3HGUR 6DWR¶ JXDYDV KDYH WKH DELOLW\ WR PDLQWDLQ FHOO KRPHRVWDVLV ZKLFK OHDGV WR DQ LQFUHDVHLQUHVSLUDWLRQDQGHWK\OHQHV\QWKHVLV

,Q WKLV VWXG\ WKH YDOXHV RI HWK\OHQH SURGXFWLRQ ZHUH VLPLODU WR WKRVH REVHUYHG E\$NDPLQH DQG *RR IRU µ%HDXPRQW¶µ<HOORZVWUDZEHUU\¶µ:KLWH¶DQGµ6WUDZEHUU\¶ JXDYDV7KHORZHUHWK\OHQHSURGXFWLRQDWVWDJHPD\EHGXH WRWKHORZHUVHQVLWLYLW\RIWKHVHIUXLWVWRHWK\OHQH<DQJ 6XFKORZHUVHQVLWLYLW\VHHPVWREHUHODWHGWRWKHQXPEHURI UHFHSWRUVLQIUXLWWLVVXH$FFRUGLQJWR<HQDWDOWKH QXPEHU RI UHFHSWRUV LQFUHDVHV GXULQJ IUXLW ULSHQLQJ ZKLFK HQKDQFHVHWK\OHQHDFWLRQDQGLWVDXWRFDWDO\WLFSURGXFWLRQ

$FFRUGLQJ WR %LDOH DQG <RXQJ WKH RQVHW RI FOLPDFWHULFIUXLWULSHQLQJLVUHÀHFWHGE\DGUDPDWLFLQFUHDVH LQHWK\OHQHSURGXFWLRQDQGRQFHULSHQLQJLVLQLWLDWHGPRUH HWK\OHQHLVSURGXFHGDVSDUWRIULSHQLQJSURFHVV,Qµ3HGUR 6DWR¶JXDYDVWKLVEHKDYLRUZDVQRWREVHUYHG

&RPSOHWH ULSHQLQJ LV WKRXJKW WR RFFXU ZKHQ WKH IUXLW UHDFKHVWKHEHVWTXDOLW\VWDQGDUGVIRUFRQVXPSWLRQ:DWDGD HWDO:LOOVHWDO%DVHGRQWKLVFRQFHSWµ3HGUR 6DWR¶JXDYDVKDUYHVWHGDWVWDJHVDQGUHDFKHGFRPSOHWH ULSHQLQJ WZR IRXU DQG VL[ GD\V DIWHU KDUYHVW UHVSHFWLYHO\ +RZHYHUFRPSOHWHULSHQLQJDVLQGLFDWHGE\LQWHQVHFKDQJHV LQVNLQFRORXUDQG¿UPQHVVRFFXUVEHIRUHWKHPD[LPXPUDWHV RIUHVSLUDWLRQDQGHWK\OHQHSURGXFWLRQ7KHVHUHVXOWVLQGLFDWH WKDW WKH LQLWLDO FRQFHQWUDWLRQ RI HWK\OHQH ZDV VXI¿FLHQW WR WULJJHU WKH ULSHQLQJ SURFHVV DQG WR DOORZ IUXLWV WR UHDFK PD[LPXPTXDOLW\VWDQGDUGVIRUFRQVXPSWLRQ

)LJXUH )LUPQHVV D VNLQ FRORXU E DQG SXOS FRORXU F RI µ3HGUR 6DWR¶ JXDYDV WUHDWHG RU QRW ZLWK HWK\OHQH

—//RU0&3Q//DQGVWRUHGDWURRP

WHPSHUDWXUHR&DQG5+9HUWLFDOEDUVUHSUHVHQW

“6'Q

3XOSFRORU&

'D\VDIWHUKDUYHVW

6NLQFRORU+ž

)LUPQHVV1

(7)

GHPRQVWUDWHG WKDW WKH DXWRFDWDO\WLF SURGXFWLRQ RI HWK\OHQH LVUHGXFHGLQIUXLWVWUHDWHGZLWK0&3ZKLFKPD\H[SODLQ WKH ORZHU HWK\OHQH SURGXFWLRQ REVHUYHG LQ µ3HGUR 6DWR¶ JXDYDV WUHDWHG ZLWK 0&3 2Q WKH RWKHU KDQG ULSHQLQJ LQJXDYDVZDVQRWWRWDOO\EORFNHGE\0&3SUREDEO\GXH WRWKHV\QWKHVLVRIQHZHWK\OHQHUHFHSWRUVGXULQJULSHQLQJ 7KLVHQDEOHVDUHGXFHGEXWFRQWLQXRXVHWK\OHQHSURGXFWLRQ E\ WKH IUXLW <HQ HW DO 0&3 LV NQRZQ WR GHOD\ ULSHQLQJ LQ VHYHUDO IUXLWV DV UHSRUWHG E\ %ODQNHQVKLS DQG 'ROH

,QVSLWHRIWKHLQWHQVHFKDQJHVLQVNLQFRORXUDQG¿UPQHVV WKDW RFFXUUHG EHIRUH PD[LPXP HWK\OHQH SURGXFWLRQ WKH GHYHORSPHQW RI WKHVH FKDUDFWHULVWLFV KDV EHHQ VKRZQ WR EH DQHWK\OHQHGHSHQGHQWSKHQRPHQRQ7KLVIDFWLVHYLGHQFHG E\WKHUHWDUGDWLRQLQJUHHQFRORXUDQG¿UPQHVVORVVRIWKH 0&3WUHDWHGIUXLW¿JXUH7KHVNLQFRORXUFKDQJHGHSHQGV RQHWK\OHQHDFWLRQVLQFHLWLQFUHDVHVWKHH[SUHVVLRQRIVHYHUDO HQ]\PHVLQYROYHGLQERWKWKHEUHDNGRZQRIFKORURSK\OODQG FDURWHQRLGELRV\QWKHVLV:LOOVHWDO

7KH IUXLW VRIWHQLQJ YHUL¿HG GXULQJ ULSHQLQJ LV DQ LPSRUWDQW TXDOLW\ DWWULEXWH RIWHQ GHWHUPLQLQJ VKHOI OLIH 7KH PDLQ HQ]\PHV LQYROYHG LQ WKH EUHDNGRZQ RI WKH FHOO ZDOOV LQ JXDYD KDYH EHHQ UHSRUWHG DV EHLQJ SHFWLQHVWHUDVH SRO\JDODFWXURQDVHDQGFHOOXODVHDPRQJRWKHUV(O=RJKLEL )UXLWVRIWHQLQJLVDULSHQLQJSURFHVVFRQVLGHUHGWREH KLJKO\VHQVLWLYHWRHWK\OHQH,QPDQ\IUXLWVWKHH[SUHVVLRQRI SHFWLQHVWHUDVHDQGSRO\JDODFWXURQDVHDSSHDUVWREHGHSHQGHQW RQHWK\OHQHDFWLRQ/HOLqYUHHWDO*HUDVRSRXORVDQG 5LFKDUGVRQ GHPRQVWUDWHG WKDW WKH DSSOLFDWLRQ RI SURS\OHQHDQDQDORJXHRIHWK\OHQHZDVFDSDEOHRILQGXFLQJ IUXLW VRIWHQLQJ DOWKRXJK WKLV WUHDWPHQW GLG QRW DIIHFW RWKHU ULSHQLQJ DWWULEXWHV 7KXV VXFK KLJK VHQVLWLYLW\ WR HWK\OHQH FRXOG H[SODLQ WKH LQWHQVH ORVV RI ¿UPQHVV LQ µ3HGUR 6DWR¶ JXDYDVRYHUWKH¿UVWGD\VIROORZLQJKDUYHVW

)UXLWVWUHDWHGZLWK0&3VKRZHGVOLJKWO\ORZHU&KURPD YDOXHV WKDQ WKRVH IRXQG LQ ERWK QRQWUHDWHG RU HWK\OHQH WUHDWHG IUXLWV XS WR VL[ GD\V DIWHU KDUYHVW ¿JXUH 7KH FDURWHQRLG O\FRSHQH LV D YHU\ LPSRUWDQW FRPSRQHQW RI WKH IUXLWDVLWLVUHVSRQVLEOHIRUWKHUHGFRORXURIWKHSXOS&URVV 7KHELRV\QWKHVLVRIWKLVSLJPHQWLVVWURQJO\GHSHQGHQW RQ WKH SUHVHQFH RI HWK\OHQH ,Q WUDQVJHQLF WRPDWRHV ZLWK UHGXFHG HWK\OHQH SURGXFWLRQ WKH V\QWKHVLV RI O\FRSHQH LV VWURQJO\UHGXFHG.OHH,Qµ3HGUR6DWR¶JXDYDVVXFK KLJK GHSHQGHQFH RQ HWK\OHQH WR SURGXFH O\FRSHQH ZDV QRW HYLGHQW

6XPPDUL]LQJ WKH µ3HGUR 6DWR¶ JXDYD SUHVHQWV D JUDGXDO LQFUHDVH LQ ERWK UHVSLUDWRU\ UDWH DQG HWK\OHQH SURGXFWLRQ

DIWHU KDUYHVW DQG FRPSOHWHV LWV ULSHQLQJ ZLWK FKDQJHV LQ TXDOLW\DWWULEXWHV(WK\OHQHZDVQHFHVVDU\IRUWKHVNLQFRORXU GHYHORSPHQW DQG ¿UPQHVV ORVV GXULQJ ULSHQLQJ 7KHVH FKDUDFWHULVWLFV ZRXOG FODVVLI\ WKLV JXDYD DV D FOLPDFWHULF IUXLW+RZHYHUPD[LPXPUHVSLUDWRU\DFWLYLW\DVZHOODVWKH PD[LPXPHWK\OHQHSURGXFWLRQZDVREVHUYHGZKHQWKHIUXLWV ZHUH DOUHDG\ ULSH ,Q DGGLWLRQ WKH H[RJHQRXV DSSOLFDWLRQ RI HWK\OHQHKDGQRHIIHFWRQWKHULSHQLQJSURFHVV6XFKHYLGHQFH LV FRQWUDU\ WR WKH FODVVL¿FDWLRQ RI µ3HGUR 6DWR¶ JXDYD DV D WUDGLWLRQDO FOLPDFWHULF IUXLW 2XU UHVXOWV VKRZ WKDW WKH FOLPDFWHULFDQGQRQFOLPDFWHULFFODVVL¿FDWLRQLVUDWKHUJHQHUDO DQGIDLOVWRWDNHLQWRDFFRXQWWKHSHFXOLDULWLHVRIHDFKVSHFLHV

$FNQRZOHGJHPHQWV7KHDXWKRUVDUHJUDWHIXOWRWKH&RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWt¿FR H 7HFQROyJLFR &13T0$]]ROLQL$3-DFRPLQRDQG5$.OXJHDQGWR WKH&RRUGHQDGRULDGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO 6XSHULRU&$3(6,8%URQIRUWKHIHOORZVKLSVJUDQWHG 7KHDXWKRUVDOVRWKDQN'U:DOWHU3HUHLUD$JUR)UHVK,QFIRU

SURYLGLQJWKH6PDUW)UHVK70DQG9DO)UXWDVIRUSURYLGLQJWKH

IUXLWV

5()(5(1&(6

$NDPLQH(.*RR75HVSLUDWLRQDQGHWK\OHQHSURGXF

WLRQLQIUXLWVRIVSHFLHVDQGFXOWLYDUVRI3VLGLXPDQGVSHFLHV

RI(XJHQLD-$P6RF+RUWF6FL

$WWD$O\0$%UHFKW-.+XEHU'-(WK\OHQHIHHGEDFN PHFKDQLVPVLQWRPDWRDQGVWUDZEHUU\IUXLWWLVVXHVLQUHOD WLRQWRIUXLWULSHQLQJDQGFOLPDFWHULFSDWWHUQV3RVWKDUYHVW %LRO7HFKQRO

%LDOH-%*URZWKPDWXUDWLRQDQGVHQHVFHQFHLQIUXLWV 6FLHQFH±

%LDOH-%%DUFXV'(5HVSLUDWRU\SDWWHUQVLQWURSLFDO IUXLWVRIWKH$PD]RQEDVLQ7URS6FLHQFH %LDOH-%<RXQJ5(5HVSLUDWLRQDQGULSHQLQJLQIUXLWV

UHWURVSHFWDQGSURVSHFW,Q)ULHQG-5KRGHV0-HGV5H FHQW$GYDQFHVLQWKH%LRFKHPLVWU\RI)UXLWVDQG9HJHWDEOHV SS$FDGHPLF3UHVV1HZ<RUN86$

%ODQNHQVKLS 60 'ROH -0 0HWK\OF\FORSURSHQH D UHYLHZ3RVWKDUYHVW%LRO7HFKQRO

%OHLQURWK(:&ROKHLWDHEHQH¿FLDPHQWR,Q*RUJDW WL1$*DUFLD$($UGLWR()**DUFLD((&%OHLQURWK(: 0DWDOLR 0 &KLWDUUD 0,) %RULQ 05 HGV *RLDED SDUD ([SRUWDomR 3URFHGLPHQWRV GH &ROKHLWD H 3yV&ROKHLWD SS(0%5$3$%UDVtOLD6pULH3XEOLFDo}HV7pFQL FDV)583(;

%RWHOKR59(IHLWRGRWUDWDPHQWRSyVFROKHLWDFRPFiO

FLRQDRFRUUrQFLDGHDQWUDFQRVH&ROOHWRWULFKXPJORHRVSRUL

RLGHV3HQ]HQRDPDGXUHFLPHQWRGHJRLDEDV3VLGLXPJXD

MDYD/%UDQFDGH.XPDJDL%RWXFDWX8QLYHUVLGDGH(VWDG

XDO3DXOLVWD06F7KHVLV

%URQ,85LEHLUR59&DYDOLQL)&-DFRPLQR$37UHYLVDQ0-7HPSHUDWXUHUHODWHGFKDQJHVLQUHVSLUDWLRQDQG4

(8)

%URZQ%,:LOOV5%+3RVWKDUYHVWFKDQJHVLQJXDYD IUXLWRIGLIIHUHQWPDWXULW\6FL+RUWLF

%XIOHU * (WK\OHQHSURPRWHG FRQYHUVLRQ RI DPLQRF\FORSURSDQHFDUER[\OLFDFLGWRHWK\OHQHLQDSSOH DW YDULRXV VWDJHV RI IUXLW GHYHORSPHQW 3ODQW 3K\VLRO ±

&KLWDUUD0,&KLWDUUD$%3yVFROKHLWDGHIUXWRVHKRUWDO LoDV¿VLRORJLDHPDQXVHLR(6$/)$(3(/DYUDV

&URVV-3LJPHQWVLQIUXLWV$FDGHPLF3UHVV/RQGRQ 8.

(O=RJKLEL 0 %LRFKHPLFDO FKDQJHV LQ VRPH WURSLFDO IUXLWVGXULQJULSHQLQJ)RRG&KHP

*HUDVRSRXORV'5LFKDUGVRQ'*(IIHFWVRIH[RJHQRXV SURS\OHQHDQGIUXLWFDOFLXPRQULSHQLQJRIQRQFKLOOHGDQG FKLOOHG$QMRXSHDUV3RVWKDUYHVW%LRO7HFKQRO *LRYDQQRQL-0ROHFXODUELRORJ\RIIUXLWPDWXUDWLRQDQG

ULSHQLQJ$QQX5HY3ODQW3K\VLRO

*ROGLQJ-%6KHDUHU':\OOLH6*0F*ODVVRQ:%$S SOLFDWLRQRI0&3DQGSURS\OHQHWRLGHQWLI\HWK\OHQHGH SHQGHQWULSHQLQJSURFHVVHVLQPDWXUHEDQDQDIUXLW3RVWKDU YHVW%LRO7HFKQRO

+RIIPDQ1(<DQJ6)&KDQJHVLQ/DPLQRF\FORSUR SDQH/FDUER[\OLFDFLGFRQWHQWLQULSHQLQJIUXLWVLQUHODWLRQ WR WKHLU HWK\OHQH SURGXFWLRQ UDWHV -$P 6RF +RUW 6FL

.OHH+-5LSHQLQJSK\VLRORJ\RIIUXLWIURPWUDQVJHQLF

WRPDWR/\FRSHUVLFRQHVFXOHQWXPSODQWVZLWKUHGXFHGHWK

\OHQHV\QWKHVLV3K\VLRO3ODQW

.QHH06DUJHQW-$2VERUQH'-&HOOZDOOPHWDEROLVP LQGHYHORSLQJVWUDZEHUU\IUXLW-([S%RW /HOLqYUH-0/DWFKp$-RQHV%%RX]D\HQ03HFK-&

(WK\OHQHDQGIUXLWULSHQLQJ3K\VLRO3ODQW /XGIRUG 30 +RUPRQDO FKDQJHV GXULQJ SRVWKDUYHVW

,Q%DUW]-$%UHFKW-.HGV3RVWKDUYHVW3K\VLRORJ\DQG 3DWKRORJ\ RI9HJHWDEOHV SS 0DUFHO 'HNNHU 1HZ <RUN86$

0DWWLX]%)LVLRORJLDHTXDOLGDGHSyVFROKHLWDGHJRLDEDV -DERWLFDEDO8QLYHUVLGDGH(VWDGXDO3DXOLVWD3K'7KHVLV 0F0XUFKLH(-0F*ODVVRQ:%(DNV,/7UHDWPHQWRI

IUXLWZLWKSURS\OHQHJLYHVLQIRUPDWLRQDERXWWKHELRJHQHVLV RIHWK\OHQH1DWXUH

0HGLQD-&&DVWUR-96LJULVW-00GH0DUWLQ=-.DWR.0DLD 0/*DUFLD$(%)HUQDQGHV566*RLDEDFXOWXUD

PDWpULDSULPDSURFHVVDPHQWRHDVSHFWRVHFRQ{PLFRVQG

HG&DPSLQDV,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV6pULH )UXWDV7URSLFDLV

0HUFDGR6LOYD ( %DXWLVWD 3% *DUFLD9HODVFR 0$ )UXLWGHYHORSPHQWKDUYHVWLQGH[ULSHQLQJFKDQJHVRIJXD YDVSURGXFHGLQFHQWUDO0H[LFR3RVWKDUYHVW%LRO7HFKQRO

2HWLNHU -+<DQJ 6) 7KH UROH RI HWK\OHQH LQ IUXLW

ULSHQLQJ$FWD+RUWLF

2OLYHLUD0$&HUHGD03(IHLWRGDSHOtFXODGHPDQGL RFDQDFRQVHUYDomRGHJRLDEDV%UD]-)RRG7HFKQRO

5H\HV 08 3DXOO 5( (IIHFW RI VWRUDJH WHPSHUDWXUH

DQGHWK\OHQHWUHDWPHQWRQJXDYD3VLGLXPJXDMDYD/IUXLW

ULSHQLQJ3RVWKDUYHVW%LRO7HFKQRO

5KRGHV0-&7KHPDWXUDWLRQDQGULSHQLQJRIIUXLWV,Q 7KLPDQQ.9'HOPDQ5&5RWK*6HGV6HQHVFHQFHLQ 3ODQWVSS&5&3UHVV)ORULGD86$

5RPDQL5-5HVSLUDWLRQHWK\OHQHVHQHVFHQFHDQGKRPH RVWDVLVLQDQLQWHJUDWHGYLHZRISRVWKDUYHVWOLIH&DQDG-%RW

6KDUPD65DMDW.3UDVDG59DVXGHULDQ3%LRORJ\

DQGSRWHQFLDORI3VLGLXPJXDMDYD-6FLHQW,QG5HVHDUFK

6LVOHU(&6HUHN0,QKLELWRUVRIHWK\OHQHUHVSRQVHVLQ SODQWVDWWKHUHFHSWRUOHYHOUHFHQWGHYHORSPHQWV3K\VLRO 3ODQW

:DWDGD$( +HUQHU 5& .DGHU$$ 5RPDQL 5- 6WDE\ */ 7HUPLQRORJ\ IRU WKH GHVFULSWLRQ RI GHYHORSPHQWDO VWDJHVRIKRUWLFXOWXUDOFURSV+RUW6FLHQFH :LOOV50F*ODVVRQ%*UDKDP'-R\FH',QWURGXFFLyQ

DOD¿VLRORJtD\PDQLSXODFLyQSRVFRVHFKDGHIUXWDVKRUWDOL

]DV\SODQWDVRUQDPHQWDOHVWKHGQ$FULELD=DUDJR]D

<DQJ 6) %LRV\QWKHVLV DQG DFWLRQ RI HWK\OHQH +RUW 6FLHQFH

Referências

Documentos relacionados

7KH JOXWDPDWH V\VWHP PD\ SOD\ DQ LPSRUWDQW UROH LQ WKH SDWKRSK\VLRORJ\ RI DXWLVP 7KH *OX5 JHQH RQ FKURPRVRPH T ZDV DVVRFLDWHG ZLWK DXWLVP E\ OLQNDJH GLVHTXLOLEULXP DQG

7KH JOXWDPDWH V\VWHP PD\ SOD\ DQ LPSRUWDQW UROH LQ WKH SDWKRSK\VLRORJ\ RI DXWLVP 7KH *OX5 JHQH RQ FKURPRVRPH T ZDV DVVRFLDWHG ZLWK DXWLVP E\ OLQNDJH GLVHTXLOLEULXP DQG

)LJXUHV DQG VKRZ WKH VXUIDFH UHVSRQVH RI WKH JHUPLQDWLRQ DQG UDGLFOH SURWUXVLRQ YDULDEOHV RI WKH &amp; FDQHSKRUD VHHGV DIWHU IRXU PRQWKV RI VWRUDJH GULHG DW

7KH UHVXOWV RI WKLV VWXG\ VKRZ WKDW WHPSHUDWXUH EXW QRW WKH DYDLODELOLW\ RI ZDWHU PD\ EH DQ LPSRUWDQW IDFWRU UHVSRQVLEOH IRU WKH GLIIHUHQFHV LQ WKH TXDOLW\ DQG

7KH PROHFXODU EDVLV IRU WKH WUDQVSRUW RI PDQJDQHVH DFURVVPHPEUDQHVLQSODQWFHOOVLVSRRUO\XQGHUVWRRG,57 D PHPEHU RI WKH =,3 IDPLO\ LGHQWL¿HG LQ $ WKDOLDQD LV D EURDGUDQJH PHWDO

5HDFWLRQ RI PHWK\OHQH ZLWK DFHWDOGHK\GH FDQ IRUP PHWK\OFDUERQ\O\OLGHLQWZRLVRPHULFIRUPV(DQG= )LJXUHVKRZVWKHFRUUHVSRQGLQJVWUXFWXUHVRIHDFKVSH FLHV 7KHVH LVRPHUV DUH DV VWDEOH DV WKH

7KH ILUVW DXWKRU RI WKLV SURSRVDO FRQGXFWHG D VWXG\ LQ WKH FRQWH[W RI FROODERUDWLYH VHWWLQJWKDWLQYROYHG WZRSULPDU\WHDFKHUV7KLVVWXG\DGRSWVDFDVHVWXG\GHVLJQ DQG IRFXV RQ KRZ WHDFKHUV

WKH YDULRXV SURFHGXUHV XVHG E\ WKHP WR VROYH PXOWLSOLFDWLRQ SUREOHPV DQG LWV