• Nenhum resultado encontrado

rural South Africa”

N/A
N/A
Protected

Academic year: 2023

Share "rural South Africa”"

Copied!
10
0
0

Texto

(1)

rural South Africa”

AUTHORS Akwasi Arko-Achemfuor

ARTICLE INFO

Akwasi Arko-Achemfuor (2017). Socio-economic development through the exploitation of natural resources in rural South Africa. Environmental Economics, 8(4), 44-52. doi:10.21511/ee.08(4).2017.06

DOI http://dx.doi.org/10.21511/ee.08(4).2017.06

RELEASED ON Thursday, 07 December 2017 RECEIVED ON Sunday, 22 October 2017 ACCEPTED ON Thursday, 30 November 2017

LICENSE This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

JOURNAL "Environmental Economics"

ISSN PRINT 1998-6041

ISSN ONLINE 1991-7074

PUBLISHER LLC “Consulting Publishing Company “Business Perspectives”

FOUNDER LLC “Consulting Publishing Company “Business Perspectives”

NUMBER OF REFERENCES

27

NUMBER OF FIGURES

0

NUMBER OF TABLES

0

© The author(s) 2022. This publication is an open access article.

(2)

$

$NZDVL$UNR$FKHPIXRU6RXWK$IULFD

6RFLRHFRQRPLFGHYHORSPHQWWKURXJKWKHH[SORLWDWLRQRIQDWXUDO UHVRXUFHVLQUXUDO6RXWK$IULFD

$EVWUDFW

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

.H\ZRUGVDJULFXOWXUHFRPPXQLW\HGXFDWLRQVWDNHKROGHUVWUDQVIRUPDWLRQ -(/&ODVVLILFDWLRQ4,

5HFHLYHGRQQGRI2FWREHU

$FFHSWHGRQWKRI1RYHPEHU

,QWURGXFWLRQ”

7KH DSDUWKHLG DQG FRORQLDO KLVWRU\ RI 6RXWK $IULFD KDYH EHHQ EODPHG IRU PRVW RI WKH FKDOOHQJHV WKH FRXQWU\ FRQWLQXHV WR IDFH WRGD\ 7KH DSDUWKHLG SROLF\ ZKLFK ZDV EDVHG RQ UDFLDO GLVFULPLQDWLRQ GHOLEHUDWHO\ GHSULYHG WKH EODFN PDMRULW\ LQ WKH FRXQWU\ IURP REWDLQLQJ TXDOLW\ HGXFDWLRQ ZKLFK FRXOG HQDEOH WKHP WR SXUVXH RSSRUWXQLWLHV LQ WKH FRXQWU\ 6RPH RI WKH FRQVHTXHQFHV RI DSDUWKHLG ZKLFKDUHEHLQJIHOWWRGD\LQFOXGHWKHXQDFFHSWDEO\

KLJK OHYHOV RI XQHPSOR\PHQW LQHTXDOLW\ KLJK SRYHUW\OHYHOVDQGORZOHYHOVRIHGXFDWLRQDQGVNLOOV DPRQJ D ODUJH VHFWLRQ RI WKH SRSXODWLRQ 7KUHH RI WKH FKDOOHQJHV RIWHQ FLWHG DUH SRYHUW\ LQHTXDOLW\

DQGXQHPSOR\PHQWZKLFKLQIOXHQFHHDFKRWKHU7KH UXOLQJ $IULFDQ 1DWLRQDO &RQJUHVV SDUW\ $1& LQ 6RXWK $IULFD DW LWV UG 1DWLRQDO &RQIHUHQFH LQ 0DQJDXQJ LQ UHLWHUDWHG WKDW XQHPSOR\PHQW SRYHUW\ DQG LQHTXDOLW\ ZHUH WKH WULSOH VFRXUJHV SODJXLQJWKHFRXQWU\$OWKRXJKWKHWKUHHFKDOOHQJHV PHQWLRQHG DERYH DUH RIWHQ FLWHG DV WKH PRVW SUHVVLQJ LVVXHV DIIHFWLQJ D ODUJH VHFWLRQ RI WKH

”$NZDVL$UNR$FKHPIXRU

$NZDVL $UNR$FKHPIXRU 'HSDUWPHQW RI $GXOW%DVLF(GXFDWLRQ <RXWK 'HYHORSPHQW8QLYHUVLW\RI6RXWK$IULFD3UHWRULD6RXWK$IULFD 7KLV LV DQ 2SHQ $FFHVV DUWLFOH GLVWULEXWHG XQGHU WKH WHUPV RI WKH

&UHDWLYH &RPPRQV $WWULEXWLRQ1RQ&RPPHUFLDO ,QWHUQDWLRQDO OLFHQVH ZKLFK SHUPLWV UHXVH GLVWULEXWLRQ DQG UHSURGXFWLRQ SURYLGHG WKHPDWHULDOVDUHQ¶WXVHGIRUFRPPHUFLDOSXUSRVHVDQGWKHRULJLQDOZRUN LVSURSHUO\FLWHG

SRSXODWLRQ DQG LQIOXHQFLQJ HDFK RWKHU RQH PD\

DUJXH WKDW WKH WKUHH FKDOOHQJHV RIWHQ UHIHUUHG WR DERYH DUH WKH V\PSWRPV RI WKH UHDO LVVXHV 7KH PDLQ FKDOOHQJHV DSSHDU WR EH VORZ HFRQRPLF JURZWKODFNRISURSHUHGXFDWLRQDQGVNLOOVDQGORZ OHYHOVRIHQWUHSUHQHXUVKLSDPRQJDODUJHVHFWLRQRI WKH SRSXODWLRQ 7KHVH SUREOHPV WKHQ PDQLIHVW WKHPVHOYHV LQWR XQHPSOR\PHQW SRYHUW\ DQG ZLGHQLQJLQHTXDOLW\LQWKHFRXQWU\

0HUWHQ LQWLPDWHV WKDW WKH 6HFRQG 4XDUWHUO\

5HSRUWE\6WDWLVWLFV6RXWK$IULFD6WDWV6$LQ FRQILUPHG WKDW SRYHUW\ XQHPSOR\PHQW DQG LQHTXDOLW\ DUH KLJKHVW LQ UXUDO DUHDV DQG PRVW HVSHFLDOO\DPRQJSHRSOHZLWKQRRUOLWWOHHGXFDWLRQ 6WDWV6$DGGVWKDWLQJHQHUDOFKLOGUHQDJHG \HDUV DQG \RXQJHU EODFN $IULFDQV IHPDOHV SHRSOH IURP UXUDODUHDVWKRVHOLYLQJLQWKH(DVWHUQ

&DSH DQG /LPSRSR DQG WKRVH ZLWK OLWWOH RU QR HGXFDWLRQ DUH WKH PDLQ YLFWLPV RI DEMHFW SRYHUW\

7KHUH LV LQFUHDVLQJ SUHVVXUH RQ WKH JRYHUQPHQW RI WKH GD\ WR DGGUHVV WKH KLJK OHYHOV RI SRYHUW\ DQG XQHPSOR\PHQW DFURVV WKH FRXQWU\ 7KH $1& OHG JRYHUQPHQW RI ODWH KDV DGRSWHG 5DGLFDO (FRQRPLF 7UDQVIRUPDWLRQ 5(7 DV D SROLF\ WR DGGUHVV WKH VRFLRHFRQRPLFFKDOOHQJHVFRQIURQWLQJWKHFRXQWU\

7KH $1& S DW LWV UG 1DWLRQDO

&RQIHUHQFHLQ0DQJDXQJGHFODUHG³>:@HDUHEROGO\

HQWHULQJ WKH VHFRQG SKDVH RI WKH WUDQVLWLRQ IURP DSDUWKHLG FRORQLDOLVP WR D QDWLRQDO GHPRFUDWLF VRFLHW\7KLVSKDVHZLOOEHFKDUDFWHUL]HGE\GHFLVLYH DFWLRQ WR HIIHFW HFRQRPLF WUDQVIRUPDWLRQ DQG

(3)

GHPRFUDWLF FRQVROLGDWLRQ FULWLFDO ERWK WR LPSURYH WKH TXDOLW\ RI OLIH RI DOO 6RXWK $IULFDQV DQG WR SURPRWH QDWLRQEXLOGLQJ DQG VRFLDO FRKHVLRQ´7KH

$1&SHODERUDWHVWKDWSULPDULO\UDGLFDO HFRQRPLF WUDQVIRUPDWLRQ LV DERXW IXQGDPHQWDOO\

FKDQJLQJ WKH VWUXFWXUH RI 6RXWK $IULFD¶V HFRQRP\

IURP DQ H[SORLWDWLYH H[SRUWHU RI UDZ PDWHULDOV WR RQH ZKLFK LV EDVHG RQ EHQHILFLDWLRQ DQG PDQXIDFWXULQJLQZKLFKSHRSOH¶V IXOOSRWHQWLDOFDQ EH UHDOL]HG ,W DGGV WKDW WR HQVXUH LQFUHDVHG HFRQRPLF SDUWLFLSDWLRQ E\ EODFN SHRSOH LQ WKH FRPPDQGLQJ KHLJKWV RI WKH HFRQRP\ UDGLFDO HFRQRPLF WUDQVIRUPDWLRQ PXVW KDYH D PDVV FKDUDFWHU 7KH REMHFWLYH RI UDGLFDO HFRQRPLF WUDQVIRUPDWLRQ DFFRUGLQJ WR WKH $1& LV WR UHGXFHUDFLDOJHQGHUDQGFODVVLQHTXDOLWLHVLQ6RXWK

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µIHHGWKH ZRUOG¶

2QWKHRWKHUKDQG+ORPHQGOLQLS ZDUQV WKDW KLJK SRSXODWLRQ JURZWK SRVHV FKDOOHQJHV WKDW FDQ OHDG WR FLYLO XQUHVW IRRG LQVHFXULW\ DQG GHHSHQLQJ PDOQXWULWLRQ LQ VXE6DKDUDQ $IULFD 66$ 0HDQZKLOH WKH 1DWLRQDO 3ODQQLQJ

&RPPLVVLRQ S YLVLRQV WKDW E\

6RXWK $IULFD¶V UXUDO FRPPXQLWLHV PXVW KDYH EHWWHU RSSRUWXQLWLHV WR SDUWLFLSDWH IXOO\ LQ WKH HFRQRPLF VRFLDODQGSROLWLFDOOLIHRIWKHFRXQWU\,WDGGVWKDW UXUDO SHRSOH VKRXOG EH DEOH WR DFFHVV KLJKTXDOLW\

EDVLFVHUYLFHVWKDWHQDEOHWKHPWREHZHOOQRXULVKHG KHDOWK\ DQG LQFUHDVLQJO\ VNLOOHG )XUWKHUPRUH WKH 13& LQGLFDWHV WKDW UXUDO HFRQRPLHV ZLOO EH VXSSRUWHG E\ DJULFXOWXUH DQG ZKHUH SRVVLEOH E\

PLQLQJWRXULVPDJURSURFHVVLQJDQGILVKHULHV7KH 13& HVWLPDWHV WKDW WKH DJULFXOWXUDO VHFWRU KDVWKHSRWHQWLDOWRFUHDWHFORVHWRRQHPLOOLRQMREV

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

SKHQRPHQD FDOOV IRU D PXOWLVWDNHKROGHU DSSURDFK ZKLFK FDQ LQFOXGH WKH SULYDWH VHFWRU 1*2V FRPPXQLWLHV WUDGLWLRQDO OHDGHUV DQG WKH VWDWH FRPLQJ WRJHWKHU WR SXUVXH JRYHUQPHQW¶V UDGLFDO HFRQRPLF WUDQVIRUPDWLRQ DJHQGD LQ UXUDO 6RXWK

$IULFD&LWLQJ3ROPDQ&RQILQRS UHLWHUDWHV ³7KH LVVXHV ZH IDFH DUH VR ELJ DQG WKH WDUJHWVDUHVRFKDOOHQJLQJWKDWZHFDQQRWGRLWDORQH :KHQ \RXORRNDWDQ\LVVXHVXFKDVIRRGRUZDWHU VHFXULW\ LW LV YHU\ FOHDU WKDW QR LQGLYLGXDO LQVWLWXWLRQ JRYHUQPHQW RU FRPSDQ\ FDQ SURYLGH VROXWLRQ´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

$IULFD 7KHUH KDYH EHHQ D ORW RI UKHWRULF E\

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

(4)

8QIRUWXQDWHO\ VRPH RI WKH SROLFLHV DQG SURJUDPV KDYHQRWEHQHILWHGPRVWRIWKHSHRSOHRQWKHJURXQG PRVWHVSHFLDOO\WKRVHOLYLQJLQUXUDODUHDV

+HQGHUVRQUHSRUWVWKDWDUHVHDUFKFRQGXFWHG E\ WKH 6RXWK $IULFDQ ,QVWLWXWH RI 5DFH 5HODWLRQV ,55LQVKRZHGWKDWMXVWRIEODFNSHRSOH EHQHILWHGIURPHPSOR\PHQWHTXLW\ÃIURP%((

RZQHUVKLSGHDOVDQGIURP%((WHQGHUV,WLVDOVR ZLOGO\UHSRUWHGLQWKHPHGLDDQGWKHIDUPLQJVHFWRU WKDW PRVW RI WKH ODQG UHVWLWXWLRQ SURJUDPV KDYH IDLOHG GLVPDOO\ DV WKH EHQHILFLDULHV KDYH QRW EHHQ VXSSRUWHGZHOOZLWKLQIUDVWUXFWXUHDQGWKHVNLOOVWKH\

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

5HVHDUFKTXHVWLRQV

7KHPDLQTXHVWLRQIRUWKLVDUWLFOHLV:KDWDSSURDFK KDVWKHVWDNHKROGHUVLQWKH1RUWK:HVW3URYLQFHLQ 6RXWK $IULFD XVH WR UDGLFDOO\ WUDQVIRUP D UXUDO FRPPXQLW\ WKURXJK WKH H[SORLWDWLRQ DQG HIIHFWLYH PDQDJHPHQW RI WKH QDWXUDO UHVRXUFHV DQG RWKHU VXSSRUWVHUYLFHV"

6XETXHVWLRQV

i :KDWUROHFDQWKHGLIIHUHQWVWDNHKROGHUVSOD\LQ HTXLSSLQJ UXUDO GZHOOHUV WR H[SORLW DQG HIIHFWLYHO\ PDQDJH WKH QDWXUDO UHVRXUFHV WKH\

KDYHWRHQVXUHWKHVRFLRHFRQRPLFGHYHORSPHQW RIWKHLUFRPPXQLWLHV"

i :KDW UHVRXUFHV GR UXUDO FRPPXQLWLHV SRVVHVV WKDW FDQ EH XVHG IRU WKHLU VRFLRHFRQRPLF GHYHORSPHQW"

i :KDW VNLOOV GR UXUDO FRPPXQLWLHV QHHG WR EH DEOHWRXVHWR H[SORLWWKHDJULFXOWXUDOUHVRXUFHV WKH\KDYHLQWKHLUFRPPXQLWLHV"

/LWHUDWXUHUHYLHZDQGFRQFHSWXDOIUDPHZRUN 7KLV SDSHU LV XQGHUSLQQHG E\ WKH VXVWDLQDEOH OLYHOLKRRGV IUDPHZRUN ZKLFK 6FRRQHV DQG

&DUQH\ DUH LWV NH\ SURSRQHQWV 7KH VXVWDLQDEOH OLYHOLKRRGV IUDPHZRUN RI 6FRRQHV HPSKDVL]HV WKH HFRQRPLF DWWULEXWHV RI OLYHOLKRRGV DV PHGLDWHG E\ VRFLDOLQVWLWXWLRQDO SURFHVVHV 7KH IUDPHZRUN OLQNV LQSXWV GHVLJQDWHG ZLWK WKH WHUP µFDSLWDOV¶ RU µ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

7KH IUDPHZRUN LV UHOHYDQW DQG YHU\ PXFK DSSOLFDEOH WR KRZ SRRU PDUJLQDOL]HG FRPPXQLWLHV FDQ H[SORLW WKH QDWXUDO DQG RWKHU KXPDQ UHVRXUFHV WKH\ KDYH LQ WKHLU FRPPXQLWLHV WR DFKLHYH VRFLR HFRQRPLF GHYHORSPHQWWKDWFDQUDGLFDOO\WUDQVIRUP WKHLU FRPPXQLWLHV 7KH VLWXDWLRQ WKH FRXQWU\ ILQGV LWVHOI LQ WRGD\ WKDW LV FKDUDFWHULVHG E\ WKH WULSOH FKDOOHQJHVRIXQHPSOR\PHQWLQHTXDOLW\DQGSRYHUW\

DUHWRDODUJHH[WHQWWKHFRQVHTXHQFHVRILWVKLVWRU\

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

SROLWLFV DQG VRFLDO GLIIHUHQWLDWLRQV LQ 6RXWK $IULFD KDV SXW WKH PDMRULW\ EODFN SRSXODWLRQ PRVW HVSHFLDOO\ LQ WKH UXUDO DUHDV LQWR PDUJLQDOL]DWLRQ 7KH FRPPXQLWLHV KRZHYHU KDYH DFFHVV WR FHUWDLQ OLYHOLKRRG UHVRXUFHV VXFK DV ODQG VRFLDO FDSLWDO WKURXJK WKHLU FORVHNQLW V\VWHPV DQG FRPPXQDO RZQHUVKLS RI ODQG DQG RWKHU UHVRXUFHV XQGHU WKH FKLHIWDLQF\V\VWHP$ODUJHVHFWLRQRIWKHSRSXODWLRQ GHSHQGVRQDJULFXOWXUHIRUWKHLUOLYHOLKRRGVWKURXJK YDULRXV VXEVLVWHQFH DFWLYLWLHV 9DULRXV LQVWLWXWLRQV

(5)

DQG RUJDQLVDWLRQ ZKLFK LQ WKLV FDVH LQFOXGH

%RNDPRVR ,PSDFW ,QYHVWPHQW WKH 1RUWK :HVW 3URYLQFLDO JRYHUQPHQW $)*5, WKH WUDGLWLRQDO DXWKRULW\ DQG WKH ORFDO FRPPXQLW\ DQG WKH 8QLYHUVLW\ RI 6RXWK $IULFD KDYH FRPH WRJHWKHU DV LQVWLWXWLRQV WR SXW UHVRXUFHV WRJHWKHU WR PHGLDWH LQ FUHDWLQJVXVWDLQDEOHOLYHOLKRRGRXWFRPHVDVDPRGHO RI UDGLFDO HFRQRPLF WUDQVIRUPDWLRQ WKHUHE\ JLYLQJ DJHQF\WRDPDUJLQDOLVHGFRPPXQLW\

0HWKRGRORJ\

7KLV VWXG\ XVHG WKH TXDOLWDWLYH PHWKRG RI HQTXLU\

WKURXJK VHPLVWUXFWXUHG LQGLYLGXDO LQWHUYLHZV D IRFXV JURXS DQG REVHUYDWLRQV WR FROOHFW GDWD IURP UHVSRQGHQWV RQ WKUHH WUDLQLQJ DFWLYLWLHV LQ WKH DJULFXOWXUH EDVLF OLWHUDF\ DQG QXPHUDF\ DQG EDVLF HQWUHSUHQHXUVKLS 7KH REVHUYDWLRQ LQFOXGHG WKH SUDFWLFDODSSOLFDWLRQDWWKHKXEZKHUHWKHWUDLQLQJLV FRQGXFWHG DV ZHOO DV WKH DSSOLFDWLRQ RI ZKDW WKH OHDUQHUV KDYH OHDUQW LQ WKHLU KRPHV DQG FRPPXQLWLHV 7KH SXUSRVLYH VDPSOLQJ WHFKQLTXH ZDVXVHGWRVHOHFWWKHSDUWLFLSDQWVZKRLQFOXGHGWKH

&(2 RI %RNDPRVR ,PSDFW ,QYHVWPHQW DGXOW OHDUQHUV ZKR KDYH JRQH WKURXJK WKH WUDLQLQJ WKH FKLHIRIWKHYLOODJHZKHUHWKHSURMHFWLVORFDWHG7KH RWKHU SDUWLFLSDQWV LQFOXGHG DQ RIILFLDO IURP WKH RIILFHRIWKH3UHPLHURIWKH1RUWK:HVW3URYLQFHRI 6RXWK$IULFDZKLFKUHSUHVHQWVWKHJRYHUQPHQWDQG RQHDFDGHPLFIURPWKH8QLYHUVLW\RI6RXWK$IULFD¶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¶V SHUFHSWLRQV SHUVSHFWLYHVDQGXQGHUVWDQGLQJRIDSDUWLFXODUVLWXDWLRQ /HHG\ 2UPURG

3RSXODWLRQ 3RSXODWLRQ LV GHILQHG DV WKH DJJUHJDWH RI FDVHV ZLWK D FRPPRQ DVVLJQHG FULWHULRQ DQG IHDWXUHV DV VXEMHFWV IRU D VWXG\ 7KH WDUJHW SRSXODWLRQ IRU WKLV VWXG\ FRPSULVHV DOO WKH DGXOW OHDUQHUV ZKR DUH FXUUHQWO\ UHJLVWHUHG IRU WKH

$%(7 FODVVHV SDVW $%(7 JUDGXDWHV FXUUHQW DQG SDVWWUDLQHHVLQWKHDJULFXOWXUDOWUDLQLQJDOOWKHVWDII RI%,,SURMHFWPHPEHUVIURPWKH'$%(7<'DQG DOOWKH PHPEHUVRIWKHFKLHI¶VFRXQFLODQGRIILFLDOV IURP WKH RIILFH RI WKH SUHPLHU ZKR DUHDVVLJQPHQW WR WKH 3URYLQFH¶V 7RZQVKLS 9LOODJHV DQG 6PDOO 'RUSLHV3URJUDPLQWKHRIILFHRIWKH3UHPLHURIWKH 1RUWK:HVW3URYLQFHRI6RXWK$IULFD

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

&ULWHULDIRULQFOXVLRQLQWKHVWXG\7KHSHRSOH ZKRZHUH FRQVLGHUHGIRUWKHVWXG\ KDGWR PHHWWKH IROORZLQJFULWHULD

i VKRXOGEHSDVWRUFXUUHQWO\UHJLVWHUHG \RXWKWKH

$%(7 OHDUQHU LQ WKH $%(7 DQG DJULFXOWXUDO WUDLQLQJDWWKH%,,KXE

i VKRXOGEHD%,,VWDIIPHPEHU

i VKRXOGEHIURPWKHRIILFHRIWKHSUHPLHU i VKRXOGEHDOHFWXUHUDWWKH'HSDUWPHQWRI$%(7

DVDPHPEHURIWKHSURMHFWWHDP i VKRXOGEHIURPWKHFKLHI¶VFRXQFLO

'DWD FROOHFWLRQ7KH UHVHDUFKHU XVHG KLV SDVW FRQWDFWVZLWKWKH&(2RI%,,WRDUUDQJHZLWKDOOWKH VWDNHKROGHUV DQG WR REWDLQ SHUPLVVLRQ WR GR WKH REVHUYDWLRQV DW WKH KXE DQG DW WKH KRPHV RI WKH

$%(7 OHDUQHUV RQ KRZ WKH\ DUH DSSO\LQJ ZKDW WKH\KDYHOHDUQWWRJURZYHJHWDEOHV+HFRQGXFWHG DVHPLVWUXFWXUHGLQWHUYLHZZLWKWKHSDVWVWXGHQWV 6L[RWKHUSDVWOHDUQHUVZHUHFRQWDFWHGZKRDJUHHG DQG SDUWLFLSDWHG LQ WKH IRFXV LQWHUYLHZ -XO\

7KH FRQYHQLHQW VDPSOLQJ LV D WHFKQLTXH LQ ZKLFK SDUWLFXODU VHWWLQJV SHUVRQV RU HYHQWV DUH VHOHFWHG GHOLEHUDWHO\ LQ RUGHU WR SURYLGH LQIRUPDWLRQ WKDW FDQQRW EH REWDLQHG IURP RWKHU FKRLFHV :LOVRQ ,Q WKLV VWXG\ WKH SDUWLFLSDQWV ZHUH DGXOW OHDUQHUV DQG WKH \RXWK LQ WKHWUDLQLQJLQ$%(7DQGDJULFXOWXUHVWDIIRI%,, XQGHUWKH&(2DVWKHLQLWLDWRUVRIWKHSURMHFWDQG DFDGHPLFV IURP 81,6$¶V ZKR DUH RIIHULQJ WKH VXSSRUW IRU WKH $%(7 WUDLQLQJ DV ZHOO DV WKH WUDLQLQJ LQ HQWUHSUHQHXUVKLS IRUWKH EHQHILFLDULHV 7KHLQGLYLGXDOLQWHUYLHZVWRRNSODFHDWWKHKRPHV DQGZRUNSODFHVRIWKHSDVW$%(7OHDUQHUVDWWKH WLPHVWKH\LQGLFDWHGZHUHFRQYHQLHQWWRWKHP 7KH LQWHUYLHZV ZHUH WDSH UHFRUGHG LQ DGGLWLRQ WR D MRXUQDO WKDW ZDV XVHG WR UHFRUG LVVXHV ZKLFK IUHTXHQWO\ RFFXUUHG GXULQJ WKH LQWHUYLHZV ZLWK WKH SDUWLFLSDQWV (DFK RI WKH LQWHUYLHZV ODVWHG IRU EHWZHHQDQGPLQXWHV

(6)

5HVXOWVDQGGLVFXVVLRQ

7KHDQDO\VLVRIWKHVHPLVWUXFWXUHGLQWHUYLHZVIURP WKH SDUWLFLSDQWV ZDV GRQH WKURXJK FRQVWDQW FRPSDULVRQDQDO\VLVPHWKRGWRLGHQWLI\WKHFRPPRQ WKHPHV LVVXHV DQG ZRUGV WKDW UHFXUUHG LQ WKH LQWHUYLHZV ZKLFK HQDEOHPHWRDQVZHUWKHUHVHDUFK TXHVWLRQV7KHUHFRUGHGWUDQVFULSWVRIWKHLQWHUYLHZV ZHUH DQDO\VHG WR GHWHUPLQH D QXPEHU RI OHYHOV RI WH[W DQDO\VLV ZKLFK RFFXUUHG DV VXJJHVWHG E\

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¶6 'HSDUWPHQW RI

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

WKH SURMHFW DQG KDV JHQHURXVO\ DYDLOHG RYHU KHFWDUHV RI FRPPXQDO ODQG WR WKH SURMHFW ZKHUH FRPPXQLW\ PHPEHUV DQG WUDLQHHV FDQ FXOWLYDWH YHJHWDEOHV IRU WKH PDUNHW KRPH DQG FRQVXPSWLRQ DQG H[SRUWLQJ WR QHLJKERXULQJ %RWVZDQD $W WKH JUDGXDWLRQ DQG KDQGLQJ RYHU RI HTXLSPHQW FHUHPRQ\DWWKHKXERQ-XO\WKH3UHPLHU RI WKH 1RUWK :HVW 3URYLQFH SUDLVHG WKH FROODERUDWLRQ DQG SDUWQHUVKLSV EHWZHHQ WKH VWDNHKROGHUV

7KH &(2 RI %,, DSSODXGHG WKH FROODERUDWLRQ DQG SDUWQHUVKLS ZKLFK LV \LHOGLQJ SRVLWLYH UHVXOWV VD\LQJ

³,W KDV EHHQ D ORQJ MRXUQH\ HVWDEOLVKLQJ WKLV SDUWQHUVKLSDQGFROODERUDWLRQEHWZHHQRXUGLIIHUHQW VWDNHKROGHUVEXWWRGD\ZHDUHDOOZLWQHVVHVWRZKDW ZH DV VWDNHKROGHUV FDQ GR LI ZH FRPH WRJHWKHU WR DGGUHVV FKDOOHQJHV FRQIURQWLQJ RXU FRPPXQLWLHV :H KDYH LQ HIIHFW GHYHORSHG D PRGHO WKDW FDQ EH XVHG WR UDGLFDOO\ WUDQVIRUP PDUJLQDOLVHG FRPPXQLWLHV ERWK VRFLDOO\ DQG HFRQRPLFDOO\ LQ D VXVWDLQDEOHPDQQHU´

7KH SURMHFW OHDGHU IURP WKH 81,6$¶V '$%(7<' DSSODXGHGWKHLQLWLDWLYHDQGVDLG

³:H KDYH GLIIHUHQW FDSDELOLWLHV DQG VWUHQJWKV WR PDNHWKLVLQLWLDWLYHVXVWDLQDEOH)URPRXUVLGHDVDQ HGXFDWLRQDO LQVWLWXWLRQ ZH KDYH UHDOLVHG WKDW D ORW RILQLWLDWLYHVIDLOEHFDXVHWKRVHZKRDUHVXSSRVHGWR EHKHOSHGDUHQRWJLYHQWKHHGXFDWLRQDQGWUDLQLQJ WKH\ QHHG WR VXVWDLQ SURMHFWV 7KDW LV ZK\ ZH DUH VXSSRUWLQJ LQ SURYLGLQJ WKH EDVLF HGXFDWLRQ DQG HQWUHSUHQHXULDOVNLOOVWKHWUDLQHHVQHHGWRUXQWKHLU IDUPVDVSURSHUEXVLQHVVHV´

7KH YLHZV H[SUHVVHG KHUH E\ WKH GLIIHUHQW VWDNHKROGHUV DUH LQ OLQH ZLWK WKH 13&¶V S IRU WKH QHHG IRU FRRSHUDWLRQ DQG VXSSRUW IRU UXUDO DJULFXOWXUH QRWLQJ ³&UHDWLQJ MREV LQ DJULFXOWXUH ZLOO QRW EH HDV\ DV LW ZLOO UHTXLUH FUHGLEOH SURJUDPPHV VRXQG LPSOHPHQWDWLRQ VLJQLILFDQW UHVRXUFHV DQG VWURQJHU LQVWLWXWLRQV VXFK DV DJULFXOWXUH GHSDUWPHQWV LQ ORFDO DQG SURYLQFLDO JRYHUQPHQW´

7KH QHHG IRU FROODERUDWRUV DQG SDUWQHUV WR VXSSRUW UDGLFDO HFRQRPLF WUDQVIRUPDWLRQ ZKLFK HQVXUHV LQFOXVLYHJURZWKLVLQOLQHZLWK'DZRRG)ODQDJDQ DQG3LOXVD¶VREVHUYDWLRQWKDW³6RXWK$IULFD¶V ODQG UHIRUP SURJUDP KDV QRW UHDFKHG LWV SROLF\

REMHFWLYHVIRUYDULRXVUHDVRQVDPRQJWKHVHDUHWKH IDLOXUHE\ JRYHUQPHQWWRSURYLGHDGHTXDWHVHUYLFHV WR PDNH WKH UHGLVWULEXWHG ODQG SURGXFWLYH DQG WKH ODFN RI DFFHVV WR FUHGLW HTXLSPHQW DQG WHFKQLFDO DVVLVWDQFHZKLFK PDNHVLWGLIILFXOWIRUODQGUHIRUP EHQHILFLDULHVWRSXWODQGWRSURGXFWLYHXVH´3KLOOLSV

(7)

SFRQILUPVWKDWVRPHRIUHDVRQVIRUWKH PXFKWDONHGDERXWIDLOXUHRIODQGUHIRUPLQLWLDWLYHV WKDWDUHDLPHGDWWUDQVIRUPLQJWKHDJULFXOWXUHVHFWRU DUHFRQILUPHGZKLFKLQFOXGHJRYHUQPHQW¶VIRFXVRQ ODQG UHIRUP SURFHVV IRFXVLQJ RQ ODQG DFTXLVLWLRQ ZLWKOLWWOHFRQVLGHUDWLRQJLYHQWRWKHUHTXLVLWHSRVW VHWWOHPHQWVXSSRUWVNLOOVGHYHORSPHQWDQGILQDQFLDO DVVLVWDQFH &ROHPDQ SS FRQILUPHG WKH QHHG IRU FROODERUDWLRQV DQG SDUWQHUVKLSV WR EH DEOHWRWUDQVIRUPWKHDJULFXOWXUHVHFWRUDUJXLQJWKDW WUDQVIRUPDWLRQ LQ WKH VHFWRU VKRXOG WDNH D KROLVWLF DSSURDFKDQGQRWLQLVRODWLRQE\WDNLQJLQWRDFFRXQW WKH FRPSOHWH SLFWXUH RI ZKDW KDV EHHQ GRQH DQG LGHQWLI\ZKHUHPRUHQHHGVWREHDFKLHYHG6KHDGGV WKDW WKH ³ELJJHVW VXFFHVV VWRULHV DUH WKRVH ZKHUH SHRSOH IRUP SDUWQHUVKLS NQXFNOH GRQH DQG JHW WKH MRE GRQH´ 6KH IXUWKHU UHFRPPHQGV WKDW D KXUGOH WKDWKDVWREH RYHUFRPHLVIRUWUDQVIRUPDWLRQWREH VHHQ ZLWKLQ WKH FRQWH[W RI ZLQZLQ SDUWQHUVKLS LQVWHDGRIVD\LQJWKHFDNHLVDFHUWDLQVL]HDQGQHHG WREHVKDUHGHTXDOO\UDWKHUWKHIRFXVVKRXOGEHRQ WKHZD\VDQGPHDQVWRJURZWKHFDNHELJJHUWKURXJK DJURSUHQHXUVKLS7KH LQLWLDWLYHLQ WKLV FDVHDSSHDUV WREHDSRVLWLYHGHYHORSPHQWZKLFKFDQFKDQJHWKH WLGHLQWKHULJKWGLUHFWLRQ

6HQVH HPSRZHUPHQW)URP WKH REVHUYDWLRQ DQGWKHLQWHUYLHZVLWHPHUJHGWKDWWKHEHQHILFLDULHV RIWKHWUDLQLQJDW%,,KDYHEHHQHPSRZHUHGWKURXJK HGXFDWLRQ DV ZHOO DV WKURXJK WKH VXSSRUW VHUYLFHV VXFK DV WKH LQFXEDWLRQ ZKLFK LV EHLQJ SURYLGHG E\

WKH GLIIHUHQW VWDNHKROGHUV )URP WKH IRFXV JURXS LQWHUYLHZ DQG WKH LQGLYLGXDO LQWHUYLHZV WKH SDUWLFLSDQWVH[SUHVVHGWKHLUYLHZVRQKRZWKH\KDYH EHHQHPSRZHUHG)RUH[DPSOHLWZDVUHSRUWHGDWWKH IRFXVJURXSWKDW

³$OO WKH VL[ RI XV KHUH KDYH VWDUWHG RXU RZQ YHJHWDEOH JDUGHQV ZKHUH ZH DUH SURGXFLQJ YHJHWDEOHIRURXUVHOYHVDQGVRPHWLPHVZHDUHDEOH WR VHOO WR RXU VXUSOXVHV WR QHLJKERXUV %HIRUH ZH KDG WKH WUDLQLQJ ZH GLG QRW NQRZ WKDW ZH FRXOG JURZYHJHWDEOHVLQ WKLV VDQG\ VRLO KHUH EXW ZH DUH QRZGRLQJDQGVDYLQJPRQH\´

'XULQJWKHREVHUYDWLRQVDWWKHKXEDQGWKHKRPHVRI WKHSDUWLFLSDQWVZKLFKZHUHYLVLWHGLWZDVQRWHGWKDW WKH YHJHWDEOHV DUH JURZQ LQ OLQHV ZKHUH GULS LUULJDWLRQ XVLQJ VPDOO SODVWLF SLSHV ZKLFK DUH FRQQHFWHGWRSLSHV:KHQDVNHGZK\WKLVPHWKRGRI LUULJDWLRQLVXVHGRQHRIWKHLQWHUYLHZHHVDQVZHUHG

³:H OHDUQW GXULQJ RXU WUDLQLQJ WKDW ZH KDYH WR FRQVHUYHZDWHUDQGGRQRWDOVRKDYHWRRYHULUULJDWH VRLI\RXFDQVHHSRLQWLQJWRWKHURRWRIWKHSODQWV WKH ZDWHU RQO\ JHWV WR WKH URRW RI WKH SODQW ZKHQ UHTXLUHGZKLFKGHSULYHVDQ\ZHHGWKHZDWHU7KLVLV WKHUHDVRQZK\\RXKDUGO\VHHDQ\ZHHGVLQWKHSORW

%HVLGHVWKDW,NQRZH[DFWO\WKHQXPEHURISODQWVRQ WKHSORWDQGPD[LPLVHWKHVSDFH,KDYHKHUH´

7KHVWDWHPHQWVIURPWKHUHVSRQGHQWVFOHDUO\LQGLFDWH HPSRZHUPHQW DV LW LV FOHDU WKDW WUDQVIRUPDWLYH OHDUQLQJKDVWDNHQSODFHDVWKHSDUWLFLSDQWVWKURXJK HGXFDWLRQ KDYH EHHQ HPSRZHUHG WR WDNH DFWLRQ DERXW WKH VLWXDWLRQV WKH\ IRXQG WKHPVHOYHV LQ 7KH VHQVHRIHPSRZHUPHQWH[SUHVVHGKHUHLVLQOLQHZLWK )UHLUH¶V HGXFDWLRQDO LGHDV ZKLFK VKHG OLJKW RQ WKH LPSRUWDQWFRQWULEXWLRQWRXQGHUVWDQGLQJHGXFDWLRQDO SUDFWLFHV DQG WKH UHOHYDQFH WR HGXFDWLRQ DQG GHYHORSPHQWLQFRQWHPSRUDU\$IULFDLQWHUPVRIWKH H[WHQW WR ZKLFK WKH\ DUH VWLOO DSSOLFDEOH WR DGGUHVVLQJ WKH VRFLRHFRQRPLF FKDOOHQJHV VRFLHWLHV DQG PDUJLQDOLVHG FRPPXQLWLHV IDFH 7KHVH LGHDV LQFOXGH )UHLUH¶V WKHRU\ RI FRQVFLHQWL]DWLRQ DQG GLDORJXH OLEHUDWLRQ HGXFDWLRQ D FULWLFLVP RI EDQNLQJHGXFDWLRQDQGDFULWLFLVPRIWKHFRQFHSWRI H[WHQVLRQ DV FXOWXUDO LQYDVLRQ 1\LUHQGD SRLQWVRXWWKDWWKHH[DPLQDWLRQRIWKHVHLGHDVVKRZV WKDWJLYHQWKHH[LVWLQJUHDOLWLHVLQ$IULFDQVRFLHWLHV WRGD\ SDUWLFXODUO\ LQ WKH UXUDO DUHDV )UHLUH¶V LGHDV QRZ DSSHDU PRUH UHOHYDQW WR HGXFDWLRQ DQG GHYHORSPHQW LQ $IULFD WKDQ HYHU EHIRUH 7KH HPSRZHULQJ UROH RI EDVLF HGXFDWLRQ LV DIILUPHG E\

WKH8QLWHG1DWLRQ(GXFDWLRQ6FLHQWLILFDQG&XOWXUDO 2UJDQL]DWLRQ S ZKLFK REVHUYHG WKDW µOLWHUDF\IRUDOOLVDWWKHKHDUWRIEDVLFHGXFDWLRQIRU DOO « >DQG@ FUHDWLQJ OLWHUDWH HQYLURQPHQWV DQG VRFLHWLHV LV HVVHQWLDO IRU DFKLHYLQJ WKH JRDOV RI HUDGLFDWLQJ SRYHUW\ UHGXFLQJ FKLOG PRUWDOLW\

FXUELQJ SRSXODWLRQ JURZWK DFKLHYLQJ JHQGHU HTXDOLW\ DQG HQVXULQJ VXVWDLQDEOH GHYHORSPHQW SHDFHDQGGHPRFUDF\´7KHWUDLQHHVLQWKLVLQLWLDWLYH DSSHDU WR KDYH JDLQHG FRQVFLRXVQHVV DQG DFWHG WR LPSURYHWKHLUOLYHVDVZHOOWKURXJKEDVLFHGXFDWLRQ DQGWUDLQLQJ

(IIHFWLYH H[SORLWDWLRQ DQG PDQDJHPHQW RI ODQG DQG QDWXUDO UHVRXUFHV IRU VRFLRHFRQRPLF GHYHORSPHQW7KH SDUWLFLSDQWV GHVFULEHG LQ GHWDLO KRZWKH\KDYHH[SORLWHGDQGPDQDJHGWKHODQGDQG RWKHU QDWXUDO UHVRXUFHV VXFK DV WKH XQGHUJURXQG ZDWHU DQG WKH YHJHWDWLRQ WR SURGXFH IRRG DQG WKH FUHDWLRQ MREV IRU WKHPVHOYHV DQG WKHLU FRPPXQLW\

7KH QHHG WR XVH WKH UHVRXUFHV QDWXUH HQGRZV FRPPXQLWLHV ZLWK IRU VXVWDLQDEOH GHYHORSPHQW LV HPSKDVLVHG E\ WKH :RUOG &RQVHUYDWLRQ 6WUDWHJ\

,8&1 WKDW ³WKH PDLQWHQDQFH RI HVVHQWLDO HFRORJLFDO SURFHVVHV DQG OLIHVXSSRUW V\VWHPV WKH SUHVHUYDWLRQRIJHQHWLFGLYHUVLW\DQGWKHVXVWDLQDEOH XWLOL]DWLRQ RI VSHFLHV DQG HFRV\VWHPV¶ ZLWK WKH RYHUDOO DLP RI DFKLHYLQJ µVXVWDLQDEOH WKURXJK WKH FRQVHUYDWLRQ RI OLYLQJ UHVRXUFHV¶ )RU H[DPSOH WKH

&KLHIRIWKHYLOODJHZKRLVWKHFXVWRGLDQRIWKHODQG RQEHKDOIRIWKHFRPPXQLW\VDLG

(8)

³7KH FRPPXQLW\ KDV WDNHQ D GHFLVLRQ WKDW ZH VKRXOG QRW VHOO DQ\ SRUWLRQ RI WKH ODQG ZKLFK EHORQJV WR WKH FRPPXQLW\ WR DQ\ERG\ :H KDYH DJUHHG WKDW WKH ODQG VKRXOG EH NHSWIRU WKH XVH RI PHPEHUVRIWKHFRPPXQLW\ZKHUHWKH\ZLOOEHDEOH WR XVH WKH QDWXUDO UHVRXUFHV IRU IDUPLQJ DQG SURMHFWVWKDWFDQEHQHILWDOORUPRVWRILWVPHPEHUV :HKDYHGHPDUFDWHGKHFWDUHVRIWKHODQGIRU WKLVSURMHFWZKLFKLVJRLQJWREHQHILWDQ\PHPEHURI WKLVFRPPXQLW\ZKRLVLQWHUHVWHGLQIDUPLQJ´

2QHRIWKHSDUWLFLSDQWVGXULQJWKHLQWHUYLHZSRLQWHG WRWKHQHDUE\YHJHWDWLRQDQGHFKRHG

³:H DV D FRPPXQLW\ DUH YHU\ MHDORXV RI RXU LQKHULWDQFHZKLFKLVWKHODQGRXUIRUHIDWKHUVOHIWIRU XV 7KDW LV ZKHUH RXU DQLPDOV JUD]H ZKLFK LV WKH PDLQHFRQRPLFDFWLYLW\KHUH1RZZHDUHJRLQJLQWR VXEVLVWHQFH DQG FRPPHUFLDO DJULFXOWXUH EHFDXVHRI WKHXQGHUJURXQGZDWHUZKLFK%RNDPRVRKDVGULOOHG IRU XV ,Q DGGLWLRQ WR WKDW ZH KDYH QRZ EHHQ LQWURGXFHGWREHHIDUPLQJDV\RXFDQVHHDOODURXQG ZKHUHWKHKRQH\ZHKDUYHVWLVQRZEHLQJH[SRUWHG´

7KH PDQDJHU RI %,, FRQILUPHG WKDW WKH WUDGLWLRQDO DXWKRULW\ KDG PDGH DERXW KHFWDUHV RI ODQG DYDLODEOHWRWKHSURMHFW6KHLQGLFDWHGWKDWWKHODQG DQG WKH RWKHU QDWXUDO UHVRXUFHV VXFK DV WKH XQGHUJURXQG ZDWHU LQ WKH DUHDV DUH EHLQJ XVHG RSWLPDOO\ WR SURGXFH IRRG IRU WKH FRPPXQLW\ DQG EH\RQG6KHVDLG

:H KDYH FOHDUHG KHFWDUHV RI WKH ODQG DQG FKDQQHOHGWKHZDWHUIURPZKHUHLWZDVORFDWHGWKUHH NLORPHWUHV DZD\ WR WKH ILHOGV 7KH PDFKLQHV DUH EXV\ FOHDULQJ DQRWKHU KHFWDUHV RIWKH ODQGIRU WKH QH[W VHDVRQ :H KRSH WR SXW DW OHDVW KHFWDUHVXQGHU FXOWLYDWLRQLQ D \HDU¶V WLPH7KLVLV JRLQJWREHDJDPHFKDQJHUKHUH

7KH H[SORLWDWLRQ DQG PDQDJHPHQW RI WKH QDWXUDO UHVRXUFHV E\ WKH SDUWLFLSDQWV DQG %,, WR SURGXFH YHJHWDEOHV DQG RWKHU IRRG LWHPV LV FRQWULEXWLQJ WR HFRQRPLF JURZWK DQG HQVXULQJ VXVWDLQDEOH OLYHOLKRRGVLQWKHDUHD7KHDSSURDFKLVLQOLQHZLWK 6FRRQHV¶ VXVWDLQDEOH OLYHOLKRRGV IUDPHZRUN ZKLFK OLQNV LQSXWV GHVLJQDWHG DV¶FDSLWDOV¶ RU µDVVHWVDQG RXWSXWVOLYHOLKRRGVWUDWHJLHV ZKLFKLI FRPELQHG DQG PDQDJHG SURSHUO\ LQ WXUQ OHDG WR RXWFRPHV ZKLFK DGGUHVV WKH FKDOOHQJHV RI SRYHUW\

DQG HPSOR\PHQW LQ FRPPXQLWLHV ZLWK ZLGHU IUDPLQJVRIZHOOEHLQJDQGVXVWDLQDELOLW\

7DPLQJ WKH HQYLURQPHQW WKURXJK WHFKQRORJ\7KH XVH RI WHFKQRORJ\ WR WDPH WKH HQYLURQPHQW LV HYLGHQFHG HYHU\ZKHUH DW WKH KXE 7KHZKROHUHJLRQLVVHPLGHVHUWZKHUHRQO\FHUWDLQ W\SHV RI VKUXEV DUH IRXQG 7HFKQRORJ\ LW ZDV REVHUYHGKDVEHHQXVHGWRORFDWHXQGHUJURXQGZDWHU

LQODUJHTXDQWLWLHVDERXWWKUHHNLORPHWUHVDZD\IURP WKHKXEZKLFKKDVEHHQGULOOHGWRLUULJDWHWKHFURSV 7KHWHFKQRORJ\LVDOORZLQJWKHSDUWLFLSDQWVWRJURZ FURSVWZLFHD\HDU2QWKHSURVSHFWLQJIRUWKHZDWHU DQGDSSO\LQJWHFKQRORJ\ IRUSURGXFWLRQDWWKH KXE WKH&(2RI%,,VDLG

³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´

7KHYLHZRIWKH&(2RI%,,RQDSSO\LQJWHFKQRORJ\

WR WDPH WKH HQYLURQPHQW IRU SURGXFWLYH SXUSRVHV ZDV HYLGHQW DW WKH KXE 6KH H[SODLQHG WR WKH UHVHDUFKHULQGHWDLOKRZKHURUJDQLVDWLRQFRQWUDFWHG DFRPSDQ\VSHFLDOL]LQJLQK\GURORJ\WRSURVSHFWIRU XQGHUJURXQG ZDWHU XVLQJ 5,9(5 ± ) GHYLFH 7KH 5,9(5±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

S ZKR LQWLPDWH WKDW IDUPHUV LQ $IULFD QHHGWRPRGHUQL]HWKHLUDJULFXOWXUDOSUDFWLVHVE\QRW

³QRW VK\LQJ DZD\ IURP ± WKH JOREDOL]HG HFRQRP\

WHFKQRORJ\RSHQWUDGHDQGPDUNHWV´

5HVWRULQJ KRSH LQ D PDUJLQDOLVHG FRPPXQLW\7KHVHQVHRIUHVWRUDWLRQRIKRSHLQWKLV PDUJLQDOL]HG FRPPXQLW\ LV HYLGHQFHG WKURXJK WKH REVHUYDWLRQV DQG WKH VWRULHV RI WKH GLIIHUHQW

(9)

VWDNHKROGHUV 7KH WUDLQHHV H[SUHVVHG KRSH IRU WKHLU DFWLYLWLHV 7KH RIILFLDOV IURP WKH SURYLQFLDO JRYHUQPHQW DQG WKH PDQDJHU RI %,, DOO H[SUHVVHG RSWLPLVP RI WKH ZD\ WKH OLYHV RI LQGLYLGXDOV IDPLOLHV DQG WKH FRPPXQLW\ DUH JRLQJ WR EH UDGLFDOO\WUDQVIRUPHGLQ IHZ \HDUVDKHDG)URPWKH IRFXVJURXSLWZDVUHSRUWHGWKDW

:HPDLQO\GHSHQGRQVRFLDOJUDQWVIRURXUVXUYLYDO VXSSOHPHQWHG ZLWK WKH UHDULQJ RI DQLPDOV EXW ZH VHHWKDWYHU\VRRQZHDUHJRLQJWREHDEOHWRHPSOR\

RXUVHOYHVDQGRWKHUPHPEHUVRIRXUFRPPXQLW\DQG SRVVLEO\ IURP RXWVLGH WKH FRPPXQLW\ DV ZHOO :H ZLOO QHHG SHUPDQHQW DQG FDVXDO ODERU WKURXJKRXW WKH \HDU RQ WKH WZR KHFWDUH SORWV ZH DUH JRLQJ WR ZRUN RQ 2XU FKLOGUHQ UHODWLYHV ZLOO VWRS JRLQJ WR WRZQVDQGFLWLHVWRORRNIRUQRQH[LVWLQJMREV´

2QHRIILFLDOIURPWKHRIILFHRIWKH3UHPLHUDGGHG

³7KLV LQLWLDWLYH LV LQ OLQH ZLWK RXU 7RZQVKLS 9LOODJHV DQG 6PDOO 'RUSLHV FRQFHSW ZKLFK WKH 3UHPLHU KDV EHHQ GUXPPLQJ XS DQG VXSSRUWLQJ LQ RXU SURYLQFH 2XU FRPPXQLWLHV DUH SUHGRPLQDQWO\

UXUDOZKLFKVKRXOGGHSHQGRQWKHUHVRXUFHVQDWXUH KDVSURYLGHGIRUXV7KLVLQLWLDWLYHKDVWKHSRWHQWLDO WR GUDVWLFDOO\ UHGXFH WKH FKDOOHQJHV RI XQHPSOR\PHQW DQG SRYHUW\ LQ UXUDO FRPPXQLWLHV DQGVKRXOGEHSURSDJDWHGLQWKHZKROHSURYLQFHDQG WKH RWKHU SDUWV RI WKH FRXQWU\ PRVWO\ HVSHFLDOO\LQ WKH UXUDO DUHDV ZKHUH ODQG DQG RWKHU QDWXUDO UHVRXUFHVDERXQG7KLVLVWKHKRSHIRUWKHIXWXUHIRU SRRUDQGPDUJLQDOLVHGFRPPXQLWLHV´

7KH&(2RI%,,DOVRH[SUHVVHGRSWLPLVPDERXWWKH PDQQHU LQ ZKLFK WKH LQLWLDWLYH FDQ UDGLFDOO\

WUDQVIRUPUXUDO FRPPXQLWLHV 6KH RXWOLQHV VRPH RI WKH LQLWLDWLYHV KHU RUJDQL]DWLRQ DQG WKH RWKHU VWDNHKROGHUV DUH WDNLQJ WR PDNH WKH SURMHFW VXVWDLQDEOH6KH PHQWLRQHGWKDWWKHSDUWLFLSDQWVDUH EHLQJ UHJLVWHUHG WR IRUP D FRRSHUDWLYH WR PDUNHW WKHLU SURGXFH DURXQG WKH DUHD DQG MXVW DFURVV QHLJKERXULQJ %RWVZDQD ZKHUH PDUNHWV KDYH EHHQ VHFXUHG LQ WKH VKRUWUXQ EXW DOVR JHW LQWR DJUR SURFHVVLQJLQWKHORQJUXQ$PRQJRWKHUVVKHVDLG

³:HZLOOFRQWLQXHWRLQFXEDWHWKHSDUWLFLSDQWVDIWHU WKHLUWUDLQLQJDQGZHDQWKHPRIIDIWHUVRPHWLPHWR EULQJ PRUH FRPPXQLW\ PHPEHUV LQWR WKH SURJUDPPH7KH\DUHWRIRFXVWKHLUHQHUJLHVRQWKH SURGXFWLRQRIWKHFURSVDVZHKDYHVHFXUHGPDUNHWV ZLWKWKHFKDOOHQJHEHLQJRXUFDSDFLW\WRVXSSO\WKH PDUNHW:HVHHVRPXFKKRSHIRUWKHIXWXUHWKURXJK WKLVSDUWQHUVKLSVDQGFROODERUDWLRQV´

7KLV KRSH IRU FUHDWLQJ VXVWDLQDEOH OLYHOLKRRGV LQFOXGLQJWKHUHGXFWLRQRISRYHUW\DQGUHGXFWLRQLQ WKHOHYHOVRIXQHPSOR\PHQWLQUXUDODUHDVLVLQOLQH ZLWK WKH REMHFWLYHV RI WKH 1'3 ZKLFK HQYLVDJHV FUHDWLQJ DERXW RQH PLOOLRQ MREV E\ DQG

FRQWULEXWLQJ WR WKH UHGXFWLRQ RI SRYHUW\ LQ UXUDO FRPPXQLWLHV)RUH[DPSOHWKH13&SS SRLQWVRXWWKDWDJULFXOWXUH KDVWKHSRWHQWLDOWR FUHDWH FORVH WR PLOOLRQ QHZ MREV E\ D VLJQLILFDQW FRQWULEXWLRQ WR WKH RYHUDOO HPSOR\PHQW WDUJHW7KLVLWHPSKDVL]HVFDQEHDFKLHYHGWKURXJK i H[SDQGHG LUULJDWHG DJULFXOWXUH E\ SXWWLQJ

PLOOLRQKHFWDUHVXQGHULUULJDWLRQZKLFKSURGXFH YLUWXDOO\DOO6RXWK$IULFD¶VKRUWLFXOWXUDOKDUYHVW DQGVRPHILHOGFURSVZKLFKFDQEHH[SDQGHGE\

DWOHDVWKHFWDUHVWKURXJKWKHEHWWHUXVH RIH[LVWLQJZDWHUUHVRXUFHVDQGGHYHORSLQJQHZ ZDWHUVFKHPHV

i HDUPDUNLQJ VRPH XQGHUXVHG ODQG LQ FRPPXQDO DUHDV DQG ODQGUHIRUP SURMHFWV IRU FRPPHUFLDO SURGXFWLRQ

i SLFNLQJ DQG VXSSRUWLQJ WKH FRPPHUFLDO DJULFXOWXUH VHFWRUV DQG UHJLRQV WKDW KDYH WKH KLJKHVWSRWHQWLDOIRUJURZWKDQGHPSOR\PHQW i VXSSRUWLQJ MRE FUHDWLRQ LQ WKH XSVWUHDP DQG

GRZQVWUHDPLQGXVWULHV

i GHYHORSLQJ VWUDWHJLHV WKDW JLYH QHZ HQWUDQWV DFFHVVWRSURGXFWYDOXHFKDLQVDQGVXSSRUWIURP EHWWHUUHVRXUFHGSOD\HUV

7KHREMHFWLYHVDERYHIURPWKH1'3WRDODUJHH[WHQW DUHEHLQJDGGUHVVHGWKURXJKWKLVLQLWLDWLYHEXWZKDW LV PRVW DGPLUDEOH LV WKH SUDFWLFDO DQG VXVWDLQDEOH ZD\V WKDW DUH DSSOLHG E\ WKH FROODERUDWRUV LQ WKH HQGHDYRU6RPHRIWKHVHLQFOXGHWKH HGXFDWLRQDQG WUDLQLQJLQFXEDWLRQRIWKHWUDLQHHVDIWHUWKHWUDLQLQJ FRXSOHG ZLWK WKH HQWUHSUHQHXUVKLS HGXFDWLRQ IRU WKHP WR VHH DQG UXQ WKHLU DFWLYLWLHV DORQJ VRXQG FRPPHUFLDOSULQFLSOHV

&

&RQFOXVLRQ

7KH DUWLFOH LQYHVWLJDWHG KRZ YDULRXV VWDNHKROGHUV WKURXJK FROODERUDWLRQV DQG SDUWQHUVKLSV KDYH PDQDJHGWRFRRSHUDWHE\SXOOLQJUHVRXUFHVWRJHWKHU WRHPSRZHUDUXUDOFRPPXQLW\XVLQJWKHDVVHWVWKH\

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

(10)

DQG WKH HPSLULFDO VWXG\ ZKLFK LQFOXGH FROODERUDWLRQ DQG SDUWQHUVKLSV HPSRZHUPHQW H[SORLWDWLRQ DQG HIIHFWLYH XVH RI WKH ODQG DQG RWKHU QDWXUDO UHVRXUFHV WR SURGXFH IRRG WDPLQJ WKHHQYLURQPHQWWKURXJKWHFKQRORJ\DQGUHVWRULQJ KRSHLQDPDUJLQDOLVHGFRPPXQLW\

5

5HFRPPHQGDWLRQV

2Q WKH EDVLV RI WKH SRVLWLYH RXWFRPHV IURP WKH DSSURDFKXVHGE\WKHVWDNHKROGHUVLQWKLVUHVHDUFKLW LV UHFRPPHQGHG WKDW WKH JRYHUQPHQW UHVHDUFKHUV GHYHORSPHQW SUDFWLWLRQHUV DQG WKH RWKHU LQWHUHVWHG VWDNHKROGHUVVKRXOGZKRZDQWWRUDGLFDOO\WUDQVIRUP UXUDODUHDVVKRXOG

i (PEUDFH D KROLVWLF DSSURDFK WKDW FRPELQHV HGXFDWLRQ DQG WUDLQLQJ HQWUHSUHQHXUVKLS HGXFDWLRQ LQFXEDWLRQ RI WUDLQHHV DQG PHQWRUVKLSSURJUDPPHV

i +HOS WUDLQHHV WR KDYH DFFHVV WR WHFKQRORJ\

DQGDSSO\WKHPLQWKHLUSURGXFWLYHSUDFWLFHV i $GRSW WKH PRGHO IRU RWKHU UXUDO FRPPXQLWLHV

WKDWZDQWWRLPSURYHWKHLUOLYLQJFRQGLWLRQ i 6XSSRUW FRPPXQLWLHV ZKLFK DGRSW WKH PRGHO

WR KDYH DFFHVV WR JRYHUQPHQW DQG SULYDWH WHQGHUVWRVXSSO\WKHLUSURGXFHWRLQVWLWXWLRQV VXFK DV KRVSLWDOV VFKRROV SULVRQV HWF IRU WKHPWRKDYHVHFXUHPDUNHWV

5HIHUHQFHV

$IULFDQ1DWLRQDO&RQJUHVVUG1DWLRQDO&RQIHUHQFH5HVROXWLRQV7KHUG1DWLRQDO&RQIHUHQFHKHOGIURP 'HFHPEHULQ0DQJDXQJ

&DUQH\ ' 6XVWDLQDEOH OLYHOLKRRGV DSSURDFKHV 3URJUHVV DQG SRVVLELOLWLHV IRU FKDQJH 'HSDUWPHQWIRU,QWHUQDWLRQDO'HYHORSPHQW'),'

&ROHPDQ$$JULWUDQVIRUPDWLRQWKHWLPHIRUWDONLQJLVRYHU)DUPHU¶VZHHNO\

&RQILQR - 8QLOLYHU¶V 3DXO 3ROPDQ &KDOOHQJLQJ WKH FRUSRUDWH VWDWXV TXR7KH*XDUGLDQ 5HWULHHG IURP KWWSZZZWKHJXDUGLDQFRPVXVWDLQDEOHEXVLQHVVSDXOSROPDQXQLOLYHUVXVWDLQDEOHOLYLQJSODQDFFHVVHGRQ$SULO 'DZRRG*)ODQDJDQ- 3LOXVD77KH1DWLRQDO/DQG5HIRUP3URJUDPPHDQG5XUDO'HYHORSPHQW&KDSWHU

LQ))&6XEPLVVLRQIRUWKH'LYLVLRQRI5HYHQXH7HFKQLFDO5HSRUW))&0LGUDQG

+HQGHUVRQ 5 %(( KDV IDLOHG LQWURGXFH YRXFKHUEDVHG ((' %XVLQHVV 'D\ 5HWULHYHG IURP KWWSVZZZEXVLQHVVOLYHFR]DEGEXVLQHVVDQGHFRQRP\EHHKDVIDLOHGLQWURGXFHYRXFKHUEDVHGHHG DFFHVVHGRQ0D\

+ORPHQGOLQL+6$FRPPHUFLDOIDUPHUVNH\WR$IULFD¶VIRRGVHFXULW\)DUPHU¶VZHHNO\

+UXE\$+RZWRFORVH$IULFD¶VMREVJDS/HVRWKR7LPHV

,8&1:RUOG&RQVHUYDWLRQ6WUDWHJ\/LYLQJ5HVRXUFH&RQVHUYDWLRQIRU6XVWDLQDEOH'HYHORSPHQW,8&181(3 ::)*ODQG6ZLW]HUODQGSDFNRIFXQQXPEHUHGSSLOOXVWLQVWLIIIROGHU

.30*8QORFNLQJWKHSRZHURISDUWQHUVKLS$)UDPHZRUNIRUHIIHFWLYHFURVVVHFWRUFROODERUDWLRQWRDGYDQFHWKH JOREDOJRDOVIRUVXVWDLQDEOHGHYHORSPHQW

/DKLII ( 6WDWH PDUNHW RU ZRUVW RI ERWK" ([SHULPHQWLQJ ZLWK PDUNHWEDVHG ODQG UHIRUP LQ 6RXWK $IULFD 2FFDVLRQDO3DSHU1R3URJUDPPHIRU/DQGDQG$JUDULDQ6WXGLHV8QLYHUVLW\RIWKH:HVWHUQ&DSH

/HHG\3' 2UPURG-(3UDFWLFDOUHVHDUFK3ODQQLQJDQGGHVLJQ(LJKWKHGQ,QWHUQDWLRQDOHGLWLRQ1HZ -HUVH\3HDUVRQ0HUULOO3UHQWLFH+DOO

0DUHH'&UHDWLQJDFOLPDWHIRU$IULFDQDJULFXOWXUDOERRP)DUPHU¶VZHHNO\

0HUWHQ06WDWV6$3RYHUW\5HSRUW3ROLFLHVIDLOWKHSHRSOHRI6RXWK$IULFD'DLO\0DYHULFN$XJXVW 5HWULHYHG IURP KWWSVZZZGDLO\PDYHULFNFR]DDUWLFOHVWDWVVDSRYHUW\UHSRUWSROLFLHVIDLOWKH SHRSOHRIVRXWKDIULFD:JJDO::D1DFFHVVHGRQ6HSWHPEHU

1DWLRQDO3ODQQLQJ&RPPLVVLRQ1DWLRQDO'HYHORSPHQW3ODQ2XUIXWXUHPDNHLWZRUN7KH'HSDUWPHQWRIWKH 3UHVLGHQF\5HSXEOLF2I6RXWK$IULFD

1JZHQ\D*3XWHGXFDWLRQILUVWWRWUDQVIRUPWKHHFRQRP\&LW\3UHVV

1\LUHQGD - ( 7KH5HOHYDQFH RI 3DXOR )UHLUH¶V &RQWULEXWLRQV WR(GXFDWLRQDQG 'HYHORSPHQWLQ 3UHVHQW 'D\

$IULFD7KH$IULFDQH-RXUQDOV3URMHFW5HWULHYHGIURPKWWSGLJLWDOOLEPVXHGXSURMHFWVDIULFDQMRXUQDOVDFFHVVHGRQ -XQH3KLOOLSV/6PDUWHUODQGUHIRUPDNH\IRFXVRI.ZDQDOXVWUDWHJ\)DUPHU¶VZHHNO\

3ROPDQ 3 7KH LPSRUWDQFH RI FROODERUDWLRQ 7KH *XDUGLDQ 5HWULHYHG IURP KWWSVZZZWKHJXDUGLDQFRPVXVWDLQDEOHEXVLQHVVXQLOHYHUFHRSDXOSROPDQLQWHUYLHZDFFHVVHG$XJXVW 6FKZDQGW7$7KH6$*(GLFWLRQDU\RITXDOLWDWLYHLQTXLU\/RV$QJHOHV&$6DJH

6FRRQHV,6XVWDLQDEOHUXUDOOLYHOLKRRGVDIUDPHZRUNIRUDQDO\VLV,'6ZRUNLQJSDSHU%ULJKWRQ,'6 6FRRQHV,/LYHOLKRRGVSHUVSHFWLYHVDQGUXUDOGHYHORSPHQW-RXUQDORISHDVDQWVWXGLHV 6HNKRWR1+RZ\RXQJEODFNIDUPHUVFDQPDNHKHDGZD\LQWKHLQGXVWU\)DUPHU¶VZHHNO\

6WDWLVWLFV6RXWK$IULFD3RYHUW\RQWKHULVHLQ6RXWK$IULFD5HWULHYHGIURPKWWSZZZVWDWVVDJRY]D"S DFFHVVHGRQ6HSWHPEHU

6WUDXVV$/ &RUELQ-%DVLFVRITXDOLWDWLYHUHVHDUFKWHFKQLTXHVDQVSURFHGXUHVIRUGHYHORSLQJJURXQGHG WKHRU\QGHG7KRXVDQG2DNV&$6DJH

81(6&2()$*OREDO0RQLWRULQJ5HSRUW/LWHUDF\IRU/LIH3DULV81(6&23XEOLVKLQJ

:LOVRQ-(VVHQWLDOVRIEXVLQHVVUHVHDUFK$JXLGHWRGRLQJ\RXUUHVHDUFKSURMHFW/RQGRQ6DJH3XEOLFDWLRQV/WG

Referências

Documentos relacionados

In this paper we present an MRC compound document codec that uses the H.264/AVC operating in INTRA mode to encode back- ground/foreground layers and JBIG2 to encode the binary Mask