%RG\PHDVXUHVDQGLQGH[HVRIWKH+ROVWHLQKRUVHV UHDUHGLQ.ULåHYFL
'$ODJLü-6HOHã,6HOHã00HãWURYLü
&ROOHJHRI$JULFXOWXUHDW.ULåHYFL.ULåHYFL+50'HPHUFD&URDWLD
$%675$&7
%UHDGLQJRIWKH+ROVWHLQKRUVHVLQ.ULåHYFLVWDUWHGLQE\LPSRUWLQJLQLWLDOEUHHGLQJ PDWHULDOIURPGRPLFLOHDUHDLQ*HUPDQ\7KHDLPRIWKHVHVWXGLHVZDVWRHVWDEOLVKERG\
PHDVXUHVDQGLQGH[HVRIWKH +ROVWHLQKRUVHV EUHG LQ .ULåHYFL VHSDUDWHO\ IRU VWDOOLRQV DQG PDUHV IXOO\ JURZQ 7KH LQYHVWLJDWLRQ ZDV FDUULHG RXW RQ IRUW\ JURZQXS DQLPDOV WKDWZHUHPHDVXUHGZLWKVWDQGDUGDLGV7KHERG\LQGH[HVZHUHFDOFXODWHGRQWKHEDVLVRI WKH REWDLQHG YDOXHV ZKLFK ZLOO VHUYH DV LQLWLDO YDOXHV IRU WKH IXWXUH +ROVWHLQ EUHHG IROORZXSLQ&URDWLDDQGLWVLPSDFWRQEUHHGLQJRIWKH&URDWLDQVSRUWKRUVH
.H\ZRUGVERG\PHDVXUHVERG\LQGH[HVKRUVHEUHHGLQJ+ROVWHLQKRUVHVWXGIDUP ,1752'8&7,21
%UHHGLQJRIWKH+ROVWHLQKRUVHLQ&URDWLDVWDUWHGLQE\LPSRUWLQJDQLPDOVIURPD GRPLFLOHDUHDLQ*HUPDQ\7KHKRUVHVZHUHLPSRUWHGE\WKHVWXGIDUPRIWKH.ULåHYFL
$JULFXOWXUDO ,QVLWXWH ZKLFK ODWHU GHYHORSHG LQWRWKH &HQWUH IRU +RUVH %UHHGLQJ DQG (TXHVWULDQ6SRUW7KHEUHHGLQJZDVLPPHGLDWHO\VSUHDGLQWRWKHFRXQWU\SURGXFWLRQRQ WKH WHUULWRU\ RI &URDWLD DQG 6ORYHQLD ,Q WKH $VVRFLDWLRQ RIWKH +ROVWHLQ +RUVH
%UHHGHUV LQ&URDWLD ZDV HVWDEOLVKHG DQG WRGD\ WKHUH DUH DERXW +ROVWHLQ KRUVHVLQ SULYDWH EUHHGLQJ ,Q WKH SHULRG RI \HDUV RI WKH .ULåHYFL +ROVWHLQ KRUVH EUHHGLQJ SURJUDPPH WKUHH JHQHUDWLRQV RI DQLPDOV ZHUH REWDLQHG RXW RI WKH LQLWLDOO\ LPSRUWHG PDWHULDO7KHDLPRIWKLVSDSHULVWRDQDO\VHERG\FKDUDFWHULVWLFVRIWKH+ROVWHLQKRUVHV UHDUHGLQ.ULåHYFLDIWHUEHFRPLQJIXOO\JURZQXS5DVWLDHWDOLQYHVWLJDWHGWKH FRUUHODWLRQ RI ZLWKHUV KHLJKW FKHVW YROXPH DQG FDQQRQ ERQH FLUFXPIHUHQFH DPRQJ GLIIHUHQW DJH JURXSV RI WKHVH KRUVHV DJHG XS WR WKUHH \HDUV +HUH DUH SUHVHQWHG WKH UHVXOWVRIRXUUHVHDUFK
0$7(5,$/6$1'0(7+2'6
7KHREMHFWRIWKHUHVHDUFKDUHWKH+ROVWHLQKRUVHVUHDUHGDWWKHVWXGIDUPLQ.ULå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©,03$&7 2) :,7+(56 +(,*+7 &+(67 92/80( $1' &$1121 %21(
.DSRVYiUL(J\HWHPÈOODWWXGRPiQ\L.DU.DSRVYiU
8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU
&,5&80)(5(1&( $)7(5 %,57+ 21 ',))(5(17 +2/67(,1 )2$/6ª 5DVWLMD HW DO 7KHERG\LQGH[HVZHUHPHDVXUHGDIWHUWKHIROORZLQJIRUPXODV
)RUPDWLQGHNV WUXQNOHQJWKZLWKHUVKHLJKW [ 7UXQNLQGHNV WUXQNOHQJWKFKHVWYROXPH [
&RPSDFWQHVVLQGHNV (XURVRP\
FKHVWYROXPH WUXQNOHQJWK [ 5LEFDJHLQGHNV FKHVWZLGWKFKHVWGHSWK [
%RQ\IUDPH FDQQRQERQHFLUFXPIHUHQFHFKHVWYROXPH [
5(68/76$1'',6&866,21
%RG\PHDVXUHPHQWVDQGERG\LQGH[HVRIWKH+ROVWHLQKRUVHVUHDUHGDWWKHVWXGIDUPLQ .ULåHYFL KDYH EHHQ DQDO\VHG IRU WKH ILUVW WLPH LQ D SDSHU DQG FDQ EH FRQVLGHUHG DV SUHOLPLQDU\UHVXOWV7KHVHUHVXOWVZLOOVHUYHIRUIXUWKHUIROORZXSRIWKH+ROVWHLQKRUVH EUHHGLQJ DW WKH .ULåHYFL VWXGIDUP DQG WKH\ FDQ EH XVHG IRU FRPSDULVRQ ZLWK RWKHU EUHHGLQJLQYHVWLJDWLRQVRIWKH+ROVWHLQKRUVHLQ&URDWLD7KHIROORZLQJWDEOHVVKRZWKH UHVXOWVIRUVWDOOLRQVDQGPDUHVVHSDUDWHO\
7DEOH
%RG\PHDVXUHPHQWVRIWKHVWDOOLRQV
:LWKHUV
KHLJKW &KHVWGHSWK &KHVWZLGWK %RG\OHQJWK &KHVW YROXPH
&DQQRQ FLUFXPERQH IHUHQFH 1R
[ [[ [ [[ 9* [ [[ 9* [ [[ 9* [ [[ [ [[
V
7DEOH
%RG\LQGH[HVRIWKHVWDOOLRQV
1R )RUPDWLQGH[ &RPSDFWQHVVLQGH[ 7UXQNLQGH[ %RQ\IUDPH 5LEFDJHLQGH[
0P
7DEOH
%RG\PHDVXUHPHQWVRIWKHPDUHV
:LWKHUV
KHLJKW &KHVWGHSWK &KHVWZLGWK %RG\OHQJWK &KHVW YROXPH
&DQQRQ FLUFXPERQH IHUHQFH 1R
[ [[ [ [[ 9* [ [[ 9* [ [[ 9* [ [[ [ [[
&RQWLQXHG
&RQWLQXHGIURPSUHYLRXVSDJH
V
7DEOH
%RG\LQGH[HVRIWKHPDUHV
1R )RUPDWLQGH[ &RPSDFWQHVVLQGH[ 7UXQNLQGH[ %RQ\IUDPH 5LEFDJHLQGH[
0P
$VXUYH\RIUHODWLYHPHDVXUHPHQWVLQUHODWLRQWRZLWKHUVKHLJKW
:LWKHUVKHLJKW &KHVWGHSWK &KHVWZLGWK %RG\OHQJKW
6WDOOLRQV
0DUHV
$VXUYH\RIERG\LQGH[HVLQVWDOOLRQVDQGPDUHV
)RUPDWLQGH[ &RPSDFWQHVVLQGH[ 7UXQNLQGH[ %RQ\IUDPH 5LEFDJH LQGH[
6WDOOLRQV
0DUHV
%\FRPSDULQJWKHREWDLQHGUHVXOWVRIWKHZLWKHUVKHLJKWLQVWDOOLRQVUHDUHGLQ.ULåHYFL ZLWKWKHZLWKHUKHLJKWRIWKHOLFHQVHGVWDOOLRQVLQGRPLFLOHEUHHGLQJDUHDLQ*HUPDQ\ZH FDQVHHWKDWWKHDYHUDJHZLWKHUVKHLJKWRIWKH.ULåHYFLVWDOOLRQVLVDQGWKDWRIWKH RULJLQDO VWDOOLRQV 7KH GLIIHUHQFH LV WKDW *HUPDQ GDWD DUH DSSOLHG WR ZLWKHUV KHLJKW RI VWDOOLRQV XSRQ OLFHQFH DW WKH DJH EHWZHHQ DQG WKUHH \HDUV ZKLOH WKH .ULåHYFLVWDOOLRQVZHUHPHDVXUHGIROORZLQJWKHDJHRIIRXUDQGODWHU
&21&/86,216
3UHOLPLQDU\UHVXOWVRIWKHLQYHVWLJDWLRQVRIWKHERG\PHDVXUHVDQGERG\LQGH[HVRIWKH +ROVWHLQKRUVHVUHDUHGDWWKHVWXGIDUPRIWKH&HQWUHIRU+RUVH%UHHGLQJDQG(TXHVWULDQ 6SRUWLQ.ULåHYFLPDNHWKHEDVLVIRUIXUWKHULQYHVWLJDWLRQVDQGDQDO\VHVRIWKH+ROVWHLQ KRUVHSRSXODWLRQLQ&URDWLD
7KH REWDLQHG GDWD DUH WKH UHVXOW RI \HDU ORQJ ZRUN ZLWK WKH +ROVWHLQ KRUVH EUHHGLQJDWWKHVWXGIDUPLQ.ULåHYFLDQGWKH\FDQVHUYHIRUVLPLODULQYHVWLJDWLRQRIWKH +ROVWHLQKRUVHSRSXODWLRQDURXQG&URDWLDDVWKHEUHHGLQJKDVODVWHGIRUWKHVDPHSHULRG RIWLPH
+RUVH EUHHGLQJ DW WKH VWXGIDUP LQ .ULåHYFL VHUYHG DV WKH EDVLV IRU VHYHUDO LQYHVWLJDWLRQVDQGLWZLOOFRQWLQXHLQWKHIXWXUH7KHVWXGIDUPLVHUYHVDVWKHHGXFDWLRQ SUDFWLFXPIRUVWXGHQWVDWWKH&ROOHJHRI$JULFXOWXUHLQ.ULåHYFL
5()(5(1&(6
%DULü 6 6WDWLVWLþNH PHWRGH SULPLMHQMHQH X VWRþDUVWYX $JURQRPVNL JODVQLN
=DJUHE
%ULQ]HM0.RQMRJRMVWYRâNROVNDNQMLJD=DJUHE
-RYDQRYDF62SüHVWRþDUVWYR3ROMRSULYUHGQL)DNXOWHW2VLMHN
/MXEHãLü - 'HOLü 3 6HOHã - 'HVHWD JRGLãQMLFD &HQWUD ]D NRQMRJRMVWYR L NRQMLþNLVSRUWX.ULåHYFLPD6WRþDUVWYR
/MXEHãLü - 6XNDOLü 0 6HOHã -0DQGLü 9 0HãWURYLü 0 &URVVLQJ RI KROVWHLQ+RUVHEUHHGZLWKVRPHRWKHUEUHHGV6WRþDUVWYR=DJUHE
5DVWLMD 7 /MXEHãLü - $QWXQRYLü = %DEDQ 0 6HOHã - 8WMHFDM YLVLQH JUHEHQDRSVHJDSUVDLRSVHJDFMHYDQLFHQDNRQSRURGDQDUD]YRMåGUHEDGLKROVWHLQ SDVPLQH6WRþDUVWYR=DJUHE
5RVVRZ ' +HQJVWEXFK GHU KROVWHLQHU :DUPEOXW]XFKW %UDPVWHGW 'UXFN X9HUODJ(OPVKRUQ
6HOHã-6HOHã,8]JRMKROVWHLQNRQMDX+UYDWVNRM+$=8
6XNDOLü0/MXEHãLü-6HOHã-5DVWLMD7%DEDQ05DVSOR LYDQMHNRQMD KROVWHLQ SDVPLQH HUJHOH 3ROMRSULYUHGQRJ LQVWLWXWD X .ULåHYFLPD 6WRþDUVWYR
=DJUHE
&RUUHVSRQGLQJDXWKRU 'DPLU$ODJLü
&ROOHJHRI$JULFXOWXUHDW.ULåHYFL
+5.ULåHYFL0'HPHUFD&URDWLD 7HO)D[