Scribd Logo
Upload

Welcome to Scribd!

  • 37 views

    Avance de La Excavación de 2003

    Uploaded by

    alcas112
    This document summarizes the excavation of Villa Victoria and the pottery workshop neighborhood of Carteia in southern Spain. The excavation uncovered an extensive industrial area from the Roman period, including a well-preserved pottery kiln and structures related to workshop production and storage. Pottery from the workshop was mostly amphorae, with types common in the region. This discovery provides new information about the economy and industrial activity near the city of Carteia during the Roman period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Avance de La Excavación de 2003

    Uploaded by

    alcas112
    37 views16 pages
    This document summarizes the excavation of Villa Victoria and the pottery workshop neighborhood of Carteia in southern Spain. The excavation uncovered an extensive industrial area from the Roman period, including a well-preserved pottery kiln and structures related to workshop production and storage. Pottery from the workshop was mostly amphorae, with types common in the region. This discovery provides new information about the economy and industrial activity near the city of Carteia during the Roman period.

    Original Title

    17. Avance de la excavación de 2003

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document summarizes the excavation of Villa Victoria and the pottery workshop neighborhood of Carteia in southern Spain. The excavation uncovered an extensive industrial area from the Roman period, including a well-preserved pottery kiln and structures related to workshop production and storage. Pottery from the workshop was mostly amphorae, with types common in the region. This discovery provides new information about the economy and industrial activity near the city of Carteia during the Roman period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views16 pages

    Avance de La Excavación de 2003

    Uploaded by

    alcas112
    This document summarizes the excavation of Villa Victoria and the pottery workshop neighborhood of Carteia in southern Spain. The excavation uncovered an extensive industrial area from the Roman period, including a well-preserved pottery kiln and structures related to workshop production and storage. Pottery from the workshop was mostly amphorae, with types common in the region. This discovery provides new information about the economy and industrial activity near the city of Carteia during the Roman period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 16

    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

    9,//$9,&725,$<(/%$55,2$/)$5(52'( $VLPLVPRVHSUHVHQWDGHIRUPDSUHOLPLQDUHOHVWXGLRGHODV
    &$57(,$(1(/6,G&$9$1&('(/$ SURGXFFLRQHV GHO WDOOHU PD\RULWDULDPHQWH DQIyULFDV VL ELHQ
    (;&$9$&,Ï1'(/$f2  VHPDQXIDFWXUDURQHQPHQRUPHGLGDPDWHULDOHVFRQVWUXFWLYRV
     \ FHUiPLFDV FRPXQHV &RPR VH SDVDUi D DQDOL]DU FRQ
    'DUtR%(51$/&$6$62/$  GHWHQLPLHQWR PiVDGHODQWHODSURGXFFLyQDQIyULFDVHFHQWUy
    /RXUGHV52/'È1*Ï0(=  IXQGDPHQWDOPHQWH HQ OD IDEULFDFLyQ GH iQIRUDV VDOVDULDV
    -XDQ%/È148(=3e5(=  GHVWDFDQGR ORV WLSRV 'U  %HOWUiQ ,, $ \ 'U 
    )HUQDQGR35$'260$57Ë1(=  DFRPSDxDGRV HQ PHQRU SURSRUFLyQ GH +DOWHUQ  &RPR
    -RVp-'Ë$=52'5Ë*8(=  KHFKRVLQJXODUFDEHGHVWDFDUDGHPiVODFRQILUPDFLyQGHOD
     IDEULFDFLyQ HQ HVWH WDOOHU GH iQIRUDV GHO WLSR 'U  HQ OD
    8QLYHUVLGDGGH&iGL] SULPHUDHWDSDGHODYLGDGHODILJOLQD/DLPLWDFLyQGHHVWRV
    8QLYHUVLGDG$XWyQRPDGH0DGULG FRQWHQHGRUHV YLQDULRV LWiOLFRV VXSRQH XQD DFWLYLGDG KDVWD HO
     PRPHQWRQRFRQVWDWDGDDUTXHROyJLFDPHQWHHQWUHORVWDOOHUHV
    ,QWURGXFFLyQ EpWLFRV
    (Q HO HQWRUQR LQPHGLDWR GH OD FLXGDG KLVSDQRUURPDQD GH 
    &DUWHLD 6DQ5RTXH&iGL] VHKDGHVDUUROODGRSRUSDUWHGH 3RUWUDWDUVHGHODSULPHUDYH]TXHVHSXEOLFDQHVWRVKDOOD]JRV
    XQ HTXLSR LQWHUGLVFLSOLQDU GH OD 8QLYHUVLGDG $XWyQRPD GH DUTXHROyJLFRVVHKDFRQVLGHUDGRRSRUWXQRSUHVHQWDUHQHVWDV
    0DGULG \ OD 8QLYHUVLGDG GH &iGL] XQD LQWHUYHQFLyQ SiJLQDV XQ UHVXPHQ GH ODV DFWXDFLRQHV UHDOL]DGDV DVt FRPR
    DUTXHROyJLFD PRWLYDGD SRU OD XUEDQL]DFLyQ GH OD DQWLJXD GHODVFODYHVJHQHUDOHVGHFRPSUHQVLyQGHO\DFLPLHQWR(QOD
    ILQFD GH 9LOOD 9LFWRULD HQ OD EDUULDGD VDQURTXHxD GH 3XHQWH DFWXDOLGDG VH WUDEDMD HQ OD SUHFHSWLYD PRQRJUDItD HQ OD TXH
    0D\RUJD 'LFKD DFWXDFLyQ KD DIHFWDGR D XQD VXSHUILFLH VHUiQ LQFOXLGRV HVWXGLRV DQDOtWLFRV GHWDOODGRV DVt FRPR OD
    VXSHULRU D ORV  P /D H[FHSFLRQDOLGDG GH ORV UHVWRV LQWHUSUHWDFLyQ JHQHUDO GH ORVUHVXOWDGRV HQ HVWDV SiJLQDV WDQ
    H[KXPDGRV UHVLGH HQ HO KHFKR GH VX LGHQWLILFDFLyQ FRQ XQ VyOR HVER]DGRV 3RU WRGR HOOR SRGHPRV DILUPDU TXH PX\
    DOIDU GH pSRFD URPDQD VLWXDGR D HVFDVD GLVWDQFLD GH OD SRVLEOHPHQWH9LOOD9LFWRULDVHFRQYHUWLUiDFRUWRSOD]RHQOD
    PHQFLRQDGD FLXGDG GH &DUWHLD /D SRVLEOH UHODFLyQ HQWUH ILJOLQD DOIDUHUD GH pSRFD DOWRLPSHULDO PHMRU FRQRFLGD GH OD
    GLFKD FLXGDG \ HVWH DVHQWDPLHQWR LQGXVWULDO FRQYLHUWH DO %DKtD GH $OJHFLUDV GDGD OD DPSOLD ]RQD GHO \DFLPLHQWR
    \DFLPLHQWR GH 9LOOD 9LFWRULD HQ XQ FDVR GH HQRUPH LQWHUpV H[FDYDGD OD HQWLGDG GH ORV KDOOD]JRV DUTXHROyJLFRV \ HO
    SDUD HO SOHQR FRQRFLPLHQWR GH OD DQWLJXD &RORQLD FDUiFWHU LQWHUGLVFLSOLQDU FRQ TXH HO SUR\HFWR FLHQWtILFR KD
    /LEHUWLQRUXP \ GH VX HQWRUQR PiV SUy[LPR 5ROGiQ VLGRGLVHxDGR
    %OiQTXH]%HUQDO3UDGRV\'tD]D\E  
      +LVWRULRJUDItD DUTXHROyJLFD GHO HQWRUQR GH 9LOOD
    $ OR ODUJR GHO SUHVHQWH WUDEDMR WUDWDUHPRV HQ SULPHU OXJDU 9LFWRULD&DUWHLD\VXEDUULRDOIDUHUR
    GHODVFLUFXQVWDQFLDVGHOD H[FDYDFLyQGHOJUDQWHOO IRUPDGR (OSREODPLHQWRURPDQRHQOD%DKtDGH$OJHFLUDVHQWUHpSRFD
    SRU OD DFXPXODFLyQ GH VHGLPHQWRV GH IRUPD DUWLILFLDO UHSXEOLFDQD \ OD $QWLJHGDG 7DUGtD HV KR\ HQ GtD ELHQ
    SURYHQLHQWHVHQVXPD\RUSDUWHGHOYHUWLGRGHHVFRPEURV\ FRQRFLGR6XLPSRUWDQFLDVH DSR\DHQODVGRVFLXGDGHV PiV
    IDOORV GH FRFFLyQ FX\DV GLPHQVLRQHV VXSHUDQ ORV  P GH QRWDEOHV GH HVWD ]RQD GHO FRQYHQWXV *DGLWDQXV &DUWHLD \
    ORQJLWXG \ PiV GH  P GH SRWHQFLD EXHQD SUXHED GH XQD 7UDGXFWD TXH FXHQWDQ FRQ QXPHURVRV DVHQWDPLHQWRV
    LQWHQVD DFWLYLGDG LQGXVWULDO HQ OD ]RQD IXQGDPHQWDOPHQWH VDWpOLWHVDVtFRPRHQRWUDDJORPHUDFLyQFLWDGDHQODVIXHQWHV
    DOIDUHUD3RURWURODGRVHSUHVHQWDODH[FDYDFLyQGHXQKRUQR LWLQHUDULDV 3RUWXV $OEXV %HQGDOD 5ROGiQ %OiQTXH] \
    HQ LQPHMRUDEOH HVWDGR GH FRQVHUYDFLyQ FRQ XQD FiPDUD GH 0DUWtQH]  5ROGiQ %HQGDOD %OiQTXH] \ 0DUWtQH]
    FRFFLyQ FLUFXODU GH FHUFD GH FXDWUR PHWURV GH GLiPHWUR   1R REVWDQWH HO HVWXGLR GHO KLQWHUODQG \ GH ORV
    HQPDUFDGDSRUPXURVSHULPHWUDOHVUHDOL]DGRVHQVLOODUHMR/D DVHQWDPLHQWRVSURGXFWLYRVRYLOODHGHEHUiQFRQVWLWXLUXQDGH
    FiPDUD GH FRPEXVWLyQ \ OD SDUULOOD IXHURQ HQFRQWUDGDV ODV SDUFHODV PiV LPSRUWDQWHV GH OD LQYHVWLJDFLyQ HQ ORV
    tQWHJUDV DVt FRPR ODV WREHUDV GH VHFFLyQ UHFWDQJXODU 6H SUy[LPRVDxRV\DTXHVDOYRFDVRVH[FHSFLRQDOHVFRPRHOGH
    WUDWDSRUWRGRHOORGHOKRUQRURPDQRPHMRUFRQVHUYDGRGHOD ODLQGXVWULDDOIDUHUD %HUQDO ODYLOODGHO5LQJR5DQJR
    %DKtDGH$OJHFLUDV\XQRGHORVPiVVLJQLILFDWLYRVGHWRGRHO HQ /RV %DUULRV %HUQDO \ /RUHQ]R   \ XQD SDQRUiPLFD
    FRQYHQWXV *DGLWDQXV $VLPLVPR VH KDQ H[KXPDGR XQ UHFLHQWHGHODRFXSDFLyQGHOWHUULWRULRDHVFDODPDFURHVSDFLDO
    FRQMXQWR GH HVWUXFWXUDV DUTXLWHFWyQLFDV LQGXVWULDOHV \ *DUFtD *yPH] 0DULVFDO \ 7RUUHV   VRQ D~Q HVFDVRV
    GRPpVWLFDV UHODFLRQDGDV IXQGDPHQWDOPHQWH FRQ HO ORVWUDEDMRVSXEOLFDGRV
    DOPDFHQDMHGHODVSURGXFFLRQHVGHOWDOOHU$GHPiVGXUDQWHOD 
    UHDOL]DFLyQGHODV]DQMDVSDUDODGHOLPLWDFLyQGHO\DFLPLHQWR /RVFRQGLFLRQDQWHVELyWLFRVSDUDODLQVWDODFLyQGHLQGXVWULDV
    VH GHWHFWy SDUWH GH OD QHFUySROLV GHO DVHQWDPLHQWR GHULYDGDV GH OD H[SORWDFLyQ GH ORV UHFXUVRV GHO PDU HQ HO
    SURFHGLpQGRVHDODH[FDYDFLyQGHYDULDVFUHPDFLRQHVVLPSOHV &DPSRGH*LEUDOWDUHQpSRFDURPDQDHUDQQRWDEOHV'HVGH
    HQKR\RXELFDGDVHQHOHQWRUQRGHXQXVWULQXP ODV YtDV IOXYLDOHV GH SHQHWUDFLyQ DO LQWHULRU \ GH
     DSURYLVLRQDPLHQWRGHDJXDGXOFHFDVRGHORVUtRV3DOPRQHV
    *XDGDUUDQTXH \ *XDGLDURD ODJHRPRUIRORJtDSURSLFLDSDUD
     OD LQVWDODFLyQ GH VDOLQDV FRPR GHPXHVWUDQ ODV LQVWDODFLRQHV
    GH pSRFD PRGHUQD \ FRQWHPSRUiQHD GH 3DOPRQHV DGHPiV
    $FWDVGHO&RQJUHVR,QWHUQDFLRQDO),*/,1$(%$(7,&$(7DOOHUHVDOIDUHURV

    GHPDGHUD\SRWHQFLDOHVEDUUHURVSDUDDUFLOODHQDEXQGDQFLD
    \ SURGXFFLRQHV FHUiPLFDV HQ OD %pWLFD URPDQD VV ,, D& ± 9,, G& 

    3RUHOORORVUHFXUVRVQHFHVDULRVSDUDODLQVWDODFLyQGHWDOOHUHV
    8QLYHUVLGDG GH &iGL] 1RYLHPEUH  %$5 LQW VHU  2[IRUG

    
    SS

     
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    DOIDUHURV HVWDEDQ D GLVSRVLFLyQ GH ORV SURSLHWDULRV GH ORV
    IXQGL RFXSDGRV FRQ VHJXULGDG GHVGH pSRFD UHSXEOLFDQD WUDV
    ODLQVWDODFLyQGHORVYHWHUDQRV\ODGHGXFWLRGH&DUWHLDHQHO
    V,,D&
    
    (Q OD DFWXDOLGDG HO RULJHQ FRQRFLGR GH OD LQGXVWULD DOIDUHUD
    HQOD%DKtDGH$OJHFLUDVUHPRQWDDpSRFDWDUGRUUHSXEOLFDQD
    R DXJXVWHD FRQ ORV WDOOHUHV D~Q QR ORFDOL]DGRV GH 0
    3HWUXFLGLXV R ORV GH ORV WHVWDH FRQ OD PDUFD &DUWHLD DVt
    FRPRJUDFLDVDODVH[FDYDFLRQHVHQORVFRQRFLGRVDOIDUHVGH
    (O5LQFRQFLOOR 6RWRPD\RU)HUQiQGH]&DFKR R
    OD 9HQWD GHO &DUPHQ FRPR H[SRQHQWHV PiV VLJQLILFDWLYRV
    %HUQDOHG &DUHFHPRVGHGDWRVVREUHDOIDUHVGHpSRFD
    S~QLFD R WDUGRS~QLFD KHFKR pVWH VRUSUHVLYR VL YDORUDPRV OD
    LPSRUWDQFLD GHO FRQRFLGR &HUUR GHO 3UDGR R GH OD HWDSD
    S~QLFDGHODFLXGDGGH&DUWHLD 5ROGiQ%HQGDOD%OiQTXH]\
    0DUWtQH]   (VWH KHFKR VH FRQWUDSRQH DGHPiV FRQ OR
    FRQRFLGRHQOD%DKtDGH&iGL]HQODFXDOODLPSRUWDQFLDGH
    ODLQGXVWULDDOIDUHUDS~QLFDHVHYLGHQWHFRQDQWHULRULGDGDOD
    FRQTXLVWD URPDQD 'tD] 6iH] 7RERVR 0RQWHUR \ 0RQWHUR
     
    
    (OFRQRFLPLHQWRDFWXDOVREUHODVILJOLQDHGHpSRFDURPDQDHQ
    OD%DKtDGH$OJHFLUDVVHOLPLWDDXQDGHFHQDGH\DFLPLHQWRV
    UHFLHQWHPHQWH VLQWHWL]DGRV %HUQDO   TXH GHQRWDQ XQD
    RFXSDFLyQHSLGpUPLFDGHODRUODOLWRUDO\TXHGHELHURQVXUJLU
    DO DPSDUR GH ODV FLXGDGHV \ GH ORV HQFODYHV GH PHQRU
    LPSRUWDQFLD ±YLOODH \ FHWDULDH SDUD HO VXPLQLVWUR GH ORV
    FRQWHQHGRUHVFHUiPLFRVODVFHUiPLFDVFRPXQHV\HOPDWHULDO 
    
    FRQVWUXFWLYR 7RGRV HOORV LPSUHVFLQGLEOHV SDUD ODV IHFXQGDV
    LQGXVWULDVSHVTXHUD\FRQVHUYHUD ILJ 
    )LJXUD0DSDGHOD%DKtDGH$OJHFLUDVFRQODORFDOL]DFLyQGH&DUWHLD 

    
    \ GH ORV GLVWLQWRV DOIDUHV 9LOOD 9LFWRULD   (O &KRUUXHOR   & 6DQ

    'H WRGRV ORV WDOOHUHV FRQRFLGRV FXDWUR VH ORFDOL]DEDQ HQ HO
    4XLQWtQ   (O 5LQFRQFLOOR   9HQWD GHO &DUPHQ   /RV $OWRV GHO 5LQJR

    5DQJR  )DFWRUtD&DPSVD  *XDGDUUDQTXH  &$XURUD  \&RUWLMR

    iUHD GH LQIOXHQFLD GH OD FLXGDG GH &DUWHLD HO GH OD IDFWRUtD 
    $OEDODWH  

    &DPSVD HO GH *XDGDUUDQTXH \ HO GH OD F $XURUD GH DSDUHFLGRV QR VH OLPLWDQ ~QLFDPHQWH D ORV KRUQRV \ WHVWDUHV
    &DPSDPHQWR D ORV TXH GHEHPRV VXPDU HO GHO &RUWLMR GHO FRPSOHMR FRPR KD VLGR OD WyQLFD HQ ODV UHVWDQWHV
    $OEDODWH pVWH ~OWLPR YLQFXODGR D XQD SRVLEOH YLOOD DVHQWDGD H[FDYDFLRQHVUHDOL]DGDVHQRWURV\DFLPLHQWRVDQGDOXFHV
    HQ HO WHUULWRULXP GH OD FLXGDG ILJXUD    $ HOORV KD\  
    TXH DxDGLU DKRUD HO ORFDOL]DGR HQ 9LOOD 9LFWRULD FX\D /D,QWHUYHQFLyQ$UTXHROyJLFDGH8UJHQFLDHQHO3ODQ
    UHODFLyQ FRQ OD FLXGDG GH &DUWHLD HV VHJXUD GHELGR D VX 3DUFLDOGH9LOOD9LFWRULD
    FHUFDQtD ILJXUD \FX\DFRQWULEXFLyQDODGHILQLFLyQGHO  &DXVDV GHO GHVFXEULPLHQWR \ SODQWHDPLHQWR
    FLQWXUyQ LQGXVWULDO RULHQWDO GH OD FLXGDG HV D WRGDV OXFHV PHWRGROyJLFRGHODLQWHUYHQFLyQ
    HYLGHQWH $VLPLVPR OD LPSRUWDQFLD GH ODV H[FDYDFLRQHV HQ 6L ELHQ \D HQ OD GpFDGD GH ORV  & $ORQVR PHQFLRQDED OD
    9LOOD 9LFWRULD D HVFDOD FRPDUFDO UDGLFD HQ TXH HVWH DOIDU H[LVWHQFLD ±\ GHVWUXFFLyQ GH XQ DOIDU HQ 3XHQWH 0D\RUJD
    FRQVWLWX\HHOWHUFHURH[FDYDGRHQHO&DPSRGH*LEUDOWDUWUDV $ORQVR9LOODORERV QRIXHKDVWDODXUEDQL]DFLyQ\
    (O5LQFRQFLOOR\OD9HQWDGHO&DUPHQVLELHQHOSULPHURTXH SRVWHULRULQLFLRGHODVREUDVGHFRQVWUXFFLyQGHO3ODQ3DUFLDO
    SXHGHYLQFXODUVHFRQFODULGDGDODFLXGDGGH&DUWHLD\DTXH GH9LOOD9LFWRULDHQQRYLHPEUHGHFXDQGRVHFRQVWDWy
    HO5LQFRQFLOORHVWDUtDPX\DOHMDGRPLHQWUDVTXHOD9HQWDGHO ODH[LVWHQFLDGHXQSRWHQWHYHUWHGHURFHUiPLFRDVRFLDGRDXQ
    &DUPHQ FRQVWLWX\H XQD FpGXOD SURGXFWLYD DXWyQRPD HQ OD DOIDUURPDQR ILJV\ $QWHpVWRVHDFRPHWLyXQDSULPHUD
    ]RQDFHQWUDOGHOD%DKtDGH$OJHFLUDV GLDJQRVLV GHO \DFLPLHQWR JUDFLDV D OD FXDO VH REVHUYy OD
     SRWHQFLDOLGDG GHO PLVPR \ VX DIHFFLyQ SRU ODV REUDV GH
    9LOOD 9LFWRULD HV KR\ DGHPiV HO \DFLPLHQWR H[FDYDGR HQ XUEDQL]DFLyQDQWHULRUPHQWHPHQFLRQDGDV %UDYR &RQ
    PD\RU H[WHQVLyQ DO KDEHU FRPSUHQGLGR OD DFWXDFLyQ SRVWHULRULGDG OD -XQWD GH &RPSHQVDFLyQ GH 9LOOD 9LFWRULD
    DUTXHROyJLFD XQD VXSHUILFLH GH FDVL  P IUHQWH D ORV JXLDGD SRU ODV SUHVFULSFLRQHV WpFQLFDV SODQWHDGDV SRU OD
    VRQGHRV DUTXHROyJLFRV \ D ODV DFWXDFLRQHV OLPLWDGDV HQ 'LUHFFLyQ*HQHUDOGH%LHQHV&XOWXUDOHVGHOD&RQVHMHUtDGH
    VXSHUILFLHDFRPHWLGDVHQORVUHVWDQWHVDOIDUHVFRPHQWDGRV'H &XOWXUD   GH  OD   -XQWD   GH   $QGDOXFtD   D  WUDYpV GH VX
    DKtODSRWHQFLDOLGDGGHOHVWXGLRSDUDHOFRQRFLPLHQWRGHODV 'HOHJDFLyQ 3URYLQFLDO GH &iGL] HQFDUJy DO HTXLSR TXH
    SURGXFFLRQHV DOIDUHUDV GH &DUWHLD HQWUH pSRFD DXJXVWHD \ LQYHVWLJD HO 3UR\HFWR &DUWHLD OD HMHFXFLyQ GH OD H[FDYDFLyQ
    ILQDOHVGHOV,G&DVtFRPRGHODILVRQRPtDLQWHUQDGHODV DUTXHROyJLFDTXHVHKDFtDQHFHVDULDHQHVWHVRODU
    ILJOLQDHDOWRLPSHULDOHV\DTXHDGLFLRQDOPHQWHORVUHVWRV

     
    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

     VH GHFLGLy LQWHUYHQLU HQ OD PLWDG RFFLGHQWDO GH OD
    SDUFHOD $ GRQGH OD H[FDYDFLyQ PHFiQLFD TXH VH KDEtD
    LQLFLDGR FRQ PRWLYR GHO DSODQDPLHQWR GHO WHUUHQR SDUD OD
    FRQVWUXFFLyQ GH XQ SULPHU FRQMXQWR GH YLYLHQGDV SXVR DO
    GHVFXELHUWR HO WHVWDU URPDQR KDELHQGR DIHFWDGR
    DSUR[LPDGDPHQWHXQRVYHLQWHPHWURVOLQHDOHVGHODODGHUDVXU
    GHOPHQFLRQDGRYHUWHGHURFHUiPLFR6LQHPEDUJRDGHPiVGH
    OD H[FDYDFLyQ \ SRVWHULRU LQWHUSUHWDFLyQ DUTXHROyJLFD GHO
    SHUILO GHMDGR SRU OD H[FDYDFLyQ PHFiQLFD VH SURFHGLy D
    UHDOL]DU HQ HVWD SULPHUD IDVH GH DFWXDFLyQ YDULRV VRQGHRV
    PHFiQLFRVHQOD]RQDPiVHOHYDGDGHOFHUURDUWLILFLDOFUHDGR
    SRU ODV GLVWLQWDV GHVFDUJDV FHUiPLFDV FRQ HO REMHWLYR GH
    FRQRFHUODSRWHQFLDH[DFWDGHOYHUWHGHURDVtFRPRODSRVLEOH
    H[LVWHQFLD GH HVWUXFWXUDV R IDFLHV DQWHULRUHV GHO \DFLPLHQWR
    /RVUHVXOWDGRVREWHQLGRVFRQHOORSURYRFDURQODQHFHVLGDGGH
    XQDVHJXQGDDFWXDFLyQ IDVH SXHVWRTXHODVREUDVTXHKDEtDQ
    GHUHDOL]DUVHWDQWRHQODPLWDGRULHQWDOGHODSDUFHOD$D~Q
    VLQ H[FDYDU FRPR HQ XQ WUDPR GHO YLDO HQ OD SDUFHOD $
    DIHFWDEDQGHPDQHUDFRQVLGHUDEOHDO\DFLPLHQWR
    
    7HQLHQGR HQ FXHQWD TXH HQ DPERV FDVRV VH WUDWDED GH XQD
    LQWHUYHQFLyQ DUTXHROyJLFD GH XUJHQFLD ORV SODQWHDPLHQWRV
    PHWRGROyJLFRV GH H[FDYDFLyQ WXYLHURQ TXH VHU DGDSWDGRV D
    HVWD VLWXDFLyQ $Vt SXHV WUDV XQD SULPHUD SURVSHFFLyQ
    VXSHUILFLDO LQWHQVLYD GHO WHUUHQR VH GHFLGLy DFRWDU HQ OD
    SULPHUD IDVH XQD ]RQD GH DIHFFLyQ HQ OD FXDO FHQWUDU HO
    WUDEDMRGHFDPSR8QDYH]FXDGULFXODGDOD]RQDVHLQLFLyOD
    H[FDYDFLyQGHOSHUILOGHOWHVWDU
    
     /D H[FDYDFLyQ GH HVWRV FRUWHV DVt FRPR ORV VRQGHRV
     PHFiQLFRVUHDOL]DGRVHQOD]RQDPiVDOWDGHOWHVWDUDIHFWDGD
    SRU HO WUD]DGR GHO YLDO SHUPLWLy FRPSOHWDU OD VHFXHQFLD
    HVWUDWLJUiILFD 6LQ HPEDUJR HQ OD SRVWHULRU H[FDYDFLyQ VH
    )LJXUD  3ODQR GH VLWXDFLyQ GHO 3ODQ 3DUFLDO GH 9LOOD 9LFWRULD FRQ OD

    ORFDOL]DFLyQ GH ORV GLVWLQWRV YHUWHGHURV WHVWDU SULQFLSDO \ WHVWDU

    LQWHUYLQR ~QLFDPHQWH KDVWD OD SURIXQGLGDG DIHFWDGD SRU OD


    VHSWHQWULRQDO FRQHOKRUUHXP\ODVHVWUXFWXUDVDVRFLDGDVHOKRUQR\HOiUHD

    FRQVWUXFFLyQ GH OD QXHYD FDUUHWHUD GH DFXHUGR FRQ OD


    GHQHFUySROLV

    QRUPDWLYD YLJHQWH HQ OD FRPXQLGDG DQGDOX]D SDUD HVWH WLSR


    

    GHDFWXDFLRQHV
    
    (Q HO FDVR GH OD SDUFHOD $ HQ OD VHJXQGD IDVH GH OD
    LQWHUYHQFLyQODH[FDYDFLyQGHOWHVWDUOOHJyKDVWDORVQLYHOHV
    JHROyJLFRV 6LQ HPEDUJR SRVWHULRUPHQWH KXER TXH
    UHHVWUXFWXUDU OD PHWRGRORJtD GH WUDEDMR DQWH OD PRGLILFDFLyQ
    GH ORV SODQRV GH HMHFXFLyQ GH ODV YLYLHQGDV TXH LEDQ D VHU
    FRQVWUXLGDV HQ HVD SDUFHOD )LQDOPHQWH VH UHDOL]DURQ FXDWUR
    ]DQMDV PHFiQLFDV FRQ ODV TXH VH SUHWHQGtD FRQRFHU OD
    QDWXUDOH]D GHO VXVWUDWR DUTXHROyJLFR H[LVWHQWH HQ OD PLWDG
    RULHQWDO GHO VRODU (O KDOOD]JR GH GLYHUVDV HVWUXFWXUDV
    PXUDULDVHQWUHODVFXDOHVGHVWDFDUtDODDSDULFLyQGHSDUWHGH
    XQ XVWULQXP KL]R QHFHVDULD OD DPSOLDFLyQ GH OD ]RQD GH
    WUDEDMRSDUDFRQRFHUFRQH[DFWLWXGHOiUHDGHQHFUySROLV
    

    
    

    3RUVXSDUWHHQODSDUFHOD$VHSURFHGLyHQSULPHUOXJDUD
    )LJXUD  9LVWD JHQHUDO GH OD ]RQD PHULGLRQDO GHO WHVWDU 3HUILOHV GH ORV

    FRUWHV\

    /DLQWHUYHQFLyQDUTXHROyJLFDGHXUJHQFLDOOHYDGDDFDERSRU OD UHDOL]DFLyQ GH WUHV JUDQGHV ]DQMDV SHUSHQGLFXODUHV D OD


    

    ORVLQYHVWLJDGRUHVGHO3UR\HFWR&DUWHLDKDVXSXHVWRKDVWDOD IDFKDGD GH OD IXWXUD HGLILFDFLyQ OOHJDQGR D DJRWDU OD


    IHFKD GRV IDVHV R FDPSDxDV GHELGR D ODV SURSLDV VHFXHQFLD HVWUDWLJUiILFD \D TXH HQ HVWD SDUFHOD HVWDED
    FDUDFWHUtVWLFDV GHO SUR\HFWR XUEDQtVWLFR TXH DIHFWDED D HVWH SUHYLVWRFRQVWUXLUXQDSDUFDPLHQWRVXEWHUUiQHR6LQHPEDUJR
    \DFLPLHQWR 3RU HO PRPHQWR KDVWD OD UHGDFFLyQ GH HVWDV OD LPSRUWDQFLD GH ORV UHVWRV DUTXHROyJLFRV GRFXPHQWDGRV
    SiJLQDV VH KDQ HODERUDGR GRV ,QIRUPHV FRPR PDUFD OD KDFtD QHFHVDULD OD H[FDYDFLyQ FRPSOHWD GH OD PLVPD $QWH
    OHJLVODFLyQYLJHQWH 5ROGiQ%OiQTXH]%HUQDO3UDGRV\'tD] HVWD FLUFXQVWDQFLD OD HPSUHVD FRQVWUXFWRUD GHFLGLy VXSULPLU
     D \ E  (Q XQ SULPHU PRPHQWR HQ OD SULPDYHUD GH GLFKR HTXLSDPLHQWR UD]yQ SRU OD FXDO ~QLFDPHQWH TXHGy

      
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    HVWDEOHFLGDSRUSDUWHGHODDGPLQLVWUDFLyQODH[FDYDFLyQGH FRQ HVFDVRV IUDJPHQWRV FHUiPLFRV 6L ELHQ HQ XQ SULPHU
    XQ FRUWH HVWUDWLJUiILFR TXH SHUPLWLHUD FRQRFHU ODV PRPHQWR QR VH SXGR UHODFLRQDU HVWH WLSR GH YHUWLGR FRQ
    FDUDFWHUtVWLFDV GH XQ GHSyVLWR DQIyULFR ORFDOL]DGR HQ XQD GH QLQJ~QDVSHFWRRFDUDFWHUtVWLFDHVSHFtILFDGHHVWDDOIDUHUtDOD
    ODV]DQMDV ORFDOL]DFLyQHQODVHJXQGDIDVHGHLQWHUYHQFLyQGHXQKRUQR
     SHUPLWLyVROXFLRQDUHVWDFXHVWLyQ\DTXHHQWUHORVHOHPHQWRV
    /DSULPHUDIDVHGHLQWHUYHQFLyQ/DSDUFHOD$\OD XWLOL]DGRV SDUD OD FRQVWUXFFLyQ GH OD HVWUXFWXUD GH
    GHOLPLWDFLyQGHO\DFLPLHQWR FRPEXVWLyQVHHQFRQWUDEDHVWHWLSRGHPDWHULDO'HDKtTXH
    /D H[FDYDFLyQ QR FRQWURODGD GH EXHQD SDUWH GHO SHUILO SRVLEOHPHQWHGLFKRVYHUWLGRVSXQWXDOHVGHJUHGDVHQHOWHVWDU
    VHSWHQWULRQDOGHODSDUFHOD$SRUSDUWHGHODFRQVWUXFWRUD\ GHEDQSRQHUVHHQUHODFLyQFRQORVGHVHFKRVUHVXOWDQWHVGHOD
    HO FRQVHFXHQWH KDOOD]JR GH JUDQ FDQWLGDG GH IUDJPHQWRV XWLOL]DFLyQGHHVWHPDWHULDOFRPRDJOXWLQDQWHGHORVGLVWLQWRV
    FHUiPLFRV PRWLYy TXH HQ OD SULPHUD IDVH GH H[FDYDFLyQ ORV HOHPHQWRVFRQVWUXFWLYRVXWLOL]DGRVHQODVHVWUXFWXUDVGHODOIDU
    WUDEDMRV DUTXHROyJLFRV VH FHQWUDUDQ HQ GHWHUPLQDU OD GH9LOOD9LFWRULD
    QDWXUDOH]D GHO KDOOD]JR DVt FRPR HQ OD H[FDYDFLyQ GH XQ 
    SRVLEOH KRUQR TXH SDUHFtD H[LVWLU HQ HVD ]RQD 3DUD HOOR VH 0HUHFH HVSHFLDO DWHQFLyQ XQ SRWHQWH HVWUDWR GH DUHQDV GH
    FRPHQ]yODH[FDYDFLyQGHXQDVHULHGHFRUWHVHVWUDWLJUiILFRV DSRUWH GXQDU R HyOLFR ORFDOL]DGR HQ WRGRV ORV FRUWHV
    TXH LQFLGLHURQ HQ HO SHUILO VHSWHQWULRQDO GH OD SDUFHOD H[FDYDGRV \ TXH QRV SXVR HQ UHODFLyQ GLUHFWD FRQ OD
    &RUUHVSRQGHQFRQORVGHQRPLQDGRVFRUWHV\JUDFLDV H[LVWHQFLDGHGRVIDFLHVGLVWLQWDVHQHOWDOOHU/DFLUFXQVWDQFLD
    DORVFXDOHVVHSXGRREWHQHUXQDVHFXHQFLDHVWUDWLJUiILFDGHO GH TXH HQ HVH HVWUDWR GH DUHQDV VH DSUHFLDUDQ GLYHUVRV
    YHUWHGHURGHHQRUPHSRWHQFLD\JUDQORQJLWXG3DUDOHODPHQWH IUDJPHQWRV FHUiPLFRV KL]R TXH QR SXGLpVHPRV SODQWHDU HO
    SHUPLWLyGHVFDUWDUODH[LVWHQFLDGHXQKRUQRHQHVWD]RQDGHO FHVH WRWDO GH OD DFWLYLGDG DOIDUHUD HQ 9LOOD 9LFWRULD
    \DFLPLHQWR ILJ  LQWHUSUHWiQGROR HQWRQFHV FRPR XQD IDVH GH UHFHVR GH ORV
     QLYHOHVGHSURGXFFLyQGHOWDOOHUTXHSURSLFLyODFXEULFLyQGH
    6L ELHQ HV FLHUWR TXH EXHQD SDUWH GH OD VXSHUILFLH GH HVWRV ORVSULPHURVYHUWLGRVFHUiPLFRV
    FRUWHV KDEtD VLGR \D H[FDYDGD GH IRUPD PHFiQLFD H 
    LQFRQWURODGD ORV WUDEDMRV DUTXHROyJLFRV VH FHQWUDURQ HQ OD 3RU~OWLPRQRVHSRGUtDWHUPLQDUHVWHDQiOLVLVSUHOLPLQDUVLQ
    GRFXPHQWDFLyQ GH XQ SHUILO DUWLILFLDO H[LVWHQWH HQ OD ]RQD FLWDU OD H[LVWHQFLD GH XQD ~OWLPD IDVH GHO \DFLPLHQWR
    VHSWHQWULRQDO GH HVWDV FXDGUtFXODV UHWUDQTXHiQGRVH GLFKR DWHVWLJXDGD SRU ODV SULPHUDV XQLGDGHV HVWUDWLJUiILFDV
    SHUILODOJXQRVPHWURVKDFLDHOQRUWHFRQREMHWRGHFRQWDUFRQ GRFXPHQWDGDV HQ WRGRV ORV FRUWHV (Q HOODV DGHPiV GH
    XQD VXSHUILFLH GH H[FDYDFLyQ VXILFLHQWH TXH SHUPLWLHUD VX QXPHURVD FHUiPLFD GH pSRFD URPDQD VH SXGLHURQ
    GRFXPHQWDFLyQHQSODQWD*UDFLDVDHVWHSURFHVRVHSXGLHURQ LQGLYLGXDOL]DU GLYHUVRV IUDJPHQWRV PHWiOLFRV \ FHUiPLFRV
    H[FDYDU DSUR[LPDGDPHQWH XQRV YHLQWH PHWURV OLQHDOHV GH UHODFLRQDEOHVFRQHOXVRUHVLGHQFLDOTXHVHOHGLRDHVWD]RQD
    WHVWDU DOFDQ]DQGR HQ DOJXQDV ]RQDV XQD SRWHQFLD VXSHULRU D DSDUWLUGHILQHVGHOV;,;SULQFLSLRVGHOV;;GHODFXDO
    ORV GRV PHWURV 'XUDQWH HVWD LQWHUYHQFLyQ HQ HO WHVWDU VH SURYLHQHHOWRSyQLPRGHOOXJDU(QHVWHVHQWLGRODSUHVHQFLD
    LQGLYLGXDOL]DURQ LQQXPHUDEOHV XQLGDGHV HVWUDWLJUiILFDV GH FHUiPLFD URPDQD VH MXVWLILFD SRU HO SURFHVR GH
    UHODFLRQDEOHV FRQ GLYHUVDV GHVFDUJDV \ YHUWLGRV GH GLIHUHQWH UHJXODUL]DFLyQGHOWHUUHQRTXHGHELyUHDOL]DUVHHQHVRVDxRV\
    QDWXUDOH]D (Q HVWH VHQWLGR FDEH GHVWDFDU OD ORFDOL]DFLyQ GH TXH PRWLYy OD H[SODQDFLyQ FRQ OD FRQVLJXLHQWH H[FDYDFLyQ
    XQ EXHQ Q~PHUR GH FHQL]DOHV SURGXFWR GH OD OLPSLH]D GHO GHO OXJDU \ OD UHWLUDGD GHO PDQWR GXQDU TXH FXEULy HO
    LQWHULRU GH ODV HVWUXFWXUDV GH FRPEXVWLyQ WUDV HO SURFHVR GH \DFLPLHQWRURPDQRFXDQGRpVWHVHDEDQGRQyDOILQDOGHOV,
    FRFFLyQ HIHFWXDGR HQ ORV KRUQRV $VLPLVPR VH SXGLHURQ G& 'H HVWD FXEULFLyQ GXQDU VROR KHPRV SRGLGR WHQHU
    GLVWLQJXLU GLYHUVDV GHVFDUJDV GH PDWHULDOHV GHIHFWXRVRV DVt FRQVWDQFLDJUDFLDVDODGRFXPHQWDFLyQGHXQSHTXHxRHVWUDWR
    FRPR DOJXQRV YHUWLGRV FRQVLVWHQWHV SULQFLSDOPHQWH HQ GH DUHQDV GH DSRUWH HyOLFR HQ HO FRUWH  TXH VHSDUDED
    PXOWLWXG GH QyGXORV GH DUFLOODV UXEHIDFWDGDV GH UHGXFLGR ItVLFDPHQWHORVHVWUDWRVSURFHGHQWHVGHORVGLVWLQWRVYHUWLGRV
    WDPDxR SURFHGHQWHV GH OD UHSDUDFLyQ \ UHSHOODGR GH ODV FHUiPLFRV GH pSRFD URPDQD GH HVWH HVWUDWR GH pSRFD
    SDUHGHVLQWHULRUHVGHORVKRUQRV FRQWHPSRUiQHD
     
    2WUR DVSHFWR TXH SXGR VHU GRFXPHQWDGR IXH HO &HQWUiQGRQRV HQ OD SUHVHQWDFLyQ LQGLYLGXDOL]DGD GH ORV
    GHVPDQWHODPLHQWR GH DOJXQDV HVWUXFWXUDV GH FRPEXVWLyQ UHVXOWDGRV DUTXHROyJLFRV GH FDGD FRUWH OD H[FDYDFLyQ GHO
    TXL]i SRU VX HVWDGR UXLQRVR SXHVWR TXH HQ OD H[FDYDFLyQ FRUWHHOSULPHURHQVHUH[FDYDGRKDSHUPLWLGRFRQRFHUHO
    SXGLHURQ YHUVH DOJXQRV YHUWLGRV HQ ORV TXH MXQWR D XQ OtPLWH RFFLGHQWDO GHO WHVWDU SXHVWR TXH HQ HVWD ]RQD ORV
    UHGXFLGR Q~PHUR GH IUDJPHQWRV FHUiPLFRV DSDUHFtDQ JUDQ HVWUDWRVSHUWHQHFLHQWHVDOYHUWHGHUREX]DEDQHQGLFKRVHQWLGR
    FDQWLGDG GH IUDJPHQWRV GH DGREHV \ WHVWDH PXFKRV GH ORV TXHGiQGRVH SUiFWLFDPHQWH VLQ SRWHQFLD HQ HO H[WUHPR
    FXDOHV SUHVHQWDEDQ PXHVWUDV LQHTXtYRFDV GH KDEHU VLGR RFFLGHQWDO GHO FRUWH 6X HVWUDWLJUDItD GRFXPHQWD GLYHUVDV
    H[SXHVWRV D GLVWLQWDV FRFFLRQHV $VLPLVPR MXQWR D HVWRV XQLGDGHV HVWUDWLJUiILFDV GH ODV FXDOHV FDEH GHVWDFDU OD
    DGREHV \ ODGULOORV WDPELpQ IXH SRVLEOH LQGLYLGXDOL]DU RWURV SUHVHQFLDGHXQJUDQHVWUDWRGHFRORUDFLyQQHJUX]FDGHELGR
    TXH D~Q SRVHtDQ HQ VXV FDUDV H[WHULRUHV UHVWRV GH DUFLOOD DODSUHVHQFLDGHFHQL]DVTXHSUHVHQWyHQWUHPH]FODGRVFRQ
    FRPSDFWDSRVLEOHPHQWHXWLOL]DGDSDUDWUDEDUHVWRVPDWHULDOHV pVWDV QXPHURVDV LQWUXVLRQHV GH HVFRULDV \ UHVWRV GH
    FRQVWUXFWLYRV FHUiPLFDV TXHPDGDV (Q FXDQWR D OD FXOWXUD PDWHULDO
     H[KXPDGDHQHVWHFHQL]DOVH ORFDOL]DURQQRVyORIUDJPHQWRV
    3RURWURODGRVHSXGRDSUHFLDU HQDOJXQRV GHORVFRUWHV XQD DQIyULFRV ±HQWUH ORV TXH GHVWDFDURQ iQIRUDV %HOWUiQ ,, $ \
    VHULH GH HVWUDWRV FRQVWLWXLGRV SRU XQD JUHGD PX\ FRPSDFWD 'U  VLQR TXH DGHPiV VH SXGR GRFXPHQWDU PDWHULDO

     
    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

    ODWHULFLR DGREHV WpJXODV ODGULOORV tPEULFHV DVt FRPR 6REUHORVSULPHURVYHUWLGRVGHODOIDUVHVXSHUSXVRXQDHVSHVD


    IRUPDVDELHUWDVGHFHUiPLFDVFRPXQHVRSpUFXORVHVFRULDV\ FDSD GH DUHQDV GH DSRUWH HyOLFR R GXQDU UHODFLRQDGD FRQ OD
    XQ IUDJPHQWR GH 76* HQ PDUPRUDWD FRUUHVSRQGLHQWH FRQ IDVHGHUHWUDLPLHQWRGHODDFWLYLGDGGHOWDOOHU'LFKDVDUHQDV
    XQ ERUGH GH XQ FXHQFR GHO WLSR 'UDJ  'HEDMR GH HVWH DOFDQ]DURQHQHOFRUWHXQD QRWDEOHSRWHQFLDFHUFDQDDORV
    HVWUDWRGHFHQL]DVVHLQGLYLGXDOL]yRWURUHODFLRQDGRFRQXQR RFKHQWDFHQWtPHWURVORTXHSHUPLWLUiFRQFUHWDUPHGLDQWHODV
    GH ORV SULPHURV YHUWLGRV TXH VH GHELHURQ UHDOL]DU HQ HO WpFQLFDVDGHFXDGDVHOODSVRGHWLHPSRWUDQVFXUULGRHQWUHORV
    VHJXQGRPRPHQWRGHDFWLYLGDGGHOWDOOHU GRV PRPHQWRV GH DFWLYLGDG GHO DOIDU 3HVH D WUDWDUVH GH XQ
     KLDWXVHVWHHVWUDWRQRHUDFRPSOHWDPHQWHHVWpULO\DTXHHQpO
    -XQWR D HVWRV HVWUDWRV SHUWHQHFLHQWHV D OD VHJXQGD IDVH GHO VHGLVWLQJXLHURQGLYHUVRVIUDJPHQWRVGHFHUiPLFDFRP~QDVt
    WDOOHUHQHOFRUWHWDPELpQVHSXGRLQGLYLGXDOL]DUODIDVHGH FRPR IRUPDV GH DOPDFHQDMH GROLD  \ VREUH WRGR PDWHULDO
    UHWURFHVRRUHWUDLPLHQWRGHODDFWLYLGDGDOIDUHUD(VWD~OWLPD DQIyULFR HQWUH HO TXH GHVWDFDEDQ FRPR PD\RULWDULRV ORV
    VHSDUDED OD VHJXQGD IDVH GH SURGXFFLyQ DQWHULRUPHQWH HMHPSODUHVGH'U\HQPHQRUPHGLGDiQIRUDV'U
    GHVFULWD GH ORV SULPHURV PRPHQWRV GH DFWLYLGDG TXH +DOWHUQ%HOWUiQ,,$DVtFRPRDOJ~QHMHPSODUGH'U
    SXGLHURQ VHU FRQRFLGRV JUDFLDV D OD H[FDYDFLyQ GH ORV LPSRUWDGD
    HVWUDWRV LQIHULRUHV GHO FRUWH (Q GLFKRV QLYHOHV GLUHFWDPHQWH 
    GHSRVLWDGRVVREUHHOQLYHOJHROyJLFRGHDUHQDVDGHPiVGHXQ (Q ~OWLPR OXJDU GH ORV GLYHUVRV HVWUDWRV TXH FRQILJXUDQ HO
    SHTXHxR YHUWLGR GH FHQL]DV VH SXGR LQGLYLGXDOL]DU RWUR VHJXQGR PRPHQWR GH YHUWLGRV GHO WDOOHU PHUHFH HVSHFLDO
    YHUWLGRPD\RULWDULDPHQWHFHUiPLFR'HOPLVPRHVLPSRUWDQWH DWHQFLyQ OD ORFDOL]DFLyQ HQ HO FRUWH  GH KDVWD FXDWUR
    GHVWDFDUODDEXQGDQFLDGHOPDWHULDODUTXHROyJLFRUHFXSHUDGR FHQL]DOHV GH GLVWLQWR WDPDxR \ HQYHUJDGXUD $VLPLVPR VH
    FX\R DQiOLVLV UHIOHMD HO WLSR GH SURGXFFLRQHV FHUiPLFDV GRFXPHQWDURQ YHUWLGRV GH DUFLOODV SOiVWLFDV GH SHTXHxRV
    IDEULFDGDV HQ HVWH SULPHU PRPHQWR (QWUH HO PDWHULDO VH QyGXORVGHDUFLOODVUXEHIDFWDGDVDVtFRPRXQQLYHOGHYHUWLGR
    HQFXHQWUDQ GLVWLQWDV IRUPDV GH FHUiPLFD FRP~Q ±RSpUFXORV SURFHGHQWH SRVLEOHPHQWH GH OD UHFRQVWUXFFLyQ UHSDUDFLyQ R
    MDUUDVFD]XHODVHLQFOXVR XQ IRQGRGHLPLWDFLyQ GHSDUHGHV LQFOXVROLPSLH]DGHXQKRUQRGHWHULRUDGR(VWDLQWHUSUHWDFLyQ
    ILQDV H[LVWLHQGR WDPELpQ DGREHV WpJXODV tPEULFHV \ VHDSR\DHQODH[LVWHQFLDHQ HVHHVWUDWRGHJUDQFDQWLGDGGH
    ODGULOORV (Q FXDQWR DO PDWHULDO DQIyULFR GH QXHYR IUDJPHQWRV GH DGREHV TXH HQ VX PD\RU SDUWH SUHVHQWDEDQ
    PD\RULWDULRVHORFDOL]DURQIUDJPHQWRVDVLPLODEOHVDORVWLSRV VLJQRV GH KDEHU HVWDGR H[SXHVWRV D DOWDV WHPSHUDWXUDV VH
    'U'U\'U HQFRQWUDEDQ FRQ VLJQRV FODURV GH UXEHIDFFLyQ  (VWRV
     IUDJPHQWRV KDEtDQ VLGR YHUWLGRV GH PDQHUD SXQWXDO MXQWR
    $XQTXHSRVWHULRUPHQWHVHH[SRQGUiGHIRUPDGHWHQLGDFDGD FRQ ORV GHVHFKRV GH RWUR WLSR GH HOHPHQWRV FHUiPLFRV R
    XQDGHODVSURGXFFLRQHVFHUiPLFDVGH9LOOD9LFWRULDHQHVWH FRQVWUXFWLYRV
    FRUWH VH SXGR REVHUYDU \D XQD GH ODV SULQFLSDOHV QRYHGDGHV 
    TXHSUHVHQWDHOUHJLVWURFHUiPLFRHVGHFLUODLPLWDFLyQORFDO (Q FXDQWR DO FRUWH  JUDFLDV D VX H[FDYDFLyQ VH SXGLHURQ
    GH HVWH ~OWLPR WLSR DQIyULFR OD 'U  $GHPiV GH HVWDV GHWHUPLQDU YDULRV DVSHFWRV IXQGDPHQWDOHV GH HVWH JUDQ
    iQIRUDV ORFDOHV IXH SRVLEOH LQGLYLGXDOL]DU RWUDV IRUPDV GH WHVWDFFLR ILJ   (Q SULPHU OXJDU OD UHDOL]DFLyQ GH XQ
    FODVLILFDFLyQ PiV SUREOHPiWLFD $ IDOWD GHO DQiOLVLV VRQGHRHQHOH[WUHPR PHULGLRQDOGHOFRUWHSHUPLWLyGHWHFWDU
    SRUPHQRUL]DGR DFWXDOPHQWH HQ FXUVR VH SRGUtD VHxDODU OD ORV SDTXHWHV GH YHUWLGRV GH OD VHJXQGD IDVH (Q HO SHUILO
    SUHVHQFLD HQ HVWRV SULPHURV PRPHQWRV GH DFWLYLGDG GH VHSWHQWULRQDOVHORFDOL]DEDQDSDUWLUGHXQPHWURGHDOWXUDFRQ
    iQIRUDV ROHDULDV GHO WLSR 'U  HQ tQILPRV SRUFHQWDMHV DVt UHVSHFWR DO QLYHO JHROyJLFR PLHQWUDV TXH HQ HO H[WUHPR
    FRPR iQIRUDV VDOVDULDV GH UHGXFLGDV GLPHQVLRQHV GHILQLGDV PHULGLRQDOVHVLWXDEDQGLUHFWDPHQWHVREUHDUHQDVJHROyJLFDV
    FRPRSDUYDH ORFXDOHYLGHQFLDEDFyPRGLFKRVGHVHFKRVGHELHURQYHUWHUVH
     HQODGHUD$VLPLVPRGHODVHJXQGDIDVHGHOWHVWDUDGHPiVGH
    /DH[FDYDFLyQGHOFRUWHQRSUHVHQWyQLQJXQDQRYHGDGFRQ ORV\DFRQVDELGRVFHQL]DOHVYHUWLGRVGHDUFLOODVSOiVWLFDV\GH
    UHVSHFWRDODOHFWXUDHVWUDWLJUiILFDGHOVRQGHRDQWHULRUVLELHQ SHTXHxRV QyGXORV GH DUFLOODV UXEHIDFWDGDV WDPELpQ VH
    HV FLHUWR TXH HO Q~PHUR GH XQLGDGHV HVWUDWLJUiILFDV \ SRU SXGLHURQ LQGLYLGXDOL]DU VHQGRV YHUWLGRV SXQWXDOHV GH FDO
    WDQWR GH YHUWLGRV GH GLYHUVD QDWXUDOH]D DXPHQWy GH PDQHUD HQWUH ORV FXDOHV SUiFWLFDPHQWH QR VH HQWUHPH]FOy PDWHULDO
    FRQVLGHUDEOH (Q HVWH FDVR DGHPiV GHO QLYHO VXSHUILFLDO FHUiPLFRDOJXQR
    DVRFLDGR D OD ~OWLPD IDVH GHO \DFLPLHQWR GH pSRFD 
    FRQWHPSRUiQHD VH SXGLHURQ GLIHUHQFLDU GH QXHYR ODV GRV
    IDVHV GH DFWLYLGDG GHO WDOOHU DVt FRPR HO SHULRGR GH
    UHWUDLPLHQWR HMHPSOLILFDGR HQ HO HVWUDWR GH DUHQDV TXH
    VHSDUDED ItVLFDPHQWH DPERV PRPHQWRV 'H OD SULPHUD IDVH
    GH SURGXFFLyQ VH LQGLYLGXDOL]y XQ HVWUDWR FRQ DEXQGDQWH
    PDWHULDO DUTXHROyJLFR HQ HO TXH GHVWDFDED OD SUHVHQFLD
    QXHYDPHQWH GH PDWHULDO FRQVWUXFWLYR HVFRULDV DVt FRPR
    HOHPHQWRV GH FHUiPLFD FRP~Q \ HQYDVHV DQIyULFRV (QWUH
    HVWRV~OWLPRViQIRUDV'U 'U YDULDQWHVGH%HOWUiQ
    ,,$ \ 'U  GH ODV FXDOHV XQDV HUDQ LPSRUWDGDV \ RWUDV
    GHIHFWRV GH FRFFLyQ  $VLPLVPR VH ORFDOL]y HQWUH RWURV
    IUDJPHQWRV XQD SDUHG GH FRSD GH OD IRUPD  R  GH 
    
    76+ 
    )LJXUD7HVWDUSULQFLSDO3HUILOHVWUDWLJUiILFRVHSWHQWULRQDOGHOFRUWH

      
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    (Q FXDQWR D OD WLSRORJtD DQIyULFD OD LQWHUYHQFLyQ HQ HVWH FUHiQGRVH ORV YHUWLGRV HQ ODGHUD TXH VH GRFXPHQWDURQ HQ OD
    FRUWH QR PRGLILFy OD YDULHGDG WLSROyJLFD PDQXIDFWXUDGD HQ H[FDYDFLyQGHORVFRUWHVDQWHULRUPHQWHPHQFLRQDGRV
    HVD VHJXQGD IDVH VLHQGR SUHGRPLQDQWH OD SURGXFFLyQ GH 
    %HOWUiQ ,, $ \ GH 'U  (Q FDPELR OD H[FDYDFLyQ GH HVWH /DVHJXQGDIDVHGHLQWHUYHQFLyQ/DILQDOL]DFLyQGH
    FRUWHVtIXHGHWHUPLQDQWHSDUDHVFODUHFHUODSURGXFFLyQGHOD ODSDUFHOD$ODSDUFHOD$\HOYLDO
    SULPHUD IDVH GHO WDOOHU SXHV VH UHFXSHUDURQ DGHPiV GH 7DO \ FRPR VH KD H[SXHVWR HQ ORV DSDUWDGRV SUHFHGHQWHV OD
    PDWHULDOGHFRQVWUXFFLyQ \FHUiPLFD FRP~QGLYHUVDiQIRUDV QHFHVLGDG GH FRQWLQXDU ORV WUDEDMRV DUTXHROyJLFRV HQ 9LOOD
    'UiQIRUDVVDOVDULDVGHQXHYDGHILQLFLyQ\ORTXHHV 9LFWRULD HVWDED FRQGLFLRQDGD SRU ODV REUDV TXH DIHFWDEDQ DO
    PiVLPSRUWDQWHYDULRVHMHPSODUHVGHIHFWXRVRVGH'UTXH \DFLPLHQWR $Vt SXHV VH FRQWLQXy OD LQWHUYHQFLyQ HQ OD
    FRQILUPDEDQ OD KLSyWHVLV SODQWHDGD GH OD SURGXFFLyQ GH HVWH SDUFHOD $ H[FDYiQGRVH GLVWLQWRV FRUWHV HVWUDWLJUiILFRV TXH
    WLSRDQIyULFRHQHOWDOOHUGH9LOOD9LFWRULD LQFLGLHURQ HQ HO FRQRFLPLHQWR GH ORV H[WUHPRV PHULGLRQDO \
     RULHQWDO GHO YHUWHGHUR $VLPLVPR OD ODERU GH FRQWURO \
    3RU~OWLPRODH[FDYDFLyQGHOFRUWHVXSXVRODFRQILUPDFLyQ VXSHUYLVLyQGHOUHVWRGHODSDUFHODSRUODFXDOQRVHH[WHQGtD
    GH OD LQH[LVWHQFLD HQ HVD ]RQD GH XQ KRUQR \ OD H[WHQVLyQ HOWHVWDUGLRFRPRUHVXOWDGRODORFDOL]DFLyQGHXQDSDUWHGHOD
    KDFLD HO iUHD RULHQWDO GHO WHVWDFFLR GRFXPHQWDGR (O FRUWH  QHFUySROLV GHO WDOOHU FRPR GRFXPHQWDEDQ GLYHUVDV
    IXHGHJUDQLQWHUpVSRUYDULDVUD]RQHV(QSULPHUOXJDUIXHHO FUHPDFLRQHV GHSRVLWDGDV HQ WRUQR D XQ XVWULQXP 3RU VX
    ~QLFRFRUWHHQHOTXHD~QVHFRQVHUYDEDHOQLYHOGHDUHQDVGH SDUWH OD LQWHUYHQFLyQ HQ HO YLDO VXSXVR DGHPiV GH OD
    DSRUWH HyOLFR TXH FXEULy HO \DFLPLHQWR URPDQR FXDQGR pVWH H[FDYDFLyQ HQ H[WHQVLyQ GH ODV ~OWLPDV GHVFDUJDV FHUiPLFDV
    GHILQLWLYDPHQWHVHDEDQGRQy$VLPLVPRVHGRFXPHQWDURQGH GHOWDOOHUODGRFXPHQWDFLyQHQSODQWDGHGLYHUVRVPXURVTXH
    QXHYRYDULRVFHQL]DOHVYHUWLGRVSXQWXDOHVGHFDOGHQyGXORV VHKDQDVRFLDGRDXQDPLVPDXQLGDGFRQVWUXFWLYDGHHQRUPHV
    UXEHIDFWDGRVGHDUFLOODVGHUHGXFLGDVGLPHQVLRQHVDVtFRPR GLPHQVLRQHV\HOGHVFXEULPLHQWRGHXQKRUQRFHUiPLFR3RU
    XQ LPSRUWDQWH QLYHO GH YHUWLGR GH DGREHV (VWH ~OWLPR VH ~OWLPRODLQWHUYHQFLyQHQODSDUFHOD$ORFDOL]DGDDOQRUWH
    HVSDUFLy VREUH XQ HVWUDWR HQ HO FXDO HUD PiV DEXQGDQWH OD PRWLYy HO KDOOD]JR GH XQD QXHYD HVFRPEUHUD GH QRWDEOHV
    SUHVHQFLDGHPDWHULDOFHUiPLFRTXHHOVHGLPHQWRVREUHHOTXH GLPHQVLRQHV \ SRWHQFLD HQ OD FXDO GHVWDFDEDQ WDQWR OD
    VHGLVSRQtDQORVDGREHV(OHVFDVRJUDGRGHFRPSDFWDFLyQGHO SUHVHQFLDGHGLVWLQWRVGHSyVLWRVGHiQIRUDVFRPRXQDQXHYD
    VHGLPHQWRGHHVWHHVWUDWRHVWXYRFRQGLFLRQDGRSRUODHOHYDGD HVWUXFWXUDPXUDULD
    FDQWLGDG GH PDWHULDO YHUWLGR \ SRU OD UDSLGH] GH OD 
    FROPDWDFLyQ GH HVWH QLYHO SRU HO VLJXLHQWH ± HO YHUWLGR GH &RPRGDWRPiVLPSRUWDQWHODILQDOL]DFLyQGHODH[FDYDFLyQ
    DGREHV TXH GHPRVWUDEDQ GH QXHYR HO DOWR YROXPHQ GH GHOFRUWHGXUDQWHODVHJXQGDFDPSDxDSHUPLWLyGHWHUPLQDU
    SURGXFFLyQTXHPDQWXYRHOWDOOHUHQVXVHJXQGDIDFLHV TXH ORV YHUWLGRV DVRFLDGRV D OD SULPHUD IDVH GHO WDOOHU QR VH
     H[WHQGtDQ PiV DOOi GH HVH FRUWH 'H HVWH PRGR VH SXGR
    6LELHQHVFLHUWRTXHODSULPHUDFDPSDxDGHLQWHUYHQFLyQHQ GHILQLU OD H[WHQVLyQ H[DFWD GH ORV GHVHFKRV TXH FRQVWLWX\HQ
    HVWH \DFLPLHQWR VH FHQWUy HQ OD H[FDYDFLyQ GH OD PLWDG XQ YHUWHGHUR GH XQRV GLHFLRFKR PHWURV GH ORQJLWXG
    RFFLGHQWDO GH OD SDUFHOD $ GRQGH VH ORFDOL]DED HO H[WUHPR $VLPLVPR WDPELpQ VH SXGR FRPSUREDU FyPR ORV QLYHOHV
    VXURFFLGHQWDOGHOWHVWDFFLRWDPELpQ VHSXGRLQWHUYHQLUHQOD UHODFLRQDGRV FRQ OD VHJXQGD IDVH VH H[WHQGtDQ PiV DOOi GH
    ]RQDPiVHOHYDGDGHHVWHYHUWHGHURFRQREMHWRGHFRQRFHUVX HVWDFXDGUtFXODGRFXPHQWiQGRVHGHQXHYRORVYHUWLGRVWDQWR
    SRWHQFLD DVt FRPR HO LPSDFWR TXH ODV REUDV SDUD OD GH FHUiPLFD FRPR GH DUFLOODV R DGREHV \D FLWDGRV
    FRQVWUXFFLyQ GHO YLDO LEDQ D VXSRQHU (Q HVWH VHQWLGR VH DQWHULRUPHQWH 3RU RWUR ODGR OD H[FDYDFLyQ GHO FRUWH 
    UHDOL]DURQ SRU ~OWLPR GRV VRQGHRV PHFiQLFRV TXH DGHPiV GH FRQILUPDU OD H[WHQVLyQ GHO WHVWDU KDFLD HO HVWH
    FRQILUPDURQ OD H[WHQVLyQ KDFLD HO YLDO GHO WHVWDU 6H FRUURERUy TXH ORV YHUWLGRV GH OD SULPHUD IDVH GHO WDOOHU QR
    GRFXPHQWDURQ GH QXHYR ORV PLVPRV WLSRV GH YHUWLGRV DVt RFXSDEDQ \D HVD ]RQD SXHV ODV GHVFDUJDV DVRFLDGDV DO
    FRPR XQ LQJHQWH YROXPHQ GH PDWHULDO FHUiPLFR DVRFLDGR VHJXQGR PRPHQWR VH GLVSXVLHURQ HQ FRQWDFWR FRQ HO QLYHO
    HQWUH ORV TXH KDEUtD TXH GHVWDFDU OD SUHVHQFLD GH YDULRV JHROyJLFR ILJ   $VLPLVPR DO DJRWDU HQ HVWH FRUWH OD
    HMHPSODUHV GH iQIRUDV %HOWUiQ ,,$ GH SHTXHxR IRUPDWR VHFXHQFLD HVWUDWLJUiILFD VH GRFXPHQWy OD QRWDEOH SRWHQFLD
    $VLPLVPR JUDFLDV D HVWD LQWHUYHQFLyQ SXQWXDO HQ HO YLDO VH TXHSRVHtDQHQHVDSDUWHGHOWHVWDUORVGLVWLQWRVHVWUDWRVKDVWD
    SXGRHQWHQGHUHODFXVDGREX]DPLHQWRTXHSRVHtDQORVQLYHOHV FRPSOHWDUXQDVHFXHQFLDGHFDVLFXDWURPHWURVGHDOWXUD2WUD
    GHOWHVWDUHQVXH[WUHPRPHULGLRQDO/DFDtGDHQODGHUDGHORV SDUWLFXODULGDGTXHSUHVHQWyODH[FDYDFLyQGHORVFRUWHV\
    YHUWLGRV DVRFLDGRV D OD VHJXQGD IDVH GHO WDOOHU KDEtD VLGR IXH OD GRFXPHQWDFLyQ KDFLD OD PLWDG GH ORV SHUILOHV GHO
    PRWLYDGDSRUODSUHVHQFLDHQOD]RQDFHQWUDOGHOWHVWDUGHXQD WHVWLJRGHMDGRHQWUHDPERVFRUWHVGHGLVWLQWRVQLYHOHVFX\DV
    HVWUXFWXUDPXUDULDGHQRWDEOHVGLPHQVLRQHV\JUDQGHVDUUROOR ILVRQRPtDV \ GLVSRVLFLyQ QRV LQGLFDEDQ FyPR HQ XQ
    HQDOWXUDTXHXQDYH]DEDQGRQDGDIXHXWLOL]DGDFRPR]RQD PRPHQWR LPSUHFLVR GH OD VHJXQGD IDVH GH DFWLYLGDG HQ HO
    GHYHUWLGR'HHVWH PRGRXQDYH]TXH VHUHOOHQy HOLQWHULRU WDOOHU HO WHOO DOFDQ]y HQ HVD ]RQD HO SXQWR PiV HOHYDGR
    GHDTXHOODHVWDQFLDGHELyFRPHQ]DUD YHUWHUVHGHVGHOD]RQD GHVSOD]iQGRVH  SRVWHULRUPHQWH VX FLPD KDFLD HO QRUWH 3RU
    FROPDWDGDKDFLDHOH[WHULRU±HQHVWHFDVROD]RQDPHULGLRQDO RWUD SDUWH FRQ OD OLPSLH]D \ H[FDYDFLyQ GH ORV SHUILOHV GHO
    DG\DFHQWHFRUWHVHSXGRGHWHUPLQDUFyPRHOOtPLWHGHHVD
    JUDQHVFRPEUHUDQRVHVLWXDEDPiVDOOiGHHVDFXDGUtFXOD$O
     LJXDOTXHVHREVHUYyHQODSULPHUDFDPSDxDHQHOFRUWHORV
    GLVWLQWRV QLYHOHV GH GHVHFKRV HVWDEDQ GHSRVLWDGRV HQ ODGHUD
    

    WDPELpQKDFLDHOHVWHVLHQGRHQHVWD]RQDGHOFRUWHGRQGH
     /D SUREOHPiWLFD GH HVWH WLSR DQIyULFR \ GH VX SURGXFFLyQ HQ HO WDOOHU

    DOIDUHURGH9LOOD9LFWRULDVHSXHGHYHUHQ%HUQDO'5ROGiQ/%OiQTXH]

    ORVHVWUDWRVTXHHQODSDUWHFHQWUDOGHOWHVWDFFLRVHKDEtDQ
    - 'tD] -- \ 3UDGRV ) ³/DV 'U  EpWLFDV 3ULPHUDV HYLGHQFLDV GH VX

    PDQXIDFWXUD HQ HO FRQYHQWXV *DGLWDQXV´ FRQWULEXFLyQ SXEOLFDGD HQ HVWDV

    PLVPDVDFWDV

     
    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

    WLSR 'U  TXH VL ELHQ VH HQFRQWUDEDQ IUDJPHQWDGDV


    GHELHURQGHSRVLWDUVHHQXQSULPHU PRPHQWRFDVLFRPSOHWDV
    $ SHVDU GH TXH HVWH YHUWHGHUR QR SXGR VHU H[FDYDGR HQ VX
    WRWDOLGDG VH KD SRGLGR HVWDEOHFHU VX H[WHQVLyQ JUDFLDV D VX
    ORFDOL]DFLyQSRUWRGDOD=DQMD\HQHOH[WUHPRVHSWHQWULRQDO
    GH OD GHQRPLQDGD =DQMD  FRPR VH SURSRQH HQ OD ILJXUD 
    7RGR HOOR FRQILJXUD XQD VXSHUILFLH LUUHJXODU UHFRQVWUXLEOH D
    JUDQGHV UDVJRV 'LFKR WHVWDU QR GHELy H[WHQGHUVH KDFLD OD
    PLWDG PHULGLRQDO GH OD =DQMD  SXHVWR TXH GXUDQWH HO
    SURFHVR GH H[FDYDFLyQ GH OD PLVPD \ SRU GHEDMR GH XQ
    SRWHQWH QLYHO GH DUHQDV GXQDUHV VH LQGLYLGXDOL]y XQD
    HVWUXFWXUD PXUDULD GH QRWDEOHV GLPHQVLRQHV VLQ UHODFLyQ
    DOJXQDFRQHOWHVWDFFLRVLWXDGRHQVXVLQPHGLDFLRQHV
    
    )LQDOPHQWH \ SDUD FRQFOXLU OD VHJXQGD FDPSDxD GH
    LQWHUYHQFLyQHQ 9LOOD9LFWRULDVHFRQWUROyHOUHEDMHGHOYLDO
     HQ HO WUDPR TXH DIHFWDED DO WHVWDU SULQFLSDO UHWLUiQGRVH
     ~QLFDPHQWHXQDFDSDGHSRWHQFLDYDULDEOHVHJ~QOD]RQDTXH
    SHUWHQHFtD DO QLYHO GH XVR PRGHUQRFRQWHPSRUiQHR \ D ODV
    )LJXUD7HVWDUSULQFLSDO3HUILOHVWUDWLJUiILFRRFFLGHQWDOGHOFRUWH

    GRFXPHQWDGR D PiV GH WUHV PHWURV FRQ UHVSHFWR HO QLYHO ~OWLPDVGHVFDUJDVTXHVHOOHYDURQDFDERHQHODOIDU'HHVWDV
    

    JHROyJLFR DKRUD VH GHSRVLWDEDQ VREUH pO /D H[FDYDFLyQ PHUHFHHVSHFLDODWHQFLyQODORFDOL]DFLyQGHXQEXHQQ~PHUR


    PHFiQLFD GH GLYHUVDV ]DQMDV HQ HO UHVWR GH OD SDUFHOD $ GH HMHPSODUHV DQIyULFRV GHIHFWXRVRV SRU WRGD HO iUHD
    YLQLHURQDFRQILUPDUTXHHOWHVWDUQRRFXSDEDXQDVXSHUILFLH FRQWURODGD DVt FRPR OD ORFDOL]DFLyQ GH XQD HVWUXFWXUD GH
    PD\RUDODFRPSUHQGLGDHQWUHHOFRUWH\HOFRUWH FRPEXVWLyQGHVyOLGDIDFWXUD\EXHQHVWDGRGHFRQVHUYDFLyQ
     HQ OD PLWDG PHULGLRQDO GHO \DFLPLHQWR 'H LJXDO PDQHUD OD
    6LQ HPEDUJR OD H[FDYDFLyQ GH XQD GH HVDV ]DQMDV HQ HO H[FDYDFLyQ GHO YLDO VH YLR FRPSOHWDGD SRU HO UHEDMH PDQXDO
    H[WUHPR RULHQWDO GH OD SDUFHOD GLR FRPR UHVXOWDGR OD GH VHQGDV WULQFKHUDV SDUD LQWURGXFLU ORV VHUYLFLRV GH
    ORFDOL]DFLyQ GH XQD VHULH GH HVWUXFWXUDV D ODV TXH VH OH ³SOXYLDOHV´ \ ³IHFDOHV´ TXH VH GLVSRQtDQ D OR ODUJR GHO YLDO
    VXSHUSXVRXQDHVWUXFWXUDIXQHUDULD±XVWULQXP6HSDUDGDSRU (Q DPERV FDVRV VH H[FDYDURQ GH QXHYR GLYHUVRV HVWUDWRV
    XQDWUHLQWHQDGHPHWURVGHOWHVWDUHVWHiUHDGHQHFUySROLVVH TXHIRUPDEDQSDUWHGHOWHVWDUGHVWDFDQGRODORFDOL]DFLyQHQ
    SXGR H[FDYDU JUDFLDV D OD DPSOLDFLyQ GH XQD GH ODV ]DQMDV SODQWD GH GLYHUVDV HVWUXFWXUDV PXUDULDV (QWUH HOODV DOJXQDV
    UHDOL]DGDV GH IRUPD PHFiQLFD 3DUD HOOR VH SUDFWLFy XQ FRQIRUPDEDQ MXQWR D OD \D GRFXPHQWDGD HQ OD SULPHUD
    VRQGHR PDQXDO D WUDYpV GHO FXDO VH SXGLHURQ DWHVWLJXDU XQD FDPSDxD XQD HVWDQFLD GH QRWDEOHV GLPHQVLRQHV TXH KHPRV
    VHULH GH FUHPDFLRQHV TXH VH GLVSRQtDQ DOUHGHGRU GHO SXHVWR HQ UHODFLyQ FRQ XQ SRVLEOH KRUUHXP R DOPDFpQ
    XVWULQXP 3RU OD FXOWXUD PDWHULDO GRFXPHQWDGD GXUDQWH HO )LQDOPHQWHVHGHOLPLWDURQRWUDVHVWUXFWXUDVDORODUJRGHODV
    SURFHVRGHH[FDYDFLyQVHGHEHSRQHUHVWHHVSDFLRIXQHUDULR ]DQMDV FX\D QDWXUDOH]D \ H[WHQVLyQ UHDO QR SXGLHURQ VHU
    HQ UHODFLyQ FRQ OD VHJXQGD IDVH GHO WDOOHU VL ELHQ HV FLHUWR FRQRFLGDV GHELGR D VX SURORQJDFLyQ IXHUD GHO iUHD DIHFWDGD
    TXH ODV HVWUXFWXUDV VREUH ODV TXH VH DSR\DED HO XVWULQXP SRUODLQWHUYHQFLyQGHXUJHQFLD
    GHELHURQKDEHUVHXWLOL]DGRGXUDQWHORVSULPHURVPRPHQWRVGH 
    YLGDGHODOIDU (ODOIDUGH9LOOD9LFWRULD&DUDFWHUtVWLFDVSURGXFWLYDV
     \DQiOLVLVGHODVHVWUXFWXUDVGRFXPHQWDGDV
    3RUVXSDUWHODLQWHUYHQFLyQOOHYDGDDFDERHQODSDUFHOD$  /D HVWUDWLJUDItD GHO WHVWDFFLR R WHVWDU SULQFLSDO
    YLQR D FRQILUPDU OD KLSyWHVLV GH TXH HO \DFLPLHQWR VH /HFWXUDHLQWHUSUHWDFLyQ
    H[WHQGtD WDPELpQ KDFLD HO QRUWH 6H OOHYDURQ D FDER WUHV $ SHVDU GH TXH HQ ORV HStJUDIHV SUHFHGHQWHV VH KD\D KHFKR
    ]DQMDV ]DQMDV   \   SDUDOHODV HQWUH Vt \ GLVSXHVWDV HQ UHIHUHQFLDGHPDQHUDGHWDOODGDDDOJXQRVGHORVHVWUDWRVTXH
    VHQWLGR16IRUPDQGRiQJXORGHžFRQODOtQHDLPDJLQDULD VH GLVWLQJXLHURQ GXUDQWH HO SURFHVR GH H[FDYDFLyQ GHO WHVWDU
    TXH FRUUHVSRQGtD FRQ OD IXWXUD IDFKDGD GHO HGLILFLR ILJ   SULQFLSDODKRUDDQDOL]DUHPRVGLFKDLQIRUPDFLyQGHXQPRGR
    $XQTXH HQ OD ]DQMD VLWXDGD HQ HO H[WUHPR RFFLGHQWDO GH OD JOREDO \ XQLWDULR $ SDUWLU GHO DQiOLVLV GH ODV GLVWLQWDV
    SDUFHOD ~QLFDPHQWH VH ORFDOL]y XQ SHTXHxR HVWUDWR TXH XQLGDGHV HVWUDWLJUiILFDV UHVXOWDQWHV GH OD H[FDYDFLyQ GHO
    FRQWHQtDUHVWRVUHVLGXDOHVGHO DOIDUHQHO UHVWRGHODV]DQMDV SHUILO PHULGLRQDO GHO WHVWDU VH KD REVHUYDGR FyPR ORV
    VH SXGR GRFXPHQWDU RWUR WHVWDU TXH DXQTXH GH PHQRU SULPHURVYHUWLGRVVHUHDOL]DURQGLUHFWDPHQWHVREUHHOQLYHOGH
    H[WHQVLyQPRVWUDEDGHQXHYRHODOWRQLYHOGHSURGXFFLyQGH DUHQDGHSOD\DH[LVWHQWHHQHOOXJDU(OSULPHUYHUWLGRIXHXQ
    HVWH WDOOHU DOIDUHUR SXHVWR TXH VREUH HO QLYHO JHROyJLFR GH QLYHO GH FHQL]DV SXQWXDO ORFDOL]DGR HQ HO VRQGHR GH  P
    DUHQDV VH IXHURQ YHUWLHQGR HVRV QLYHOHV GH GHVHFKRV TXH [  TXH VH UHDOL]y HQ HO FRUWH  D FRQWLQXDFLyQ VH
    DOFDQ]DURQXQDSRWHQFLDPi[LPDGHPHWURV GRFXPHQWyXQLQWHQVRQLYHOGHYHUWLGRVPX\KRPRJpQHRTXH
    (QWUH OD GLYHUVLGDG GH YHUWLGRV SXQWXDOHV ±WDQWR FHUiPLFRV WRWDOL]D HO SULPHU PRPHQWR GH XVR GHO WHVWDU (VWRV GRV
    FRPR GH DUFLOODV SOiVWLFDV R FHQL]DOHV TXH IXHURQ HVWUDWRV D IDOWD GH XQ DQiOLVLV SRUPHQRUL]DGR SXHGHQ VHU
    FRQILJXUDQGR HVWD HVFRPEUHUD KDEUtD TXH GHVWDFDU OD GDWDGRV D ILQDOHV GHO V , D& GHELGR D OD SUHVHQFLD GH
    H[LVWHQFLD HQ HO H[WUHPR QRURFFLGHQWDO GH OD PLVPD GH XQ iQIRUDV'U+DOWHUQ\DPHQRUHVFDODGHXQDQXHYD
    SHTXHxRGHSyVLWRDQIyULFRFRQVWLWXLGRSRUYDULDViQIRUDVGHO YDULDQWH GH iQIRUD VDOVDULD EpWLFD H LPLWDFLRQHV GH 'U 

      
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    DGHPiV GH OD DXVHQFLD HQ HVRV HVWUDWRV GH RWURV WLSRV 
    DQIyULFRVFRPRVRQODViQIRUDV%HOWUiQ,,$ 
     
    $ FRQWLQXDFLyQ VH KD ORFDOL]DGR XQD IDVH GH FXEULFLyQ GH 
    DUHQD GH DSRUWH HyOLFR TXH Vt UHSUHVHQWD XQ SRVLEOH KLDWXVR 
    UHWUDLPLHQWRHQHOXVRGHHVHYHUWHGHUR(OKHFKRGHTXHHVWH 
    QLYHO QR VHD WRWDOPHQWH HVWpULO DFHQW~D OD VHJXQGD 
    SRVLELOLGDG 3RU ~OWLPR VH GRFXPHQWD XQD VHJXQGD IDVH GHO 
    WHVWDU FX\D DFWLYLGDG GHELy VHU PX\ HOHYDGD D WHQRU GH OD 
    SRWHQFLD TXH DOFDQ]D HO FHUUR DUWLILFLDO FRQ ORV VXFHVLYRV 
    YHUWLGRV 8Q SULPHU DQiOLVLV GHO UHJLVWUR FHUiPLFR QRV 
    PXHVWUDFRPRDSDUWLUGHHVHPRPHQWRH[LVWLyXQJLURHQHO 
    PRGHODGR GH ODV iQIRUDV GH 9LOOD 9LFWRULD FHQWUiQGRVH OD 
    SURGXFFLyQ PD\RULWDULDPHQWH HQ iQIRUDV %HOWUiQ ,,$ FRQ 
    PXOWLWXG GH YDULDQWHV \ 'U  DO WLHPSR TXH GHVDSDUHFHQ
    GHOUHJLVWURORVWLSRV+DOWHUQ\SRFRDSRFRODV'U
    

    )LJXUD9LVWDJHQHUDOGHOWHOOGH9LOOD9LFWRULD

    +HPRVGDWDGRHVHUHFHVRHQDSUR[LPDGDPHQWHGRVGpFDGDV UHRFXSDFLyQGHOD]RQDFRQODXELFDFLyQGHXQSRVLEOHFRUWLMR
    

    UHDFWLYiQGRVH HO XVR GHO WHVWDU \ FRQVHFXHQWHPHQWH OD RFDVDGHUHFUHRFRPRSDUHFHLQGLFDUHOWRSyQLPRGHOVRODU


    DFWLYLGDGGHODOIDUHQWRUQRDOVHJXQGRWHUFLRGHOV,G& 9LOOD9LFWRULD
     
    /D FUHDFLyQ GH XQ WHOO GH FHUFD GH FXDWUR PHWURV GH DOWXUD /DLPSRUWDQFLDGHOHVWXGLRGHHVWHJUDQWHOOUDGLFDHQTXHVH
    Pi[LPD GHELy UHDOL]DUVH HQ PHQRV GH XQ VLJOR SXHV HVWH WUDWD GH OD SULPHUD YH] HQ TXH KD SRGLGR VHU H[FDYDGR XQ
    YHUWHGHUR GHELy DEDQGRQDUVH D ILQHV GH OD SULPHUD FHQWXULD YHUWHGHUR FRPSOHWR GH HVWDV GLPHQVLRQHV HQ $QGDOXFtD DO
    G&RHQORVDxRVVLJXLHQWHVGHODFHQWXULDSRVWHULRU ILJ  PHQRVDWHQRUGHODLQIRUPDFLyQSXEOLFDGD&RQRFHPRVRWURV
    'XUDQWH HVH VHJXQGR PRPHQWR GH DFWLYLGDG GHELHURQ HVWDU \DFLPLHQWRV HQ ORV FXDOHV HVWDV HVFRPEUHUDV VRQ GH LJXDO
    DFWLYRV YDULRV KRUQRV FRPR GHPXHVWUDQ ORV FRQVWDQWHV WDPDxRRLQFOXVRPD\RUHVFRPRVXFHGHFRQHODVHQWDPLHQWR
    YHUWLGRV GH DGREHV R DUFLOODV UXEHIDFWDGDV SURFHGHQWHV GH OD GH 3XHQWH 0HOFKRU HQ 3XHUWR 5HDO 1R REVWDQWH QL HQ WDO
    OLPSLH]D\UHSDUDFLyQGHHVWDVHVWUXFWXUDVGHFRPEXVWLyQ FDVR QL HQ RWURV FRQRFLGRV VH KD SURFHGLGR D UHDOL]DU XQD
     VHFFLyQ ORQJLWXGLQDO FRPSOHWD GH ORV WHVWDFFLRV SRU OR TXH
    $GHPiV GH OD DEXQGDQFLD GH PDWHULDO OD LQWHQVLILFDFLyQ GH 9LOOD 9LFWRULD SUHVHQWD QRWDEOH SRWHQFLDOLGDG HQ UHODFLyQ DO
    HVWH DOIDU HQ HVWD VHJXQGD PLWDG GHO V , G& VH GHPXHVWUD HVWXGLRGHODFDSDFLGDGSURGXFWLYDGHORVKRUQRV\DOSURFHVR
    WDPELpQSRUORV QXPHURVRVYHUWLGRVGH FHQL]DV SURFHGHQWHV GHJpQHVLVGHHVWHWLSRGHGHSyVLWRVFHUiPLFRV6DOYDQGRODV
    GH OD OLPSLH]D GH ODV GLIHUHQWHV \ VXFHVLYDV KRUQDGDV 3RU GLVWDQFLDVVHWUDWDGHXQHMHPSORVLPLODUDOHWHUQR7HVWDFFLR
    ~OWLPR HVWRV YHUWLGRV GH FHQL]DV R DGREHV VH YLHURQ GH 5RPD HQ SURYLQFLDV GH GLPHQVLRQHV PX\ LQIHULRUHV
    FRPSOHWDGRV SRU YHUWLGRV GH FDO H LQFOXVR SRU GHVHFKRV GH HYLGHQWHPHQWH SHUR FRQ XQD FDVXtVWLFD GH HVWXGLR TXH
    HOHPHQWRV FRQVWUXFWLYRV UHODFLRQDGRV TXL]i FRQ ODV FRQOOHYDUiXQDPHWRGRORJtDVLPLODUHQIXWXURVWUDEDMRV
    HVWUXFWXUDV \D DEDQGRQDGDV SHUWHQHFLHQWHV D OD SULPHUD IDVH 
    GH YLGD GHO DOIDU $Vt VH GHVSUHQGH GH OD ORFDOL]DFLyQ GH XQ  (O WHVWDU VHSWHQWULRQDO 8ELFDFLyQ \ FDUDFWHUtVWLFDV
    EXHQQ~PHURGHIUDJPHQWRVGHHVWXFRHLQFOXVRGHSODFDVGH SULQFLSDOHV
    RSXVVLJQLQXPHQWUH ORV QLYHOHV GH YHUWLGRVH[FDYDGRVHQHO /D FRQILUPDFLyQ GH OD H[LVWHQFLD GH RWUR WHVWDU HQ OD IUDQMD
    FRUWH  $VLPLVPR IXHURQ LPSRUWDQWHV FRPR HV OyJLFR ORV VHSWHQWULRQDO GHO \DFLPLHQWR YLQR PRWLYDGD SRU OD
    GHVHFKRV GH PDWHULDOHV FHUiPLFRV FRPR LOXVWUDQ ORV FRQVWDWDFLyQGHXQDSRWHQWHHVWUDWLJUDItDWDQWRHQOD]DQMD
    ORFDOL]DGRVHQHOFRUWH(OKHFKRGHTXHHQHVWRVHVWUDWRVHO FRPRHQOD]RQDVHSWHQWULRQDOGHOD]DQMDGHODSDUFHOD$
    VHGLPHQWR TXH ORV FRPSDFWD \ GHILQH IXHUD PLQRULWDULR FRQ TXH SRGtDPRV UHODFLRQDU FRQ XQ iUHD GH GHSyVLWR GH ORV
    UHVSHFWR DO PDWHULDO TXH OR DFRPSDxDED SDUHFH LQGLFDU TXH GHVHFKRVSURFHGHQWHVGHORVKRUQRVGH9LOOD9LFWRULD ILJ 
    HVWRVYHUWLGRVVHGHELHURQUHDOL]DUFRQXQHVFDVRLQWHUYDORGH 
    WLHPSRHQWUHXQR\RWURKHFKRTXHQRSHUPLWLyODIRUPDFLyQ /RV HVWUDWRV TXH VH REVHUYDEDQ HQ HVWH JUDQ SDTXHWH
    GH XQ SURFHVR GH VHGLPHQWDFLyQ SURORQJDGR FRPR SRU GHSRVLFLRQDO HUDQ PX\ GLYHUVRV \ HQ PXFKDV RFDVLRQHV GH
    HMHPSOR RFXUULy FRQ HO QLYHO GH DUHQDV TXH VHSDUD DPEDV HVFDVDSRWHQFLD8QDYH]H[FDYDGDODFREHUWXUDYHJHWDO\XQ
    IDVHVGHOWHVWDU SHTXHxR QLYHO GH PDWUL] DUFLOORVD GH FRORUDFLyQ YHUGRVD
     UHODFLRQDGRFRQODQLYHODFLyQGHOWHUUHQRGHpSRFDPRGHUQDR
    3RU ~OWLPR XQD YH] TXH HO WHVWDU VH GHMy GH XWLOL]DU FRQWHPSRUiQHDFRPHQ]DURQDDSDUHFHUGLVWLQWRVHVWUDWRVTXH
    VHJXUDPHQWHSRUHODEDQGRQRJHQHUDOGHO\DFLPLHQWRHOFHUUR FRQILJXUDURQ XQ iUHD GH YHUWLGRV FHUiPLFRV DVRFLDGD D ORV
    DUWLILFLDOVHFXEULySRUXQDHVSHVDFDSDGXQDUREVHUYDEOH GHVHFKRV GH ODV HVWUXFWXUDV GH FRPEXVWLyQ H[LVWHQWHV HQ HO
    KDVWD KDFH SRFDV IHFKDV HQ HO SHUtPHWUR VHSWHQWULRQDO GHO OXJDU6HDSUHFLDURQHVWUDWRVGHFHQL]DVTXHFXEUtDQRWURVFRQ
    \DFLPLHQWR 6LQ HPEDUJR WDQWR HQ ORV SHUILOHV FRPR HQ OD JUDQ FDQWLGDG GHGHVHFKRV FHUiPLFRV QR VyOR HVFRULDV VLQR
    SDUWHDOWDGHOFHUURHVWHQLYHO GXQDU QR VHKD FRQVHUYDGRD WDPELpQ IUDJPHQWRV ELHQ FRFLGRV \ TXL]i IUDJPHQWDGRV
    H[FHSFLyQGHOD8(HQHOFRUWHGHELGRDODODERUHVGH GXUDQWH VX VHFDGR R WUDQVSRUWH KDFLD HO DOPDFpQ $VLPLVPR
    URWXUDFLyQ GHO WHUUHQR TXH VH UHDOL]DURQ SRVWHULRUPHQWH FRQ VH REVHUYDURQ DOJXQRV HVWUDWRV SUiFWLFDPHQWH VLQ PDWHULDO
    VHJXULGDGDSDUWLUGHILQHVGHOV;,;PRWLYDGRVSRUOD FHUiPLFRDOJXQRSHURTXHVLQHPEDUJRVHSRGtDQUHODFLRQDU

     
    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

    WDPELpQFRQODDFWLYLGDGGHODOIDUFRQVWLWX\HQGRWRGRVHOORV
    XQDHVFRPEUHUDGHQRWDEOHHQWLGDG
    
    (QXQRGHORVHVWUDWRVGHOD]DQMDSHUWHQHFLHQWHDXQQLYHO
    GHYHUWLGRGHHVWHWHVWDUDSDUHFLHURQXQDVHULHGHLQGLYLGXRV
    DQIyULFRV VHPLFRPSOHWRV TXH FRQIRUPDEDQ XQ SHTXHxR
    GHSyVLWR FRQVWLWXLGR SULQFLSDOPHQWH SRU iQIRUDV 'U 
    -XQWR D HVWH WLSR DQIyULFR \ WUDV XQ DQiOLVLV SUHOLPLQDU TXH
    GHEHUi VHU PDWL]DGR FXDQGR VH OOHYH D FDER HO HVWXGLR
    SRUPHQRUL]DGRGHPDWHULDOHVVHLQGLYLGXDOL]DURQDOJXQDV'U
     'H LJXDO IRUPD VH KDQ SRGLGR GLVWLQJXLU GLYHUVRV
    ERUGHVHQORVTXHH[LVWtDXQDDFDQDODGXUDLQWHUQDiQIRUDVGH
    GLItFLODWULEXFLyQWLSROyJLFD\HQPHQRUPHGLGDiQIRUDVGHO
    WLSR%HOWUiQ,,$
    
    (QUHVXPHQVHSXHGHDILUPDUTXHJUDFLDVDODH[FDYDFLyQGH
    ODVGLVWLQWDV]DQMDV\DORVSRVWHULRUHVVRQGHRVPDQXDOHVIXH
    SRVLEOH ORFDOL]DU HQ OD SDUFHOD $ RWUD iUHD GH YHUWLGR TXH 
    GHEH SRQHUVH HQ UHODFLyQ FRQ HVWUXFWXUDV GH FRPEXVWLyQ 
    FHUFDQDV 6L ELHQ HV FLHUWR TXH VX SRWHQFLD HV VLPLODU H
    OD8( &RUWH 'U  
    LQFOXVR VXSHULRU D DOJXQDV ]RQDV GHO WHVWDU SULQFLSDO
    )LJXUD3ULPHUDIDVHGHOWHVWDUSULQFLSDO&XOWXUDPDWHULDOSURFHGHQWHGH

    GRFXPHQWDGR HQ HO YLDO \ HQ OD SDUFHOD $ HVWH VHJXQGR 
    WHVWDUGHELyVHUGHPHQRUHVGLPHQVLRQHV$SHVDUGHHOORVH IRUPDV DQIyULFDV GH GLItFLO DWULEXFLyQ WLSROyJLFD TXH SXHGHQ
    KDGRFXPHQWDGRDORODUJRGHORVPHWURVGHORQJLWXGGHOD FRQILJXUDU XQ QXHYR HQYDVH DXWyFWRQR GH HVWD ILJOLQD 6X
    ]DQMD\HQHOH[WUHPRVHSWHQWULRQDOGHODGHQRPLQDGD]DQMD WLSRORJtD SXHGH VHU UHODFLRQDGD FRQ DOJXQRV LQGLYLGXRV
     (Q FXDQWR DO PDWHULDO FHUiPLFR D SHVDU GH TXH HV GRFXPHQWDGRV HQ OD FHUFDQD FLXGDG GH &DUWHLD 5ROGiQ \
    VLJQLILFDWLYDODSUHVHQFLDPD\RULWDULDGH'UHOHVWXGLRGH %HUQDOILJQž\ DVtFRPRRWURVERUGHVTXH
    WRGRV \ FDGD XQR GH ORV LQGLYLGXRV DSDUHFLGRV DVt FRPR HO SDUHFHQ UHPLWLU D WLSRV DVLPLODEOHV D iQIRUDV GHO WLSR 9HQWD
    DQiOLVLV GH ORV SRUFHQWDMHV GH ORV PLVPRV LQGLFDUiQ HQ HO GHO &DUPHQ , %HUQDO  HG  6LQ HPEDUJR VL HO UHJLVWUR
    IXWXUR VL pVWH IXH HO WHVWDU TXH VH XVy HQ ORV PRPHQWRV GH FHUiPLFRGH9LOOD9LFWRULDFRQVWLWX\HXQXQLFXPQRVyORHQ
    UHWUDLPLHQWRGHOJUDQWHVWDFFLRGHOYLDORVLSRUHOFRQWUDULR HO &DPSR GH *LEUDOWDU VLQR WDPELpQ HQ WRGR HO FRQYHQWXV
    KD\ TXH SRQHUOR HQ UHODFLyQ FRPR DVt SDUHFH VHU FRQ OD *DGLWDQXV HV GHELGR D TXH WDPELpQ HQ HVRV SULPHURV
    VHJXQGDIDVHGHODQWHULRU\SRUWDQWRPD[LPL]DUD~QPiVHO PRPHQWRVVHLPLWDURQiQIRUDVGHOWLSR'U&RQUHVSHFWR
    YROXPHQGHSURGXFFLyQGHHVHVHJXQGRSHULRGRGHDFWLYLGDG D HVWDV LPLWDFLRQHV \D VH KDEtD SODQWHDGR VX SRVLEOH
    GHODOIDU SURGXFFLyQ HQ HO DOIDU GH *XDGDUUDQTXH %HOWUiQ  
     GHVSXpVUHLQWHUSUHWDGDVFRPR'UDXQTXHHVDKRUDFRQOD
    /DVSURGXFFLRQHVFHUiPLFDVGHODILJOLQD GRFXPHQWDFLyQ GH GLYHUVRV WHUFLRV VXSHULRUHV FRQ HYLGHQWHV
    $ IDOWD GH XQ HVWXGLR SRUPHQRUL]DGR GH OD FXOWXUD PDWHULDO VLJQRV GHIHFWXRVRV GH FRFFLyQ HQ 9LOOD 9LFWRULD FXDQGR VH
    H[KXPDGDHQODVGRVIDVHVGHDFWXDFLyQHQ9LOOD9LFWRULDHO KD SRGLGR HYLGHQFLDU FRQ VHJXULGDG OD LPLWDFLyQ GH HVWH
    DQiOLVLVSUHOLPLQDUGHODPLVPDQRVSHUPLWHOOHYDUDFDERXQD HQYDVHYLQDULRHQODFRPDUFDFDPSRJLEUDOWDUHxD$GHPiVD
    SULPHUD YDORUDFLyQ GH OD SURGXFFLyQ GH HVWH WDOOHU VL ELHQ HVWRVGHIHFWRVGHFRFFLyQKD\TXH XQLUOHVODORFDOL]DFLyQGH
    HVWDV SULPHUDV DSUHFLDFLRQHV GHEHUiQ VHU PDWL]DGDV HQ VX DOJXQDV DVDV UHDOL]DGDV FRQ SDVWDV ORFDOHV TXH GHEHQ
    MXVWDPHGLGDHQHOIXWXUR DVRFLDUVH SRU VX SDUWLFXODU PRGHODGR D OD DXWRUtD ORFDO GH
     HVWHWDOOHU'LFKDSDUWLFXODULGDGUHVLGHHQODSUHVHQFLDGHGRV
    (OPDWHULDODQDOL]DGRHQHVWHHVWXGLRSURFHGHHQVXWRWDOLGDG UHPDWHV DSXQWDGRV HQ OD SDUWH VXSHULRU GH VXV DVDV TXH
    GHOFRUWHKDELHQGRVHOHFFLRQDGRGLYHUVRVLQGLYLGXRVGHOD VXSRQHQ XQ LQWHQWR GH LPLWDFLyQ SRU SDUWH GHO DOIDUHUR GHO
    SUiFWLFD WRWDOLGDG GH VX VHFXHQFLD HVWUDWLJUiILFD (VWRV FRGRFDUDFWHUtVWLFRGHHVWHWLSRGHDVDVEtILGDV
    HMHPSORVSHUPLWHQXQDSHUFHSFLyQGLDFUyQLFDHQXQFRQWH[WR 
    FRQFUHWR TXH SHQVDPRV HV EDVWDQWH LOXVWUDWLYR GH OD 7DPELpQ HO UHJLVWUR HVWUDWLJUiILFR GH 9LOOD 9LFWRULD VH KD
    GLQiPLFD GH ODV SURGXFFLRQHV DQIyULFDV PDQXIDFWXUDGDV HQ PRVWUDGRIDYRUDEOHHQHVWHVHQWLGRSXHVDSHVDUGHTXHHVWD
    9LOOD9LFWRULD LPLWDFLyQORFDOQRVHFRQVROLGDUDHQODPDQXIDFWXUDGHOWDOOHU
     ±QR YXHOYH D LPLWDUVH HQ HO VHJXQGR PRPHQWR GH YLGD GHO
    'XUDQWHORVSULPHURVDxRVODDFWLYLGDGSURGXFWLYDGHHVWH DOIDU HQ ODV GLIHUHQWHV XQLGDGHV HVWUDWLJUiILFDV TXH
    FRPSOHMRDOIDUHURVHFHQWUyHQODPDQXIDFWXUDGHYDULRVWLSRV FRQILJXUDQHVHSHULRGRGHUHFHVRGHODDFWLYLGDGGHODOIDUVH
    DQIyULFRVDOJXQRVGHORVFXDOHVLOXVWUDPRVHQODILJXUD KDQSRGLGRLQGLYLGXDOL]DUDOJXQDVLPLWDFLRQHVGHHVWHHQYDVH
     MXQWR FRQ ORV SULPHURV LQGLYLGXRV GH 'U  (VWD SRVLEOH
    (QWUHHOORVIXHPD\RULWDULDODSURGXFFLyQGHiQIRUDVGHOWLSR HYROXFLyQ GHO WLSR 'U  KDFLD ODV 'U  \D KDEtD VLGR
    'UVLELHQWDPELpQVHFRFLHURQiQIRUDVSDUDGHIUXWXP\ HVER]DGDFRQDQWHULRULGDGSHURHVDKRUDFXDQGRSRUSULPHUD
    GHULYDGRV FRPR VXFHGH FRQ ODV +DOWHUQ  $VLPLVPR GHO YH] FRQWDPRV FRQ HO SULPHU UHJLVWUR HVWUDWLJUiILFR TXH
    UHJLVWURFHUiPLFRVHKDQSRGLGRLQGLYLGXDOL]DUXQDVHULHGH HYLGHQFLD HVWD HYROXFLyQ WLSROyJLFD 3RU ~OWLPR GH HVWRV
    SULPHURV PRPHQWRV GH SURGXFFLyQ GHO FRPSOHMR DOIDUHUR

      
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    WDPELpQ SDUHFH TXH VH SURGXMR DXQTXH GH IRUPD FDVL
    UHVLGXDORWURWLSRGHHQYDVHYLQDULR6HWUDWDGHYDULRVERUGHV
    GHiQIRUDVDVLPLODEOHV DOD 'U DSDUHFLGRVHQHOFRUWH 
    HQYDVHFX\D PDQXIDFWXUD \D VH FRQRFtD HQ RWURVWDOOHUHVGHO
    (VWUHFKRFRPROD9HQWDGHO&DUPHQ %HUQDOHG 
    
    /D VHJXQGD IDVH GH SURGXFFLyQ DQIyULFD GHO WDOOHU GH 9LOOD
    9LFWRULD VH FHQWUD H[FOXVLYDPHQWH HQ OD PDQXIDFWXUD GH
    HQYDVHV GHGLFDGRV DO WUDQVSRUWH GH SURGXFWRV VDOVDULRV \
    VDOD]RQHURV6HGHMDQGHLPLWDUODV'UDVtFRPRWDPSRFR
    DSDUHFHQ \D QL OD +DOWHUQ  QL ODV SRVLEOHV 'U  ORFDOHV
    6LQHPEDUJRVtVLJXHQSURGXFLpQGRVH'UTXHMXQWRDODV
    'U  \ DOJXQDV %HOWUiQ ,, $ SDVDUiQ D FRQILJXUDU HO
    FRQMXQWR GH FRQWHQHGRUHV DQIyULFRV GHO DOIDU GXUDQWH ORV
    SULPHURV DxRV GH UHDFWLYDFLyQ GHO WDOOHU ILJ  
    3RVWHULRUPHQWH WDO \ FRPR VH DSUHFLD HQ ORV FRQWH[WRV
    HVWUDWLJUiILFRV GHO WHVWDU H[FDYDGR ORV DOIDUHURV GH 9LOOD
    9LFWRULD UHGXMHURQ OD SURGXFFLyQ GH 'U  SDUD 

    FRQFHQWUDUVH HQ ORV GRV WLSRV VDOD]RQHV PHQFLRQDGRV


    

    DQWHULRUPHQWH±'U\%HO,,$ ILJ 


    )LJXUD6HJXQGDIDVHGHOWHVWDUSULQFLSDO&XOWXUDPDWHULDOSURFHGHQWHGH

    
    OD8( &RUWH %HOWUiQ,,$  'U  \'U  

    (Q FXDQWR DO VHJXQGR FDVR OD SURGXFFLyQ GH 'U  VH
    

    -XQWR D ORV WLSRV PHQFLRQDGRV HQ XQ PRPHQWR D~Q


    LQGHWHUPLQDGR FRPHQ]y D SURGXFLUVH HQ 9LOOD 9LFWRULD RWUR GHVSUHQGH GH OD ORFDOL]DFLyQ GH XQD VHULH GH ERUGHV \ DVDV
    WLSR GH HQYDVH 1RV UHIHULPRV D ODV iQIRUDV 'U  TXH VL UHODFLRQDEOHV FRQ HVWH WLSR DQIyULFR TXH SUHVHQWDQ XQD
    ELHQ QR IXHURQ PX\ VLJQLILFDWLYDV HQ HO WHVWDU SULQFLSDO VRQ FRORUDFLyQ GH ODV SDVWDV FODUDPHQWH ORFDO 3HVH D TXH OD
    PD\RULWDULDV HQ ORV YHUWLGRV DUURMDGRV DO WHVWDU VHSWHQWULRQDO UDWLILFDFLyQGHODHODERUDFLyQGH'UYHQGUtDDGLYHUVLILFDU
    DFWLYR WDPELpQ SRVLEOHPHQWH HQ HVH VHJXQGR SHULRGR 3RU HQ DOJR OD SURGXFFLyQ GH 9LOOD 9LFWRULD HO UHGXFLGR
    ~OWLPR\SDUDFRPSOHWDUHOUHJLVWURDQIyULFRGH9LOOD9LFWRULD SRUFHQWDMHGHHVWRVHQYDVHVROHDULRVQRPRGLILFDUtDHQH[FHVR
    HQ HVRV PRPHQWRV GHEHPRV PHQFLRQDU TXH WDPELpQ IXHURQ HO PDUFDGR FDUiFWHU VDOD]RQHUR GH ORV FRQWHQHGRUHV SURSLRV
    PRGHODGDV iQIRUDV %HOWUiQ ,,% DVt FRPR SRVLEOHPHQWH 'U GHHVWHFRPSOHMRIDEULO
    (QHOSULPHUFDVRORVHMHPSODUHVGH%HOWUiQ,,%DSDUHFHQ 
    DVRFLDGRVDORV~OWLPRVHVWUDWRVUHODFLRQDGRVFRQODDFWLYLGDG 7DO \ FRPR VH SXHGH DSUHFLDU HQ HVWH VXFLQWR EDODQFH ODV
    GHO DOIDU FRQ OR FXDO SRGUtDPRV VLWXDU VX SURGXFFLyQ HQ SURGXFFLRQHV GH 9LOOD 9LFWRULD VH HQFDPLQDURQ KDFLD OD
    pSRFDIODYLDDOJRTXHMXQWRDORVHMHPSODUHVGHOD9HQWDGHO PDQXIDFWXUD GH iQIRUDV GH WUDQVSRUWH 6LQ HPEDUJR GXUDQWH
    &DUPHQ QRV LQGLFD XQD UHODWLYD WHPSUDQD HODERUDFLyQ GH ODVGRVFDPSDxDVUHDOL]DGDVKDVWDODIHFKDVHKDFRQVWDWDGRD
    HVWRV HQYDVHV FRQ UHVSHFWR D ORV PDQXIDFWXUDGRV HQ RWURV VX YH] OD IDEULFDFLyQ GH RWUD VHULH GH FDWHJRUtDV YDVFXODUHV
    SXQWRV GH OD %pWLFD FRPR SXHGH VHU HO FDVR GH 3XHQWH TXH GHELHURQ HQ ORV GRV SHULRGRV GH DFWLYLGDG GHO DOIDU
    0HOFKRUHQOD%DKtDGH&iGL] *DUFtD\/DYDGR  FRPSOHWDU ODV KRUQDGDV GH ODV GLVWLQWDV HVWUXFWXUDV GH
     FRPEXVWLyQ (Q HVWH VHQWLGR GHVWDFD OD JUDQ GLYHUVLGDG GH
    PDWHULDO FRQVWUXFWLYR DSDUHFLGR HQWUH HO TXH KD\ TXH
    GHVWDFDUDGHPiVGHWpJXODVDGREHVHtPEULFHVORVGLVWLQWRV
    WLSRV GH WHVWDH GRFXPHQWDGRV \D VHDQ FXDGUDQJXODUHV
    UHFWDQJXODUHV R GH FXDUWR R PHGLR FtUFXOR $VLPLVPR
    WDPELpQVHKDSRGLGRFRQILUPDUODSURGXFFLyQGHODGULOORVGH
    WHUPDV DVt FRPR XQ GLYHUVLILFDGR FRQMXQWR GH SURGXFWRV GH
    FHUiPLFDFRP~QHQWUHORVTXHVHHQFXHQWUDQROODVFD]XHODV
    OHEULOORV MDUUDV R PRUWHURV FX\D UHSUHVHQWDFLyQ SRUFHQWXDO
    HV VLQ HPEDUJR PtQLPD FRQ UHVSHFWR D ORV HQYDVHV GH
    WUDQVSRUWH
    
    (OKRUQR8ELFDFLyQ\GHVFULSFLyQ
    'XUDQWH OD VHJXQGD IDVH GH LQWHUYHQFLyQ SUHYLD D OD
    FRQVWUXFFLyQGHOYLDOGHDFFHVRVHGRFXPHQWyODSUHVHQFLDGH
    XQDHVWUXFWXUDFXDGUDQJXODUHQVLOODUHMRTXHHQPDUFDEDRWUD
    GH SUR\HFFLyQ FLUFXODU UHDOL]DGD FRQ JUHGD YHUGRVD PX\
    SOiVWLFDTXHGHOLPLWDEDDVXYH]XQDJUDQPDQFKDDUFLOORVD
     GH FRORU URML]R /D HVWUXFWXUD GRFXPHQWDGD +  IXH
     OLPSLDGD LQLFLDOPHQWH HQ SODQWD GH IRUPD PDQXDO \
    )LJXUD6HJXQGDIDVHGHOWHVWDUSULQFLSDO&XOWXUDPDWHULDOSURFHGHQWHGH
    DSURYHFKDQGR OD DSDULFLyQ GH ORV PXURV SHULPHWUDOHV HQ
    VLOODUHMR VH SURFHGLy D VX GHOLPLWDFLyQ FRQ OD LQWHQFLyQ GH
    OD8( &RUWH %HOWUiQ,,$  'U  'U  \IRQGRGH

     LQGLYLGXDOL]DUOD \ REWHQHU GDWRV HQ UHODFLyQ FRQ VXV


    FHUiPLFDFRP~Q  

     
    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

    GLPHQVLRQHV \ RULHQWDFLyQ 7RGR HOOR HQFDPLQDGR H[FDYDFLyQ GHO QLYHO DUFLOORVR GH FROPDWDFLyQ HQFRQWUDPRV
    OyJLFDPHQWH D VX HVWXGLR \ YDORUDFLyQ $Vt HQ XQD SULPHUD XQ iQIRUD FRPSOHWD GHO WLSR %HOWUiQ ,,$  7UDV OLPSLDU \
    DFWXDFLyQ\XQDYH]FRQILUPDGDODKLSyWHVLVGHTXHVHWUDWDED H[WUDHUODSLH]DVHGHWHFWDURQDVXDOUHGHGRUODVWREHUDVGHOD
    GH XQD HVWUXFWXUD GH FRPEXVWLyQ FRQ HO KDOOD]JR GHO SDUULOOD $ WUDYpV GH ORV YDQRV HUD SRVLEOH REVHUYDU ODV
    DUUDQTXH GH OD FiPDUD GH FRFFLyQ VH SODQWHy XQD QXHYD SULPHUDV KLODGDV GH ODGULOORV UHIUDFWDULRV TXH IRUPDEDQ HO
    PHWRGRORJtD GH WUDEDMR FHQWUDGD HQ VX H[FDYDFLyQ GH IRUPD PXUR SHULPHWUDO GH OD FiPDUD GH FRPEXVWLyQ TXH VH
    SRUPHQRUL]DGD \ SRU FXDGUDQWHV 'HVGH HO SXQWR GH YLVWD HQFRQWUDEDVLQFROPDWDUDOLJXDOTXHHUDSRVLEOHGLVWLQJXLUOD
    HVWUDWLJUiILFRFDEHVHxDODUTXHHOKRUQRHVWiFRQVWUXLGRVREUH SUHVHQFLD GH ORV DUFRV R VXVSHQVXUDH TXH DUUDQFDEDQ GHVGH
    HOQLYHOJHROyJLFRSRUORTXHVHKDSURSXHVWRDIDOWDGHXQ HVWH PXUR SDUD VRVWHQHU OD SDUULOOD (Q GHILQLWLYD WHQtDPRV
    HVWXGLR SRUPHQRUL]DGR GHO PLVPR TXH SHUWHQHFH D OD DQWH QRVRWURV XQ KRUQR RULHQWDGR QRUWHVXU GHOLPLWDGR SRU
    SULPHUD IDVHGHRFXSDFLyQ GHO \DFLPLHQWRGH9LOOD 9LFWRULD FXDWUR PXURV SHULPHWUDOHV GH ORV FXDOHV WUHV VH FRQVHUYDEDQ
    (O KRUQR HVWDED FXELHUWR SRU SDUWH GHO WHVWDU HV GHFLU WXYR FRPSOHWRV FRQ XQD ORQJLWXG WRWDO GH  P FDGD XQR GH
    TXHVHUDEDQGRQDGR\UHOOHQDGRSRUORVYHUWLGRVSURFHGHQWHV HOORV(VWRQRVSHUPLWLyGHGXFLUTXHDXQTXHHOFXDUWRPXUR
    GH XQD VHJXQGD DFWLYLGDG DOIDUHUD FX\RV KRUQRV HVWiQ D~Q QRFRQWDEDFRQPiVGHXQPHWURGHWUD]DGRHQVXVRUtJHQHV
    SRUGHWHFWDU GHELyGHDOFDQ]DUWDPELpQORVPHWURVGHODUJR7RGRHOOR
     SHUPLWtD LQVFULELU HO +RUQR  GHQWUR GH XQD HVWUXFWXUD
    /RVUHVXOWDGRVGHHVWDLQWHUYHQFLyQFRQVWDWDURQODH[LVWHQFLD SHULPHWUDOFXDGUDQJXODUGHP
    GH XQD HVWUXFWXUD GH FRPEXVWLyQ HQ PX\ EXHQ HVWDGR GH 
    FRQVHUYDFLyQ GH OD TXH KDVWD HO PRPHQWR VH KD SRGLGR (VWH KRUQR GH 9LOOD 9LFWRULD VH FRQYLHUWH DVt HQ HO GpFLPR
    GRFXPHQWDUHODUUDQTXHGHVXFiPDUDGHFRFFLyQODSDUULOOD\ KRUQR DOIDUHUR FRQRFLGR HQ OD %DKtD GH $OJHFLUDV WUDV ORV
    OD FiPDUD GH FRPEXVWLyQ ILJ   1R REVWDQWH ODV FXDWURH[KXPDGRVHQ(O5LQFRQFLOORORVGRVGHOD9HQWDGHO
    LQDSURSLDGDV FRQGLFLRQHV FOLPDWROyJLFDV GH ODV ~OWLPDV &DUPHQHOGHO&RUWLMR$OEDODWH %HUQDO \ODSDUHMDGH
    VHPDQDV GH WUDEDMR GH FDPSR DFRQVHMDURQ QR H[KXPDU OD pSRFDWDUGRUURPDQDDSDUHFLGDHQHO5LQJR5DQJR %HUQDO\
    WRWDOLGDG GHO SHUtPHWUR GH HVWH +RUQR  \ PXFKR PHQRV /RUHQ]R   'HEHPRV LQVLVWLU HQ TXH IXQFLRQDOPHQWH VH
    H[FDYDUVXFiPDUDGHFRPEXVWLyQSRUWHPRUDOGHUUXPEHGH SDUHFH D ORV KRUQRV GHO 5LQFRQFLOOR HQ OD H[LVWHQFLD GH XQD
    ODHVWUXFWXUD(VWRVGHWDOOHVGRFXPHQWDOHVKHPRVFRQVLGHUDGR HVWUXFWXUD PXUDULD TXH DEUD]D SHULPHWUDOPHQWH D HVWDV
    PiVRSRUWXQRUHDOL]DUORVHQHOPRPHQWRHQTXHVHDFRPHWDQ HVWUXFWXUDV FRPR VH HQFDUJy GH GHPRVWUDU 0 6RWRPD\RU
    ODVODERUHVGHFXEULPLHQWRRH[WUDFFLyQ 'HWRGRVHOORVHVHOTXHVHKDFRQVHUYDGRHQ PHMRUHVWDGR
     FRQSUiFWLFDPHQWHODWRWDOLGDGGHVXDO]DGR'HWDOOHVHGLOLFLRV
     VLQJXODUHVWDOHVFRPRODVWREHUDVUHFWDQJXODUHVGHODSDUULOOD
     R HO XVR GH JUHGD HQ ODV SHFKLQDV VRQ FXHVWLRQHV TXH VHUiQ
     DERUGDGDVHQRWURVHVWXGLRVPRQRJUiILFRVHQHOIXWXUR
     
      (VWUXFWXUDV DUTXLWHFWyQLFDV DVRFLDGDV DO DOIDU
     'LPHQVLRQHV\FDUDFWHUtVWLFDVFRQVWUXFWLYDV
     &RQ HO UHEDMH SUHYLR GH WRGR HO QLYHO VXSHUILFLDO GHO WHOO VH
     GHWHFWDURQXQFRQMXQWRGHHVWUXFWXUDVDUTXLWHFWyQLFDV'LFKDV
     HVWUXFWXUDV HVWDEDQ FRQVWLWXLGDV SRU XQRV OLHQ]RV GH PXUR
     FRQVWUXLGRV D SDUWLU GH KLODGDV UHDOL]DGDV FRQ IUDJPHQWRV
     FHUiPLFRV WUDEDGRV FRQ JUHGD YHUGH HQPDUFDGRV HQWUH
     DOLQHDFLRQHV GH ODMDV GH SLHGUD SDUD UHJXODUL]DU \ GHFRUDGRV
     FRQODLQFOXVLyQGHSLYRWHVGHiQIRUDHTXLGLVWDQWHV(QWUHORV
     IUDJPHQWRV FHUiPLFRV SUHVHQWHV HQ HO DO]DGR DEXQGDEDQ ORV
    ERUGHV GH iQIRUDV GHO WLSR 'U  SRU ORTXH DSULRUL VH
     SXHGHQ UHODFLRQDU FRQ OD SULPHUD IDVH GHO \DFLPLHQWR /RV
    )LJXUD9LVWDFHQLWDOGHOKRUQR+

    7UDV OD OLPSLH]D VXSHUILFLDO GHO HQWRUQR DGYHUWLPRV OD GHQRPLQDGRVFRPRPXURV00\0FRQIRUPDURQDO


    SUHVHQFLD GH RWURV GRV PXURV GH PDPSRVWHUtD TXH PHQRVGRVHVSDFLRVGHSODQWDFXDGUDQJXODUSHUWHQHFLHQWHVD
    SHUSHQGLFXODUHV DO SULPHUR GLVFXUUtDQ SDUDOHORV KDVWD HO XQSRVLEOHKRUUHXP(OHVWDGRGHFRQVHUYDFLyQGHORVPXURV
    OtPLWHPHULGLRQDO'HLJXDOPRGRVHREVHUYyODSUHVHQFLDGH HVEDVWDQWHDFHSWDEOHFRQVHUYiQGRVHHQDOJXQRVWUDPRVPiV
    RWURV GRV QXHYRV HOHPHQWRV FRQVWUXFWLYRV GRV SHFKLQDV R GHPGHVXDO]DGR ILJV\ (QFXDQWRDODORQJLWXG
    FRQWUDIXHUWHVUHDOL]DGRVFRQIUDJPHQWRVGHPDWHULDODQIyULFR GH ORV PXURV GHO GHQRPLQDGR 0 RULHQWDGR QRUWHVXU  VH
    \ ODWHULFLR VLWXDGRV HQ ODV HVTXLQDV ORV FXDOHV UHIRU]DEDQ OD FRQVHUYDQ PiV GH RFKR PHWURV \ GHO 0 RULHQWDGR HVWH
    WUDQVLFLyQ GH OD SODQWD FXDGUDQJXODU GH ORV PXURV RHVWH  PiV GH GLH] (Q HVWH JUDQ DOPDFpQ VH JXDUGDUtDQ
    SHULPHWUDOHV D OD FLUFXODU GH OD FiPDUD GH FRFFLyQ 3RU SUREDEOHPHQWH ORV VWRFNV GH PDWHULDO FHUiPLFR \
    ~OWLPR HO HVWUDWR GH DUFLOODV URML]DV VH LGHQWLILFy FRPR OD FRQVWUXFWLYR SURGXFLGR HQ ORV DOIDUHV D OD HVSHUD GH TXH
    FROPDWDFLyQGHOLQWHULRUGHODSLURHVWUXFWXUD OOHJDVHQSHGLGRVGHVGHODYHFLQDFLXGDGGH&DUWHLDRGHVGH
     RWURV OXJDUHV GHO HQWRUQR GHVFDUWDQGR SRU RWUR ODGR VX
    &RQ HO SULPHU UHEDMH VH GHWHFWy XQ SDUDPHQWR GH WpJXODV \ SRVLEOHUHODFLyQFRQIXQFLRQHVILVFDOHVDGPLQLVWUDWLYDVDOQR
    ODGULOORV GH WUD\HFWRULD FLUFXODU TXH URGHDEDQ OD FiPDUD GH
    
    FRFFLyQ \ TXH IXQFLRQDURQ FRPR VRSRUWH \ DUUDQTXH GH OD
    EyYHGD GH OD FiPDUD 'HO PLVPR PRGR DO SURVHJXLU OD
    
     5HPLWLPRV D OD FRPXQLFDFLyQ GH ' %HUQDO \ 5 -LPpQH]&DPLQR HQ ODV

    DFWDVGHHVWHFRQJUHVRSDUDORVGHWDOOHVHVSHFtILFRVVREUHHVWH\DFLPLHQWR

      
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    KDEHU DWHVWLJXDGR HQ HVH HVSDFLR QLQJ~Q HMHPSODU GH 
    QXPHUDULRURPDQR 
     
    /RVPXURVGHOKRUUHXPSUHVHQWDQIUDJPHQWRVGHVXVOLHQ]RV 
    FDtGRVKDFLDHOH[WHULRUHVGHFLUKDFLDHORHVWH\KDFLDHOVXU 
    (Q HO ODGR VXU HO SDUDPHQWR FXEUH XQ QLYHO GH DEDQGRQR \ 
    KDFLD HO RHVWH FXEUH GLUHFWDPHQWH HO HVWUDWR JHROyJLFR 
    DUHQDV  (Q HO SULPHU FDVR HO QLYHO GH DEDQGRQR 
    FRQIRUPDGR SRU XQD FDSD GH FHQL]DV UHVWRV RUJiQLFRV \ 
    FHUiPLFDV FRPXQHV GH DOPDFHQDMH \ FHUiPLFDV GH FRFLQD 
    UHTXHPDGDV  DSDUHFH FXEULHQGR HO GHUUXPEH GHO PXUR (OOR 
    FRQILUPD TXH OD HVWUXFWXUD GH DOPDFHQDMH IXH DEDQGRQDGD \ 
    QRDPRUWL]DGDGHXQDYH]/DSDXODWLQDFDtGDGHORVPXURV\ 
    VXVHOODGRSRUHOYHUWHGHURSHUWHQHFLHQWHDODVHJXQGDIDVHGH 
    DFWLYLGDG LQGXVWULDO GHO \DFLPLHQWR VRQ HYLGHQFLDV 
    LUUHIXWDEOHVHQHVWHVHQWLGR 
     
    'H ORV PXURV 0 0 0 \ OD HVWUXFWXUD DEVLGDGD 0 
    DSHQDVVHKDQORFDOL]DGRSHTXHxRVIUDJPHQWRVGHOLHQ]RDOR 
    ODUJRGHODH[FDYDFLyQ/DHVFDVDLQIRUPDFLyQTXH VHSXHGH 
    H[WUDHU GH HVWRV SDUDPHQWRV QR SHUPLWH XQD LGHQWLILFDFLyQ 
    FODUDGHODIXQFLRQDOLGDGGHORVHVSDFLRVTXHFRQIRUPDUtDQ 
     
    'H WRGRV HOORV WDQ VyOR HO GHQRPLQDGR 0 SUHVHQWD XQD 
    DUTXLWHFWXUD FXLGDGD HQ SLHGUD VLPLODU D OD GHO PXUR TXH 
    GHOLPLWDHOHVSDFLRRFXSDGRSRUODVFUHPDFLRQHVHQHOFRUWH 
     \ TXH VH SRGUtD LGHQWLILFDU FRPR SDUWH GH XQD HVWUXFWXUD
    KDELWDFLRQDO (O UHVWR GH ODV XQLGDGHV 0 0 \ 0 
    

    SUHVHQWDQ XQD WpFQLFD FRQVWUXFWLYD PiV SREUH UHDOL]DGD D


    

    EDVH GH VLOODUHMR WUDEDGR FRQ FDO \ YHUGXJDGDV GH ODGULOOR 


    )LJXUD$O]DGRGHO08QLGDGFRQVWUXFWLYDGHOKRUUHXP

    SDUDUHJXODUL]DUODVKLODGDV VH KDEtD FRQVWUXLGR VREUH DUHQDV QLYHO JHROyJLFR


     GRFXPHQWDGRHQODWRWDOLGDGGHO\DFLPLHQWR \SRUWDQWRVH
    (OiUHDGHQHFUySROLV(OXVWULQXP\ODVFUHPDFLRQHV SRGUtD UHODFLRQDU FRQ OD SULPHUD IDVH GH OD DFWLYLGDG GHO
    (O iUHD GH QHFUySROLV VH XELFD HQ HO H[WUHPR RULHQWDO GH OD WDOOHU 3RU VX SDUWH OD HVWUXFWXUD GH ODGULOORV DO URPSHU HO
    SDUFHODGHQRPLQDGD$ ILJV\ HQXQD]RQDHQODTXH PXUR VH UHODFLRQD FRQ HO VHJXQGR PRPHQWR GH DFWLYLGDG
    VXSHUILFLDOPHQWHQRVHDSUHFLDEDQUHVWRVPDWHULDOHVVLQRXQD GHILQLGR
    HVSHVDFDSDGHFREHUWXUDGXQDU/DH[FDYDFLyQ PHFiQLFDGH 
    XQD GH ODV ]DQMDV GH GHOLPLWDFLyQ GHO \DFLPLHQWR GLR FRPR (OEXHQHVWDGRGHFRQVHUYDFLyQGHODHVWUXFWXUDDVtFRPRHO
    UHVXOWDGRHOKDOOD]JRGHXQDVHULHGHHVWUXFWXUDVGHGLIHUHQWH GHVFRQRFLPLHQWR GH OD IXQFLRQDOLGDG GH DPEDV
    WpFQLFD FRQVWUXFWLYD TXH SDUHFtDQ VXSHUSRQHUVH 8QD GH ODV FRQVWUXFFLRQHV KL]R SODXVLEOH XQD SURSXHVWD GH H[FDYDFLyQ
    HVWUXFWXUDV ORFDOL]DGDV WHQtD IRUPD UHFWDQJXODU \ HVWDED PDQXDO3DUDHOORVHSODQWHyXQDDPSOLDFLyQGHOFRUWHGH[
    FRQVWUXLGD FRQ PDWHULDO ODWHULFLR GH YDULRV PyGXORV  PDORHVWHGHOD]DQMDTXHLEDDSHUPLWLUH[FDYDU \DVt
    3UHVHQWDED XQD RULHQWDFLyQ 1(62 \ VH HQFRQWUDED FHUUDGD GHWHUPLQDUOD QDWXUDOH]DGHODHVWUXFWXUDGHODGULOORV'LFKD
    HQVXH[WUHPRQRURULHQWDO(OHVWUDWRTXHFXEUtDODHVWUXFWXUD HVWUXFWXUD IXH LQWHUSUHWDGD FRPR XQ XVWULQXP R FiPDUD GH
    HVWDEDIRUPDGRSRUXQDFDSDHVSHVDGHFHQL]DVGHFRORUDFLyQ FUHPDFLyQ GH FDGiYHUHV ILJ   6LQ HPEDUJR QR VH SXGR
    QHJUX]FD LQWHQVD HQ OD FXDO VyOR SXGR GRFXPHQWDUVH XQ DPSOLDUHOFRUWHKDFLDHOHVWHSXHVWRTXHTXHGDEDIXHUDGHOD
    IUDJPHQWRGHSLFRYHUWHGRUGHXQUHFLSLHQWH \XQ IUDJPHQWR SDUFHOD $ DIHFWDGD SRU OD FRQVWUXFFLyQ  (OOR LPSLGLy
    GH YLGULR DVt FRPR UHVWRV GH FDUERQHV \ PDODFRIDXQD GH OD GHWHUPLQDU FRQ VHJXULGDG OD IXQFLRQDOLGDG GH HVWD
    TXHVHUHFRJLHURQPXHVWUDVSDUDVXSRVWHULRUDQiOLVLV LQWHUHVDQWHHVWUXFWXUDPXUDULD
     
    'XUDQWH HO SURFHVR GH H[FDYDFLyQ MXQWR D OD FDUD 6( GH OD &RQ OD H[KXPDFLyQ FRPSOHWD GH HVWH XVWULQXP \ OD
    HVWUXFWXUDGHODGULOORVVHGRFXPHQWyXQPXURGHFPGH H[FDYDFLyQGHYDULDVFUHPDFLRQHVVHSXGRFRQILUPDUOD
    DQFKXUD \ EXHQD IDFWXUD 'LFKD HVWUXFWXUD HVWDED UHDOL]DGD H[LVWHQFLD HQ HO H[WUHPR RULHQWDO GHO FRPSOHMR DOIDUHUR GH
    PHGLDQWH VLOODUHMR GH GLPHQVLRQHV FRQVLGHUDEOHV WUDEDGRV 9LOOD9LFWRULDGHXQD]RQDGHGLFDGDDXQDDFWLYLGDGDMHQDD
    HQWUHVtFRQDUFLOODGLVSRQLpQGRVHVXFDUDDSODQDGD\UHJXODU OD LQGXVWULDO XQ iUHD GHGLFDGD D FUHPDWRULR GH FDGiYHUHV \
    KDFLD HO H[WHULRU &RQILJXUDEDQ GH HVWH PRGR XQ PXUR GH QHFUySROLV $ OR ODUJR GH OD H[FDYDFLyQ GH HVWH FRUWH
    IDFWXUDFXLGDGDHQHOTXHQRVREUHVDOtDQLQJXQDDULVWD'LFKR GHQRPLQDGR FRUWH   TXHGDURQ GHILQLGDV YDULDV IDVHV
    PXURGLVFXUUtDHQVHQWLGR1:6(DOFDQ]DQGRHQOD]DQMDXQD FXOWXUDOHVGHPDUFDGRLQWHUpV
    ORQJLWXGFHUFDQDDORVWUHVPHWURVTXHH[WHQGLpQGRVHKDFLDHO   IDVH DVRFLDGD D HVWUXFWXUDV PXUDULDV GH GLItFLO
    6(TXHGDEDFRUWDGRSRUODHVWUXFWXUDGHODGULOORV(VWHPXUR LGHQWLILFDFLyQTXHFRQIRUPDEDQHVSDFLRVFXDGUDQJXODUHV

     
    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

    FUHPDFLRQHV VH GRFXPHQWy DEXQGDQWH PDWHULDO DUTXHROyJLFR


    SURSLR GH DMXDUHV IXQHUDULRV 'HVWDFDUtDQ XQD DPSROOD GH
    EDUUR IUDJPHQWRV GH XQJHQWDULRV YDVRV GH YLGULR GRV
    ItEXODV IUDJPHQWDGDV XQD SXOVHUD HQWRUFKDGD GH EURQFH
    IUDJPHQWRVGHOXFHUQDVDOJXQDVPRQHGDV\DEXQGDQWHVFODYRV
    GH EURQFH $VLPLVPR DSDUHFLHURQ QXPHURVRV IUDJPHQWRV GH
    FHUiPLFD DIULFDQD GH FRFLQD \ GH YDMLOOD WDQWR 76+ FRPR
    $56:$
    
    IDVH8QDYH]DEDQGRQDGDVODVHVWUXFWXUDVVHGHWHFWDURQ
    XQ FRQMXQWR GH DFWXDFLRQHV SXQWXDOHV IHFKDGDV HQ pSRFD
    PRGHUQRFRQWHPSRUiQHD TXH KDEtDQ DOWHUDGR ORV QLYHOHV
    DUTXHROyJLFRV'LFKDVDFFLRQHVVHUHIOHMDEDQHQGRVJUDQGHV
    IRVDV SUREDEOHPHQWH UHDOL]DGDV SRU FODQGHVWLQRV TXH D OD
     E~VTXHGD GH PDWHULDOHV GH YDORU KDEtDQ H[FDYDGR KDVWD
     DOFDQ]DU ORV QLYHOHV GH ORV HQWHUUDPLHQWRV 'LFKDV IRVDV
    DOWHUDURQ OD KRUL]RQWDOLGDG GH ORV HVWUDWRV IDYRUHFLHQGR OD
    LQWURGXFFLyQGHPDWHULDOHVVXSHUILFLDOHV
    )LJXUD  3ODQWD GH H[FDYDFLyQ GHO FRUWH  FRQ OD ORFDOL]DFLyQ GH ORV

    
    GLVWLQWRVPXURV\HOXVWULQXP

    RULHQWDGRV(26HWUDWDGHREUDVGHFXLGDGDIDFWXUDUHDOL]DGDV
    

    &RPRUHVXPHQVHSRGUtDGHVWDFDUFyPRSRUSULPHUDYH]VH
    FRQ VLOODUHMR WUDEDGR FRQ DUFLOOD FDO \ ULSLRV GH SLHGUD /D KDEtDGRFXPHQWDGRXQDHVWUXFWXUDGHHVWDVFDUDFWHUtVWLFDVHQ
    ~QLFD GH ODV HVWUXFWXUDV TXH FRQVHUYD SDUWH GHO DO]DGR IXH OD OD%DKtDGH$OJHFLUDVUHPLWLHQGRORVSDUDOHORVPiVFHUFDQRV
    GHILQLGDFRQHOQ~PHURXELFDGDHQHOH[WUHPR12GHOFRUWH D OD FRQRFLGD QHFUySROLV GH *DGHV 6X HVWXGLR HQ HO IXWXUR
     SHUPLWLUi XQ FRQRFLPLHQWR PiV SRUPHQRUL]DGR GHO ULWXDO
      IDVH GHILQLGD D SDUWLU GH OD PRGLILFDFLyQ GHO HVSDFLR IXQHUDULR GH pSRFD DOWRLPSHULDO HQ HVWD ]RQD GHO FRQYHQWXV
    DQWHULRU SRU OD FRQVWUXFFLyQ GH GRV HVWUXFWXUDV XVWULQD  (O *DGLWDQXVHQODFXDOORVGDWRVVREUHHOPXQGRIXQHUDULRVRQ
    XELFDGRDOVXUGHOFRUWH Q~PHUR URPSLyHOPXURSDUDVX D~QPX\HVFDVRV
    FRQVWUXFFLyQ\VHDSR\yFDO]iQGRVHFRQYDULDVSLHGUDVHQHO
    PXUR  (VWDV UHODFLRQHV HVWUDWLJUiILFDV LQGLFDQ TXH OD
    
    FRQVWUXFFLyQGHORVKRUQRVFUHPDWRULRVGHFDGiYHUHVWXYRTXH 9DORUDFLRQHV\QXHYDVSHUVSHFWLYDV
    KDEHU VLGR UHDOL]DGD XQD YH] DPRUWL]DGDV ODV HVWUXFWXUDV /DFURQRORJtDGHOWDOOHUDOIDUHURGH9LOOD9LFWRULD
    PXUDULDVGHODSULPHUDIDVH (Q HO HVWDGR DFWXDO GH OD LQYHVWLJDFLyQ QR HV IiFLO SUHFLVDU
     FRQ GHWDOOH ODV FURQRORJtDV FRQFUHWDV GHO \DFLPLHQWR 6LQ
    IDVHFRUUHVSRQGH FRQ HOXVRGHOXVWULQXP HVWUXFWXUD  HPEDUJR Vt VH SXHGHQ FRQVLGHUDU XQD VHULH GH GDWRV TXH
    &DUDFWHUL]DGDSRUXQODGRSRUHOQLYHOGHFHQL]DTXHQRVyOR D\XGDQ D SODQWHDU HO PDUFR FURQROyJLFR HQ HO FXDO HVWXYR
    FXEUtD OD VXSHUILFLH GHO KRUQR FUHPDWRULR VLQR TXH WDPELpQ DFWLYRHVWHDOIDU/DOHFWXUDHVWUDWLJUiILFDGHOWHVWDULQGXFH D
    FRQWDPLQD HO UHVWR GH OD VXSHUILFLH H[FDYDGD FXEULHQGR ODV SHQVDU TXH ODV SULPHUDV KRUQDGDV GH 9LOOD 9LFWRULD VH
    HVWUXFWXUDVPXUDULDVSUHYLDV(OORFRUURERUDEDODDPRUWL]DFLyQ OOHYDURQDFDERDILQHVGHOV,D&RSULQFLSLRVGHOV,G&
    GH ODV FRQVWUXFFLRQHV GH OD SULPHUD IDVH 'HQWUR GH HVWD IDVH VLHQGRODVGpFDGDVVLWXDGDVHQWUHDPEDVFHQWXULDVODVIHFKDV
    VHDVRFLDEDQFURQROyJLFDPHQWHDOPHQRVWUHVFUHPDFLRQHVHQ PiV SUREDEOHV SDUD HO LQLFLR GHO WDOOHU /D DXVHQFLD GH
    IRVDV VLPSOHV H[FDYDGDV HQ ORV QLYHOHV DUHQRVRV /RV UHVWRV FHUiPLFDV UHSXEOLFDQDV FDVR GH EDUQLFHV QHJURV R iQIRUDV
    yVHRV GH ODV PLVPDV DSDUHFLHURQ UHFRJLGRV HQ WHUFLRV 'U  LPSOLFDQ QR VLWXDU VX FRPLHQ]R HQ ODV GpFDGDV
    LQIHULRUHV GH iQIRUDV GH LPSRUWDFLyQ HQ GRV GH ORV FDVRV \ FHQWUDOHVGHOV,D&6LQHPEDUJRODSUHVHQFLDGHERUGHVGH
    GLUHFWDPHQWHVREUHODIRVDODWHUFHUD(QUHODFLyQFRQHVWDV 'U  QR HYROXFLRQDGRV \ iQIRUDV 'U  MXQWR FRQ OD
     LQH[LVWHQFLDHQHVDSULPHUDIDVHGH%HOWUiQ,,$FRQWULEX\HQ
     D FRQFUHWDU HVWH PRPHQWR HQ pSRFD DXJXVWHD QR PX\
     DYDQ]DGD
     
     'H OD SULPHUD IDVH GHO WDOOHU VH FXHQWD FRQ GRFXPHQWDFLyQ
     DSRUWDGDSRUORVSULPHURVYHUWLGRVGHOWHVWDUDVtFRPRODTXH
     RIUHFHQODVHVWUXFWXUDVVLQFUyQLFDVFDVRGHOSRVLEOHKRUUHXP
     \ HO KRUQR DSDUHFLGRV (Q FXDQWR D OD WLSRORJtD GH OD
     HVWUXFWXUD GH FRPEXVWLyQ pVWD QR DSRUWD GDWRV VXVWDQFLDOHV
     SDUDGDWDUORVLQLFLRVGHOFRPSOHMRDOIDUHUR3RUHOFRQWUDULR
     ORV HOHPHQWRV XWLOL]DGRV SDUD GDU IRUPD D ORV PXURV GH OD
     HVWDQFLD TXH FRQILJXUDQ HO KRUUHXP Vt SURSRUFLRQDQ PD\RU
     SUHFLVLyQ FURQROyJLFD $Vt VXV PXURV IXHURQ FRQVWUXLGRV
     PHGLDQWH XQ ]yFDOR GH VLOODUHMR FRQ SLHGUD DUHQLVFD GH
     PHGLDQR \ JUDQ WDPDxR PLHQWUDV TXH VXV DO]DGRV HQ
    FDPELR VH KLFLHURQ D EDVH GH IUDJPHQWRV FHUiPLFRV ±HQ VX
     PD\RU SDUWH JDOERV GH iQIRUDV 'U  FRUWDGRV
    

    )LJXUD'HWDOOHGHOXVWULQXP\GHOiUHDIXQHUDULD

      
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    LQWHQFLRQDGDPHQWH FRQ XQD PLVPD DQFKXUD \ WUDEDGRV FRQ (Q HOORV OD WULORJtD 76* 76+ \ $56: $ HV FRQVWDQWH
    DUFLOODSOiVWLFDGHFRORUDPDULOOHQWRYHUGRVR3XHVELHQHQWUH UDWLILFDQGR ODV HVFDVDV LPSRUWDFLRQHV GRFXPHQWDGDV D OR
    ORVPLVPRVVHGRFXPHQWyODEDVHGHXQSHTXHxRFXELOHWHGH ODUJRGHODVHFXHQFLDHVWUDWLJUiILFDGHOJUDQWHOOH[FDYDGR
    SDUHGHV ILQDV FX\D FURQRORJtD MXQWR FRQ ODV FLWDGDV iQIRUDV 
    'UFXDGUDFRQODGDWDFLyQSURSXHVWDSDUDORVLQLFLRVGH $Vt SXHV SRU WRGR OR H[SXHVWR \ HQ HO HVWDGR DFWXDO GH OD
    ODDFWLYLGDGGHODOIDUHQpSRFDDXJXVWHD LQYHVWLJDFLyQ HO DOIDU URPDQR GH 9LOOD 9LFWRULD GHELy
     DEDQGRQDUVH D ILQDOHV GHO V , G& R FRPR PXFKR HQ ORV
    6LQ HPEDUJR QR VH SXHGH SUHFLVDU FXDQWR GXUDUtD DTXHOOD SULPHURV DxRV GH OD FHQWXULD VLJXLHQWH DVSHFWR HVWH TXH
    SULPHUDIDVH(O~QLFRHOHPHQWRVLJQLILFDWLYRHQHVWHVHQWLGR FRPRVHHVWiFRPSUREDQGRHQORV~OWLPRVDxRVSDUHFHKDEHU
    HV GHQXHYRODHVWUDWLJUDItD UHVXOWDQWHGH OD H[FDYDFLyQGHO VLGR FRP~Q HQ RWURV DOIDUHV \ DVHQWDPLHQWRV GH OD FRPDUFD
    WHVWDUSULQFLSDO6LQHPEDUJRGHDTXHOSULPHUSHULRGRVRORVH FDPSRJLEUDOWDUHxD
    FXHQWDFRQYDULRVHVWUDWRVGHHVFDVDSRWHQFLDHQORVFXDOHVQR 
    KD\XQFDPELRVLJQLILFDWLYRHQODSURGXFFLyQVLELHQWDQWRHO 9LOOD9LFWRULDHQHOPDUFRGHOD%DKtDGH$OJHFLUDV
    YROXPHQ FRPR OD WLSRORJtD FHUiPLFD ORFDOL]DGD DSXQWD TXH &RQWH[WXDOL]DFLyQKLVWyULFDGHODLQGXVWULDDOIDUHUDHQHO
    GLFKRSULPHUSHULRGRGHELyILQDOL]DUDQWHVGHPHGLDGRVGHOV &DPSRGH*LEUDOWDU
    ,G& &RPR \D VH SODQWHy KDFH DOJXQRV DxRV HO DQiOLVLV GH OD
     SURGXFFLyQ DOIDUHUD GH pSRFD URPDQD HQ HO &DPSR GH
    $ FRQWLQXDFLyQ VH GHVDUUROODUtD XQD IDVH GH UHWUDLPLHQWR GHO *LEUDOWDU DGROHFtD GH XQ HVWXGLR GH FRQMXQWR %HUQDO 
    WDOOHU FX\D H[LVWHQFLD HV FRQRFLGD JUDFLDV DO QLYHO GH  3HVHDHOORYDULRVWUDEDMRVSXEOLFDGRVVREUHORVGLVWLQWRV
    FXEULFLyQ GXQDU R HyOLFR GH ORV SULPHURV YHUWLGRV HQ HO WDOOHUHV ORFDOL]DGRV SHUPLWHQ KR\ HQWUDU D YDORUDU FRQ
    WHVWDU SULQFLSDO 6H GHVFRQRFH VLQ HPEDUJR HO ODSVR GH GHWHQLPLHQWR OD LPSRUWDQFLD GH HVWH SURFHVR HQ HO PDUFR
    WLHPSR SUHFLVR TXH WUDQVFXUULy HQWUH HO FHVH GH ORV YHUWLGRV JHRJUiILFR REMHWR GH HVWXGLR (Q HVWD ]RQD VREUH WRGR D
    FHUiPLFRV \HOUHWRUQRGHO XVR GH HVWHiUHD FRPR YHUWHGHUR SDUWLU GH OD UHIRUPD DXJXVWHD VH SURGXMR XQD DXWpQWLFD
    3RVLEOHPHQWH HO DQiOLVLV SRUPHQRUL]DGR GHO UHJLVWUR RUJDQL]DFLyQ GHO SREODPLHQWR FRQ HVWUXFWXUDV XUEDQDV GH
    FHUiPLFR DVt FRPR ORV UHVXOWDGRV GH ORV DQiOLVLV GLVWLQWDHQWLGDGHQWUHODVTXHGHVWDFyODFLXGDGGH&DUWHLDWDO
    VHGLPHQWROyJLFRVOOHYDGRVDFDERFRQPXHVWUDVREWHQLGDVGH \FRPRVHKDFRPHQWDGRFRQDQWHULRULGDG
    HVWHHVWUDWRGHDUHQDVD\XGDUiQDSUHFLVDUHOFLWDGRKLDWXV 
     0XFKRVGHDTXHOORVHQFODYHVYLYLHURQGHFDUDDOPDU\SRU
    3RU~OWLPRTXL]iHQWRUQRDPHGLDGRVRSRFRGHVSXpVGHOV, WDQWRVXSULQFLSDOPRWRUHFRQyPLFRVHEDVyHQHOGHVDUUROOR
    G& FRPHQ]y HQ 9LOOD 9LFWRULD XQ VHJXQGR SHULRGR GH GHODVDFWLYLGDGHVSHVTXHUDVFRQODLQVWDODFLyQGHQXPHURVDV
    SURGXFFLyQ GHO FXDO D SHVDU GH QR KDEHU GRFXPHQWDGR D~Q IDFWRUtDVGHVDOD]yQDVtORSRQHQHQHYLGHQFLDORVFRQRFLGRV
    VXVHVWUXFWXUDVGHFRPEXVWLyQVHKDFRQVHJXLGRREWHQHUXQD KDOOD]JRVGH*HWDUHVRORVPiVUHFLHQWHVGHODF6DQ1LFROiV
    DPSOLDLQIRUPDFLyQDSDUWLUGHODQiOLVLVGHWDQWRORVYHUWLGRV HQ OD FLXGDG GH $OJHFLUDV %HUQDO -LPpQH] /RUHQ]R
    GHOWHVWDUSULQFLSDOFRPRGHOVHJXQGRYHUWHGHURORFDOL]DGRDO 7RUUHPRFKD \ ([SyVLWR   /D LQIRUPDFLyQ TXH HQ HO
    QRUWH GHO \DFLPLHQWR $VLPLVPR HQ HO FLWDGR FRQWH[WR HVWDGR DFWXDO GH OD LQYHVWLJDFLyQ SURSRUFLRQDQ ORV DOIDUHV
    IXQHUDULRVHDWHVWLJXDURQXQDVHULHGHSLH]DVPRQHWDOHVFX\R XELFDGRVHQHVWDUHJLyQHVGHVLJXDODODYH]TXHLQVXILFLHQWH
    HVWXGLR SRUPHQRUL]DGR IRUWDOHFHUi HO DUFR FURQROyJLFR VLELHQFRPRFRQMXQWRHVOtFLWRLQFOXLUOD%DKtDGH$OJHFLUDV
    SURSXHVWR SDUD HVWH VHJXQGR SHULRGR GHO \DFLPLHQWR 6LQ HQWUHORVJUDQGHVIRFRVDOIDUHURVGHOFRQYHQWXV*DGLWDQXV
    HPEDUJR D SHVDU GH DOFDQ]DU HVWRV QLYHOHV GH YHUWLGRV FDVL 
    FXDWUR PHWURV GH SRWHQFLD Pi[LPD HQ HO WHVWDU SULQFLSDO OD (Q $OJHFLUDV VH KD GRFXPHQWDGR DFWLYLGDG DOIDUHUD HQ (O
    VHJXQGD IDVH QR GHELy VXSHUDU HO PHGLR VLJOR GH DFWLYLGDG &KRUUXHOR 3RQVLFK HQOD&6DQ4XLQWtQ 9LFHQWH
    DEDQGRQiQGRVHHOFRPSOHMRFRQFDVLDEVROXWDVHJXULGDGHQWUH \0DUILO \HQ(O5LQFRQFLOOR(VWH~OWLPRHVVLQ
    pSRFDWDUGRIODYLD ILQDOHV GHOV,G& \ SULQFLSLRVGHOV,, GXGDHOPiVLQWHUHVDQWHDOKDEHUGRFXPHQWDGRYDULRVKRUQRV
    G& GH SODQWD FLUFXODU \ SLODU FHQWUDO FX\D FURQRORJtD VH SXHGH
     HVWDEOHFHU HQWUH HO V, D& \ PHGLDGRV GHO V, G& (Q pO VH
    (V FLHUWR TXH HQ OD SURGXFFLyQ GH 9LOOD 9LFWRULD VH KDQ SURGXMHURQWDQWRiQIRUDV 'U$'U&'U'U
    LQFOXLGRiQIRUDV%HOWUiQ,,%TXHHQORVFRQWH[WRVGHOD%DKtD %HOWUiQ ,,$ \ 6DOD ,  FRPR FHUiPLFDV FRPXQHV GH GLYHUVD
    GH&iGL]HLQFOXVR0iODJDFRPHQ]DURQDPDQXIDFWXUDUVHHQ WLSRORJtDPDWHULDOHVGHFRQVWUXFFLyQSRQGHUD\ILJXULOODVGH
    PD\RUPHGLGDDSDUWLUGHOV,,G&6LQHPEDUJRHVWHKHFKR EDUURGHUHGXFLGDVGLPHQVLRQHV %HUQDO (QHOWpUPLQR
    QR LPSOLFDUtD REOLJDWRULDPHQWH OD FRQWLQXLGDG GHO FRPSOHMR GH/RV%DUULRVHOUHFLHQWHPHQWHH[FDYDGRDOIDU/D9HQWDGH
    KDVWD HVD FHQWXULD SXHV FRPR VH LQGLFDED DQWHULRUPHQWH (O &DUPHQ HV KR\ XQR GH ORV FHQWURV DQIyULFRV PiV
    9LOOD 9LFWRULD QR HV HO ~QLFR FDVR GRQGH ODV %HOWUiQ ,,% LQWHUHVDQWHVGHOD%DKtDHQFXDQWRDODSURGXFFLyQGHiQIRUDV
    FRPLHQ]DQDPRGHODUVHHQpSRFDIODYLDWDPELpQVHKDYLVWR GH VDOD]yQ GH PDWHULDOHV GH FRQVWUXFFLyQ \ FHUiPLFDV
    FRQ DQWHULRULGDG HQ /D 9HQWD GHO &DUPHQ 3RU RWUR ODGR \ FRPXQHVVHUHILHUH7DPELpQGHUHFLHQWHH[FDYDFLyQKDVLGR
    MXQWR D HVWH WLSR GH HQYDVHV WDPELpQ HQ ORV QLYHOHV HO DOIDU WDUGRUURPDQR GH ORV $OWRV GHO 5LQJR 5DQJR 
    VXSHULRUHVGHOYHUWHGHURKDQDSDUHFLGRGLYHUVDVFHUiPLFDVHQ FRPSOHPHQWRDODSDUVIUXFWXDULDGHXQD YLOODTXHSURGXMR
    $56: $ FX\DV WLSRORJtDV UHPLWHQ D PRPHQWRV VLWXDGRV D HQYDVHV GH SURGXFWRV VDOVDULRV WLSRV $OPDJUR  F .HD\
    SDUWLU GH pSRFD IODYLD $$99  $TXLOXq   /RV ;9,.HD\9,.HD\;,;\0DMXHOR,MXQWRFRQFHUiPLFDV
    FRQWH[WRV FHUiPLFRV GH DEDQGRQR GHO XVWULQXP VRQ PiV FRPXQHV\PDWHULDOODWHULFLR %HUQDO\/RUHQ]R 3RUOR
    JHQHURVRV HQ PDWHULDOHV SHUR SODQWHDQGR IHFKDV VLPLODUHV TXHUHVSHFWDDOWpUPLQRGH6DQ5RTXHGHQWURGHORVDFWXDOHV

     
    9LOOD9LFWRULD\HOEDUULRDOIDUHURGH&DUWHLDHQHOV,G&$YDQFHGHODH[FDYDFLyQGHODxR

    WHUUHQRV GH OD )DFWRUtD &$036$ VH FRQRFHQ HVFDVRV GDWRV FLXGDG YHFLQD (Q HVWH VHQWLGR VH KD SRGLGR FRQVWDWDU D
    DFHUFD GH OD H[LVWHQFLD GH XQ DOIDU TXH DO SDUHFHU IXH WUDYpVGHGDWRVLUUHIXWDEOHVFRPRSRUHMHPSORODSURGXFFLyQ
    XWLOL]DGR SDUD OD IDEULFDFLyQ GH ODGULOORV \ WHJXODV <D MXQWR GH PDWHULDO FRQVWUXFWLYR HQ JHQHUDO ODWHULFLR SDUD VHU
    DO*XDGDUUDQTXHIXHGHVFXELHUWRSRU%HOWUiQ/ORULVHQ HPSOHDGR HQ ODV WHUPDV GH OD &RORQLD /DWLQD /LEHUWLQRUXP
    XQQXHYRDOIDUIHFKDGRGHVGHPHGLDGRVGHOV,D&DODpSRFD ODGULOORVVHPLFLUFXODUHVSDUDODVXVSHQVXUDGHOK\SRFDXVWXP
    LPSHULDOFRQSURGXFFLRQHVHPSDUHQWDGDVFRQODIDPLOLDGHOD WHJXODH PDPPDWDH SDUD ODV GREOHV SDUHGHV SODFDV GH EDUUR
    'U  DGHPiV GH IUDJPHQWRV GH 'U  %HOWUiQ   FRFLGR DFDQDODGDV SDUD OD DGKHUHQFLD GH ORV PRUWHURV HWF 
    2WURVDOIDUHVGRFXPHQWDGRVHQHOHQWRUQRGH&DUWHLDVRQORV DVtFRPRODSURSLDFURQRORJtDGHODOIDUVLJOR,G&TXH VH
    GH&DPSDPHQWR&RUWLMRGH$OEDODWH\%DUEHVXODFHUFDHVWD FRUUHVSRQGHFRQHOSHULRGRGHPi[LPRGHVDUUROORXUEDQRGH
    ~OWLPD D OD GHVHPERFDGXUD GHO UtR *XDGLDUR %HUQDO   OD FLXGDG GH &DUWHLD WUDV OD SURIXQGD FULVLV SDGHFLGD FRPR
    (Q ORV ~OWLPRV DxRV VH KDQ UHFRSLODGR GDWRV GH QXHYRV FRQVHFXHQFLD GHO DSR\R TXH OD FLXGDG SUHVWy DO EDQGR
    FRQWH[WRV DOIDUHURV SURFHGHQWHV WDQWR GH SURVSHFFLRQHV SRPSH\DQR 5ROGiQ %HQGDOD %OiQTXH] \ 0DUWtQH] 
    *DUFtD *yPH] 0DULVFDO \ 7RUUHV    FRPR GH  
    KDOOD]JRV SURSLFLDGRV SRU VHJXLPLHQWRV DUTXHROyJLFRV D 
    REUDV FLYLOHV 7RPDVVHWWL   VL ELHQ WRGRV HOORV VH 3HUVSHFWLYDVGHIXWXUR
    FRUUHVSRQGHQ FRQ ORFDOL]DFLRQHV VXSHUILFLDOHV FDUHQWHV GH &RPR VH KD LGR PHQFLRQDQGR HQ HO WUDVFXUVR GH HVWDV
    XQDLQYHVWLJDFLyQDUTXHROyJLFDH[KDXVWLYD SiJLQDV ORV GDWRV XWLOL]DGRV HQ OD DFWXDOLGDG VRQ D~Q
     SURYLVLRQDOHV (O SUHVHQWH DQiOLVLV FRQVWLWX\H SXHV XQ
    /D SURGXFFLyQ GH WRGRV HVWRV WDOOHUHV HYLGHQFLD XQD DYDQFH SUHOLPLQDU D ORV HVWXGLRV TXH GH PDQHUD
    PD\RULWDULDSURGXFFLyQDQIyULFDDXQTXHGHGLFDGDGHPDQHUD SRUPHQRUL]DGDPDWL]DUiQODVKLSyWHVLVDTXtSODQWHDGDV\TXH
    VXEVLGLDULDDODPDQXIDFWXUDGHPDWHULDOODWHULFLRGLYHUVRDVt FRQILJXUDUiQ XQ YROXPHQ PRQRJUiILFR 3HVH D HOOR DOJXQDV
    FRPRGHFHUiPLFDVFRPXQHV(OFRQRFLPLHQWRGHODWLSRORJtD FXHVWLRQHV DTXt SODQWHDGDV VH SXHGHQ FRQVLGHUDU \D
    DQIyULFD DOWRLPSHULDO HVWi OLPLWDGR D ORV GRV ~QLFRV VXILFLHQWHPHQWHDUJXPHQWDGDV
    H[FDYDGRV HO 5LQFRQFLOOR HQ $OJHFLUDV \ OD 9HQWD GHO 
    &DUPHQ HQ /RV %DUULRV SRU OR TXH VX VLVWHPDWL]DFLyQ HV &UHHPRV LPSRUWDQWH OODPDU OD DWHQFLyQ XQD YH] PiV VREUH
    WRGDYtD SDUFLDO 0D\RULWDULDPHQWH VH WUDWD GH iQIRUDV GH ODV SRVLELOLGDGHV GH FRQRFLPLHQWR TXH SUHVHQWD HVWH
    VDOD]RQHV\SRVLEOHPHQWHWDPELpQYLQDULDVHQHOFDVRGHODV \DFLPLHQWR HMHPSOR SDUDGLJPiWLFR GH XQ WDOOHU DOIDUHUR
    'U\+DOWHUQRGHOFRPHUFLRGHODFHLWHFRQODV'U URPDQR SHVH D ODV OLPLWDFLRQHV PHWRGROyJLFRV TXH SRVHHQ
    \6DOD, VLHPSUHODVLQWHUYHQFLRQHVDUTXHROyJLFDVGHXUJHQFLD$VtKD
     VLGR SRVLEOH GHOLPLWDU \ H[FDYDU XQ KRUQR XQD HVWDQFLD GH
    (O WLSR GH HVWUXFWXUDV DSDUHFLGDV HQ ORV WDOOHUHV VH VXHOH PiV TXH QRWDEOHV GLPHQVLRQHV UHODFLRQDGD FRQ XQ SRVLEOH
    OLPLWDU D ORV YHUWHGHURV GHO FRPSOHMR \ D OR VXPR VXV KRUUHXP R DOPDFpQ \ GRV WHVWDUHV GH GLIHUHQWH WDPDxR \
    KRUQRV H[FHSFLyQ KHFKD GHO \DFLPLHQWR GH /D 9HQWD GHO H[WHQVLyQ6LQHPEDUJRHVWHFRPSOHMRIDEULOSDUHFHHYLGHQWH
    &DUPHQ/DWLSRORJtDGHHVWRVKRUQRVHVEDVWDQWHSDUHFLGDD TXHGHELyHVWDUFRPSOHPHQWDGRFRQRWUDVHULHGHHVWDQFLDVGH
    ORVFDUDFWHUtVWLFRVGHOD%DKtDGH&iGL]FRQSODQWDFLUFXODU\ ODV FXDOHV VyOR KD VLGR SRVLEOH GRFXPHQWDU DOJXQDV
    GLYHUVRV VLVWHPDV GH VXVWHQWDFLyQ GH OD SDUULOOD ÒQLFD HVWUXFWXUDVPXUDULDV\ORTXHHVPiVLPSRUWDQWHXQiUHDGH
    H[FHSFLyQ KDVWD OD IHFKD KDQ VLGR ORV KRUQRV GHO &RUWLMR QHFUySROLVDVRFLDGDDpO6HWUDWDSRUWRGRHOORGHXQDGHODV
    $OEDODWH HQ 6DQ 5RTXH FRQ SODQWD UHFWDQJXODU VL ELHQ DO ILJOLQDHEDHWLFDHPHMRUFRQRFLGDVKDVWDODIHFKDDWHQRUGHOD
    WUDWDUVH GH XQ \DFLPLHQWR QR H[FDYDGR QR KD\ VHJXULGDG GLYHUVLGDGGHWHVWLPRQLRVDUTXHROyJLFRVUHFXSHUDGRV
    WRWDO (O GHWHULRUDGR HVWDGR GH FRQVHUYDFLyQ GH DOJXQRV GH 
    HVWRV \DFLPLHQWRV H LQFOXVR VX WRWDO GHVWUXFFLyQ (O (OKDOOD]JRGHWRGDVHVWDVXQLGDGHVSRVLELOLWDKR\QRVyORXQ
    &KRUUXHOR 6DQ 4XLQWtQ )DFWRUtD &DPSVD *XDGDUUDQTXH  HVWXGLRSURGXFWLYRGHOWDOOHUVLQRWDPELpQLQYHVWLJDFLRQHVGH
    KDFHQ TXH ODV SRVLELOLGDGHV GH UHFDEDU PDV LQIRUPDFLyQ GH PD\RU WUDVIRQGR VRFLDO \ FXOWXUDO (Q HVWH VHQWLGR VX
    ORVPLVPRVVHDQHVFDVDVGHDKtTXHVyORQXHYRVKDOOD]JRV FHUFDQtDD &DUWHLDGHODFXDOWXYRTXHGHSHQGHUD\XGDUi D
    FDVR DFWXDO GH 9LOOD 9LFWRULD SHUPLWHQ XQ DYDQFH FRPSUHQGHU GLFKRV SURFHVRV 3RU HOOR OD LQFOXVLyQ GH ORV
    FRQVLGHUDEOHHQODLQYHVWLJDFLyQ DOIDUHV GH 9LOOD 9LFWRULD FRPR SDUWH LQGLVROXEOH GHO
     HQWUDPDGR LQGXVWULDO GH HVWD FLXGDG KLVSDQRUURPDQD VHUi
    $ HVWH FRUSXV KDEUtD TXH VXPDU DKRUD OD ILJOLQD REMHWR GH FODYHSDUDFRQRFHU\FRPSUHQGHUODWUD\HFWRULDHVSHFtILFDGHO
    HVWHWUDEDMR±HODOIDUGH9LOOD9LFWRULDTXHVLWXDGDWDPELpQ DOIDU4XL]iHOLQLFLRGHODDFWLYLGDGODIDVHGHUHWUDLPLHQWR
    HQ ]RQD FHUFDQD D OD FRVWD VH XELFy D SRFRV PHWURV GHO HLQFOXVRHOFHVHGHODPLVPDQRGHEDQSRQHUVHHQUHODFLyQ
    UHFLQWRXUEDQRGH&DUWHLD/DSUR[LPLGDGDGLFKDFLXGDGDVt FRQ FDXVDV LQWUtQVHFDV GHO SURSLR WDOOHU VLQR FRQ SURFHVRV
    FRPRHOKHFKRGHTXHHQHVWD~OWLPDKD\DQDSDUHFLGRWpJXODV FR\XQWXUDOHV GH PD\RU HQYHUJDGXUD GH ORV FXDOHV &DUWHLD
    FRQ OD PDUFD &$57(,$ UHODFLRQDEOHV FRQ OD H[LVWHQFLD GH GHELyVHUSURWDJRQLVWDVXVWDQFLDO
    WDOOHUHV FRQWURODGRV GLUHFWDPHQWH SRU HO PXQLFLSLXP 
    IDYRUHFLy SODQWHDU HQ XQ SULPHU PRPHQWR OD SRVLELOLGDG GH 3DUDOHODPHQWH HQ OR UHIHUHQWH \D GH PDQHUD HVWULFWD D ODV
    TXH HO DOIDU GH 9LOOD 9LFWRULD HVWXYLHUD FRQWURODGR SRU OD FXHVWLRQHV SURSLDV GH OD DUTXHRORJtD GH OD SURGXFFLyQ OD
    PLVPDFLXGDG(QFXDOTXLHUFDVRDXQTXHQRVHWUDWDUDGHXQ LQWHUYHQFLyQ HQ ORV DOIDUHV GH 9LOOD 9LFWRULD 6DQ 5RTXH
    WDOOHU PXQLFLSDO FXHVWLyQ pVWD QR GHPRVWUDGD &iGL] DEUHXQDPSOLRFDPSRGHLQYHVWLJDFLyQHQWRUQRDOD
    DUTXHROyJLFDPHQWHSRUHOPRPHQWRVtKD\TXHUHODFLRQDUOD PDQXIDFWXUD GH ORV HQYDVHV GH WUDQVSRUWH HQ OD FRPDUFD
    SURGXFFLyQ GHO WDOOHU FRQ ODV QHFHVLGDGHV FRWLGLDQDV GH OD FDPSRJLEUDOWDUHxD 6L ELHQ HV FLHUWR TXH HOOR KD VLGR

      
    'DUtR%HUQDO&DVDVROD/RXUGHV5ROGiQ*yPH]-XDQ%OiQTXH]3pUH]
    )HUQDQGR3UDGRV0DUWtQH]\-RVp-'tD]5RGUtJXH]
    DERUGDGR HQ ORV ~OWLPRV DxRV FRQ VXILFLHQFLD OD GHO &DUPHQ /RV %DUULRV &iGL]  8QLYHUVLGDG $XWyQRPD GH
    GRFXPHQWDFLyQ SURSRUFLRQDGD DKRUD SRU 9LOOD 9LFWRULD 0DGULGSS
    SHUPLWLUiPDWL]DUODVFRQFOXVLRQHVD ODVTXHHOHVWDGRDFWXDO %(51$/&$6$62/$'\/25(1=20$57Ë1(=/ 
    GHODLQYHVWLJDFLyQKDEtDOOHJDGR+HFKRVSRUHMHPSORFRPR HG  ([FDYDFLRQHV DUTXHROyJLFDV HQ OD YLOOD URPDQD GHO 3XHQWH
    *UDQGH /RV $OWRV GHO 5LQJR 5DQJR /RV %DUULRV &iGL]  8QD
    OD PDQXIDFWXUD PD\RULWDULD GH iQIRUDV 'U  GXUDQWH OD YHQWDQD DO FRQRFLPLHQWR GH OD H[SORWDFLyQ HFRQyPLFD GH OD EDKtD
    SULPHUDIDVHGHYLGDGHODOIDUMXQWRFRQODLPLWDFLyQGH'U GH$OJHFLUDVHQWUHHOV,\HO9G&3XQWD8PEUtD
    ODHYROXFLyQGHpVWDVKDFLDODV'URODPDQXIDFWXUD %5$92 -,0e1(= 6   ,QIRUPH SUHOLPLQDU GH OD
    DUHGXFLGDHVFDODGH RWURVWLSRVDQIyULFRV FRPRODV+DOWHUQ ,QWHUYHQFLyQ$UTXHROyJLFDGH8UJHQFLDHQHO3ODQ3DUFLDOGH9LOOD
    'URODV'USURYRFDUiQFRQWRWDOVHJXULGDGHQXQ 9LFWRULD3XHQWH 0D\RUJD 6DQ 5RTXH &iGL]  2ULJLQDO GHSRVLWDGR
    IXWXURSUy[LPRXQFDPELRHQHOFRQRFLPLHQWRGHODDOIDUHUtD HQOD'HOHJDFLyQ3URYLQFLDOGH&XOWXUDGH&iGL]
    URPDQDHQHVWD]RQDGHOFRQYHQWXV*DGLWDQXV 'Ë$=--6È(=$072%262(-0217(52$,\
     0217(525  ³/DVSURGXFFLRQHVFHUiPLFDVHQODVEDKtDV
    (Q UHVXPHQ ODV SRVLELOLGDGHV TXH RIUHFH HO UHJLVWUR GH$OJHFLUDV\&iGL]HQOD$QWLJHGDG$QiOLVLVFRPSDUDWLYRGHVXV
    WUD\HFWRULDVDOIDUHUDV´$OPRUDLPD$FWDVGHODV9,,-RUQDGDVGH
    DUTXHROyJLFRGH9LOOD9LFWRULDVRQFLHQWtILFDPHQWHKDEODQGR +LVWRULDGHO&DPSRGH*LEUDOWDU &DVWHOODU 
    GH H[WUDRUGLQDULR YDORU VL ELHQ HQ HVWDV SiJLQDV VyOR VH KD )(51È1'(=&$&+26  ³/DVLQGXVWULDVGHULYDGDVGHOD
    SUHWHQGLGR RIUHFHU XQD SULPHUD D OD YH] TXH SURYLVLRQDO SHVFD HQ OD SURYLQFLD URPDQD GH OD %pWLFD OD DOIDUHUtD GH (O
    YDORUDFLyQGHOWDOOHU(VSRUHOORTXHWRGDV\FDGDXQDGHODV 5LQFRQFLOOR $OJHFLUDV&iGL] ´6SDOSS
    KLSyWHVLVHQHOODVSODQWHDGDVKDQGHVHUWRPDGDVFRQFDXWHOD )/(7&+(5 9$//6 '   ³7LSRORJtD GH ORV KRUQRV
    6RQ PXFKDV WRGDYtD ODV SRVLELOLGDGHV GH DQiOLVLV TXH HVWH FHUiPLFRV URPDQRV HQ (VSDxD´ $UFKLYR (VSDxRO GH $UTXHRORJtD
    FRPSOHMR DOIDUHUR SXHGH GHSDUDUQRV HQ XQ IXWXUR SUy[LPR SS
    DVtFRPRDEXOWDGDODGRFXPHQWDFLyQ\DQDOtWLFDDFWXDOPHQWH *$5&Ë$ 'Ë$= 0 *Ï0(= $55248,$ 0 0$5,6&$/
    HQSURFHVRGHHVWXGLR 5,9(5$ ' \ 7255(6 $%5,/ )   ³5HVXOWDGRV GHO
    SUR\HFWRGHLQYHVWLJDFLyQ±5HDOL]DFLyQGHODFDWDORJDFLyQJHQpULFD
     \FROHFWLYDGHOLQYHQWDULRGH\DFLPLHQWRVDUTXHROyJLFRVGHO&DPSR
    %LEOLRJUDItD GH*LEUDOWDU´$OPRUDLPDSS
     *$5&Ë$ 9$5*$6 ( \ /$9$'2 )/25,'2 0/  
    $$99   $WODQWH GHOOH IRUPH FHUDPLFKH , &HUDPLFD ILQD ³ÈQIRUDV DOWR PHGLR \ EDMRLPSHULDOHV SURGXFLGDV HQ HO DOIDU GH
    URPDQD QHO EDFLQR PHGLWHUUDQHR PHGLR H WDUGR LPSHUR  3XHQWH 0HOFKRU 9LOODQXHYD3DVR D 1LYHO 3XHUWR UHDO &iGL] ´
    (QFLFORSHGLDGHOO¶$UWH$QWLFD&ODVVLFDH2ULHQWDOH5RPD 6SDOSS
    $'$0 -3   /D FRQVWUXFFLyQ URPDQD 0DWHULDOHV \ 3216,&+ 0   $FHLWH GH ROLYD \ VDOD]RQHV GH SHVFDGR
    WpFQLFDV/HyQ )DFWRUHVJHRHFRQyPLFRVGH%HWLFD\7LQJLWDQLD0DGULG
    $/2162 9,//$/2%26 &   ³3URVSHFFLyQ SDUD OD 52/'È1*Ï0(=/  7pFQLFDVFRQVWUXFWLYDVURPDQDVHQ
    ORFDOL]DFLyQ GH \DFLPLHQWRV GH SURGXFFLyQ DQIyULFD GH pSRFD &DUWHLD0DGULG
    URPDQD &iGL]´ $$$ ,, $FWLYLGDGHV 6LVWHPiWLFDV ,QIRUPHV \ 52/'È1*Ï0(=/%(1'$/$*$/È10%/È148(=
    0HPRULDVSS 3e5(=-\0$57Ë1(=/,//26  &DUWHLD0DGULG
    $48,/8e ;   ³/D FHUiPLFD FRP~Q DIULFDQD´ &HUiPLFD 52/'È1 *Ï0(= / \ %(51$/ &$6$62/$ '  
    FRPXQDURPDQDG¶qSRFD$OWRLPSHULDODOD3HQtQVXOD,EpULFD(VWDW ³ÈQIRUDV \ PDWHULDOHV FRQVWUXFWLYRV GH &DUWHLD 8Q HMHPSOR GH OD
    GHODTHVWLy0RQRJUDILHV(PSRULWDQHV9,,,SS GLVSHUVLyQGHODVFHUiPLFDVGHORVDOIDUHVGHOD9HQWDGHO&DUPHQ´
    %(/75È1 0   ³3UREOHPDV GH OD PRUIRORJtD \ GHO %HUQDO' HG ([FDYDFLRQHVDUTXHROyJLFDVHQHODOIDUURPDQRGH
    FRQFHSWR KLVWyULFRJHRJUiILFR TXH UHFXEUH OD QRFLyQ WLSR OD9HQWDGHO&DUPHQ/RV%DUULRV &iGL] 8QLYHUVLGDG$XWyQRPD
    $SRUWDFLRQHV D OD WLSRORJtD GH ODV iQIRUDV EpWLFDV´ 0HWKRGHV GH0DGULGSS
    FODVVLTXHVHWPHWKRGHVIRUPHOOHVGDQVOHWXGHGHVDPSKRUHV(FROH 52/'È1 *Ï0(= / %/È148(= 3e5(= - %(51$/
    )UDQoDLVHGH5RPH5RPDSS &$6$62/$ ' 35$'26 0$57Ë1(= ) \ 'Ë$=
    %(1'$/$ 0 5,&2 & \ 52/'È1 / (GV   (O 52'5Ë*8(= -- D  ,QIRUPH GH OD ,QWHUYHQFLyQ
    ODGULOOR\VXVGHULYDGRVHQpSRFDURPDQD0DGULG $UTXHROyJLFDGH8UJHQFLDHQHODOIDUURPDQRGH9LOOD9LFWRULD 6DQ
    %(1'$/$052/'È1/%/È148(=-\0$57Ë1(= 5RTXH&iGL] 3ULPHUD)DVH2ULJLQDOGHSRVLWDGRHQOD'HOHJDFLyQ
    6   ³3UR\HFWR &DUWHLD 3ULPHURV UHVXOWDGRV´ &XDGHUQRV GH 3URYLQFLDOGH&XOWXUDGH&iGL]
    3UHKLVWRULD\$UTXHRORJtDGHOD8QLYHUVLGDG$XWyQRPDGH0DGULG 52/'È1 *Ï0(= / %/È148(= 3e5(= - %(51$/
    0DGULGSS &$6$62/$ ' 35$'26 0$57Ë1(= ) \ 'Ë$=
    %(51$/&$6$62/$'  ³/DSURGXFFLyQDQIyULFDHQOD 52'5Ë*8(= -- E  ,QIRUPH GH OD ,QWHUYHQFLyQ
    %DKtD GH $OJHFLUDV HQ pSRFD URPDQD´ HQ %HUQDO ' HG  $UTXHROyJLFDGH8UJHQFLDHQHODOIDUURPDQRGH9LOOD9LFWRULD 6DQ
    ([FDYDFLRQHV DUTXHROyJLFDV HQ HO DOIDU URPDQR GH OD 9HQWD GHO 5RTXH&iGL] 6HJXQGD)DVH2ULJLQDOGHSRVLWDGRHQOD'HOHJDFLyQ
    &DUPHQ /RV %DUULRV &iGL]  8QLYHUVLGDG $XWyQRPD GH 0DGULG 3URYLQFLDOGH&XOWXUDGH&iGL]
    SS 62720$<25 0   ³+RUQRV URPDQRV GH iQIRUDV HQ
    %(51$/' HG ([FDYDFLRQHVDUTXHROyJLFDVHQHODOIDU $OJHFLUDV´;&RQJUHVR1DFLRQDOGH$UTXHRORJtDSS
    URPDQRGHOD9HQWDGHO&DUPHQ/RV%DUULRV &iGL] 8QLYHUVLGDG 720$66(77, *8(55$ -0   3UR\HFWR GH YLJLODQFLD
    $XWyQRPDGH0DGULG &07  GH OD LQVWDODFLyQ GH XQD WXEHUtD SDUD FRQGXFFLyQ GH
    %(51$/'-,0e1(=5/25(1=2/7255(02&+$ KLGUyJHQRHQWUHODUHILQHUtD&HSVD *XDGDUUDQTXH H,QWHUTXLVD6DQ
    $ \ (;3Ï6,72 -$   ³/DV IDFWRUtDV GH VDOD]RQHV GH 5RTXH &iGL] 2ULJLQDO GHSRVLWDGR HQ OD 'HOHJDFLyQ 3URYLQFLDO GH
    7UDGXFWD (VSHFWDFXODUHV KDOOD]JRV DUTXHROyJLFRV HQ OD F 6DQ &XOWXUDGH&iGL]
    1LFROiVGH$OJHFLUDV´9,,-RUQDGDVGH+LVWRULDGHO&DPSRGH 9,&(17(-,\0$5),/3  ³1XHYDVSHUVSHFWLYDVGHOD
    *LEUDOWDU &DVWHOODU $OPRUDLPDSS DUTXHRORJtD URPDQD GH $OJHFLUDV´ , -RUQDGDV GH KLVWRULD GHO
    %(51$/ &$6$62/$ ' \ /25(1=2 0$57Ë1(= / &DPSRGH*LEUDOWDU$OPRUDLPDSS
      ³/RV KRUQRV \ ODV HVWUXFWXUDV DVRFLDGDV´ HQ %HUQDO ' 
    HG  ([FDYDFLRQHV DUTXHROyJLFDV HQ HO DOIDU URPDQR GH OD 9HQWD

     

    You might also like