Anda di halaman 1dari 6

+RZ%LRPDVV(QHUJ\:RUNV


7RPDQ\SHRSOHWKHPRVWIDPLOLDUIRUPVRIUHQHZDEOHHQHUJ\DUHWKHZLQGDQGWKHVXQ%XWELRPDVV SODQW
PDWHULDODQGDQLPDOZDVWH VXSSOLHVDOPRVWWLPHVDVPXFKHQHUJ\LQWKH8QLWHG6WDWHVDVZLQGDQGVRODU
SRZHUFRPELQHGDQGKDVWKHSRWHQWLDOWRVXSSO\PXFKPRUH>@

7KHUHDUHDZLGHYDULHW\RIELRPDVVHQHUJ\UHVRXUFHVLQFOXGLQJWUHHDQGJUDVVFURSVDQGIRUHVWU\DJULFXOWXUDO
DQGXUEDQZDVWHV,WLVWKHROGHVWVRXUFHRIUHQHZDEOHHQHUJ\NQRZQWRKXPDQVXVHGVLQFHRXUDQFHVWRUV
OHDUQHGWKHVHFUHWRIILUH

%LRPDVVLVDUHQHZDEOHHQHUJ\VRXUFHEHFDXVHWKHHQHUJ\LWFRQWDLQVFRPHVIURPWKHVXQ7KURXJKWKHSURFHVV
RISKRWRV\QWKHVLVFKORURSK\OOLQSODQWVFDSWXUHVWKHVXQ
VHQHUJ\E\FRQYHUWLQJFDUERQGLR[LGHIURPWKHDLUDQG
ZDWHUIURPWKHJURXQGLQWRFDUERK\GUDWHVFRPSOH[FRPSRXQGVFRPSRVHGRIFDUERQK\GURJHQDQGR[\JHQ
:KHQWKHVHFDUERK\GUDWHVDUHEXUQHGWKH\WXUQEDFNLQWRFDUERQGLR[LGHDQGZDWHUDQGUHOHDVHWKHVXQ
V
HQHUJ\WKH\FRQWDLQ,QWKLVZD\ELRPDVVIXQFWLRQVDVDVRUWRIQDWXUDOEDWWHU\IRUVWRULQJVRODUHQHUJ\$VORQJ
DVELRPDVVLVSURGXFHGVXVWDLQDEO\ZLWKRQO\DVPXFKXVHGDVLVJURZQWKHEDWWHU\ZLOOODVWLQGHILQLWHO\

)URPWKHWLPHRI3URPHWKHXVWRWKHSUHVHQWWKHPRVWFRPPRQZD\WRFDSWXUHWKHHQHUJ\IURPELRPDVVZDVWR
EXUQLWWRPDNHKHDWVWHDPDQGHOHFWULFLW\%XWDGYDQFHVLQUHFHQW\HDUVKDYHVKRZQWKDWWKHUHDUHPRUH
HIILFLHQWDQGFOHDQHUZD\VWRXVHELRPDVV,WFDQEHFRQYHUWHGLQWROLTXLGIXHOVIRUH[DPSOHRUFRRNHGLQD
SURFHVVFDOOHGJDVLILFDWLRQWRSURGXFHFRPEXVWLEOHJDVHV$QGFHUWDLQFURSVVXFKDVVZLWFKJUDVVDQGZLOORZ
WUHHVDUHHVSHFLDOO\VXLWHGDVHQHUJ\FURSVSODQWVJURZQVSHFLILFDOO\IRUHQHUJ\JHQHUDWLRQ


7\SHVRI%LRPDVV

7KHUHDUHPDQ\W\SHVRISODQWVLQWKHZRUOGDQGPDQ\ZD\VWKH\FDQEHXVHGIRUHQHUJ\SURGXFWLRQ,Q
JHQHUDOWKHUHDUHWZRDSSURDFKHVJURZLQJSODQWVVSHFLILFDOO\IRUHQHUJ\XVHDQGXVLQJWKHUHVLGXHVIURP
SODQWVWKDWDUHXVHGIRURWKHUWKLQJV7KHEHVWDSSURDFKHVYDU\IURPUHJLRQWRUHJLRQDFFRUGLQJWRFOLPDWH
VRLOVJHRJUDSK\SRSXODWLRQDQGVRRQ


(QHUJ\&URSV

(QHUJ\FURSVDOVRFDOOHGSRZHUFURSVFRXOGEHJURZQRQIDUPVLQSRWHQWLDOO\YHU\ODUJHTXDQWLWLHVMXVWOLNH
IRRGFURSV7UHHVDQGJUDVVHVSDUWLFXODUO\WKRVHWKDWDUHQDWLYHWRDUHJLRQDUHWKHEHVWFURSVIRUHQHUJ\EXW
RWKHUOHVVDJULFXOWXUDOO\VXVWDLQDEOHFURSVVXFKDVFRUQWHQGWREHXVHGIRUHQHUJ\SXUSRVHVDWSUHVHQW


7UHHV

,QDGGLWLRQWRJURZLQJYHU\IDVWVRPHWUHHVZLOOJURZEDFNDIWHUEHLQJFXWRIIFORVHWRWKHJURXQGD
IHDWXUHFDOOHGFRSSLFLQJ&RSSLFLQJDOORZVWUHHVWREHKDUYHVWHGHYHU\WKUHHWRHLJKW\HDUVIRURU
\HDUVEHIRUHUHSODQWLQJ7KHVHWUHHVDOVRFDOOHGVKRUWURWDWLRQZRRG\FURSVJURZDVPXFKDVIHHW
KLJKLQWKH\HDUVEHWZHHQKDUYHVWV,QWKHFRROHUZHWWHUUHJLRQVRIWKHQRUWKHUQ8QLWHG6WDWHVYDULHWLHVRI
SRSODUPDSOHEODFNORFXVWDQGZLOORZDUHWKHEHVWFKRLFH,QWKHZDUPHU6RXWKHDVWV\FDPRUHDQG
VZHHWJXPDUHEHVWZKLOHLQWKHZDUPHVWSDUWVRI)ORULGDDQG&DOLIRUQLDHXFDO\SWXVLVOLNHO\WRJURZZHOO


*UDVVHV

7KLQVWHPPHGSHUHQQLDOJUDVVHVXVHGWREODQNHWWKHSUDLULHVRIWKH8QLWHG6WDWHVEHIRUHWKHVHWWOHUV
UHSODFHGWKHPZLWKFRUQDQGEHDQV6ZLWFKJUDVVELJEOXHVWHPDQGRWKHUQDWLYHYDULHWLHVJURZTXLFNO\LQ

July 2006
PDQ\SDUWVRIWKHFRXQWU\DQGFDQEHKDUYHVWHGIRUXSWR\HDUVEHIRUHUHSODQWLQJ7KLFNVWHPPHG
SHUHQQLDOVOLNHVXJDUFDQHDQGHOHSKDQWJUDVVFDQEHJURZQLQKRWDQGZHWFOLPDWHVOLNHWKRVHRI)ORULGD
DQG+DZDLL

7KH)XVV$ERXW6ZLWFKJUDVV

,QKLV6WDWHRIWKH8QLRQ$GGUHVV3UHVLGHQW%XVK
UHPDUNHGWKDW:HUHZRUNLQJRQUHVHDUFKVWURQJUHVHDUFKWR
ILJXUHRXWFHOOXORVLFHWKDQROWKDWFDQEHPDGHIURPZRRGFKLSV
RUVWDONVRUVZLWFKJUDVV:KDWLVVZLWFKJUDVVDQGZK\GLGLW
JHWPHQWLRQHGLQDPDMRUSUHVLGHQWLDODGGUHVV"6ZLWFKJUDVVLV
DVXPPHUSHUHQQLDOJUDVVWKDWJURZVWKURXJKRXWWKH*UHDW
3ODLQVUHJLRQRIWKH8QLWHG6WDWHVDVZHOODVYDULRXVSDUWVRI
WKH6RXWK6ZLWFKJUDVVLVDKDUG\VSHFLHVUHVLVWDQWWRIORRGV
GURXJKWVQXWULHQWSRRUVRLOVDQGSHVWVDQGGRHVQRWUHTXLUH
PXFKIHUWLOL]HUWRSURGXFHFRQVLVWHQWKLJK\LHOGV7RGD\
VZLWFKJUDVVLVSULPDULO\FXOWLYDWHGDQGXVHGE\PDQ\IDUPHUV
DVHLWKHUDIHHGIRUOLYHVWRFNRUGXHWRLWVGHHSURRWVWUXFWXUH
DVJURXQGFRYHUWRSUHYHQWVRLOHURVLRQ+RZHYHUWKLVSUDLULH
JUDVVZDVUHFHQWO\SXWLQWKHVSRWOLJKWEHFDXVHRILWVSURPLVH
IRUHQHUJ\SURGXFWLRQ5HVHDUFKHUVEHOLHYHWKDWVZLWFKJUDVV
FDQEHDQLPSRUWDQWIHHGVWRFNIRUWKHSURGXFWLRQRIHWKDQRO
SURYLGLQJVXEVWDQWLDODGYDQWDJHVLQFOXGLQJJUHDWHUQHWHQHUJ\
VDYLQJVDQGFDUERQGLR[LGHUHGXFWLRQVFRPSDUHGWRFRUQ
EDVHGHWKDQROSURGXFWLRQ,WFDQDOVRKHOSUHGXFHRXUQDWLRQV
GHSHQGHQFHRQRLODVHULRXVSUREOHPWKDW3UHVLGHQW%XVKKDV
GHVFULEHGDVDQDGGLFWLRQ


2WKHUFURSV

$WKLUGW\SHRIJUDVVLQFOXGHVDQQXDOVFRPPRQO\JURZQIRUIRRGVXFKDVFRUQDQGVRUJKXP6LQFHWKHVH
PXVWEHUHSODQWHGHYHU\\HDUWKH\UHTXLUHPXFKFORVHUPDQDJHPHQWDQGJUHDWHUXVHRIIHUWLOL]HUV
SHVWLFLGHVDQGHQHUJ\:KLOHFRUQFXUUHQWO\SURYLGHVPRVWRIWKHOLTXLGIXHOIURPELRPDVVLQWKH8QLWHG
6WDWHVWKHUHDUHPRUHVXVWDLQDEOHZD\VWRSURGXFHHQHUJ\IURPSODQWV


2LOSODQWV

3ODQWVVXFKDVVR\EHDQVDQGVXQIORZHUVSURGXFHRLOZKLFKFDQEHXVHGWRPDNHIXHOV/LNHFRUQWKRXJK
WKHVHFURSVUHTXLUHLQWHQVLYHPDQDJHPHQWDQGPD\QRWEHVXVWDLQDEOHLQWKHORQJHUWHUP$UDWKHU
GLIIHUHQWW\SHRIRLOFURSZLWKJUHDWSURPLVHIRUWKHIXWXUHLVPLFURDOJDH7KHVHWLQ\DTXDWLFSODQWVKDYHWKH
SRWHQWLDOWRJURZH[WUHPHO\IDVWLQWKHKRWVKDOORZVDOLQHZDWHUIRXQGLQVRPHODNHVLQWKHGHVHUW
6RXWKZHVW,Q*UHHQ)XHO7HFKQRORJLHVD0DVVDFKXVHWWVEDVHGFRPSDQ\KDUQHVVHGWKHDELOLW\WR
FDSWXUHDQGXVHFDUERQGLR[LGHHPLVVLRQVIURPSRZHUSODQWVDVDPHDQVWRVWLPXODWHDOJDHJURZWK>@7KH
DOJDHLVWKHQFRQYHUWHGLQWRDYDULRXVUDQJHRIIXHOV7KLVWHFKQRORJ\NQRZQDV(PLVVLRQVWR%LRIXHOVLV
GHPRQVWUDWLQJJUHDWSURPLVHDQGKDVWKHSRWHQWLDOWRWUDQVIRUPWKHZD\XWLOLWLHVSURGXFHHQHUJ\


%LRPDVV5HVLGXHV

$IWHUSODQWVKDYHEHHQXVHGIRURWKHUSXUSRVHVWKHOHIWRYHUZDVWHVFDQEHXVHGIRUHQHUJ\7KHIRUHVWU\
DJULFXOWXUDODQGPDQXIDFWXULQJLQGXVWULHVJHQHUDWHSODQWDQGDQLPDOZDVWHVLQODUJHTXDQWLWLHV&LW\ZDVWHLQ
WKHIRUPRIJDUEDJHDQGVHZDJHLVDOVRDVRXUFHIRUELRPDVVHQHUJ\





|2|

July 2006

)RUHVWU\
)RUHVWU\ZDVWHVDUHWKHODUJHVWVRXUFHRIKHDWDQGHOHFWULFLW\QRZVLQFHOXPEHUSXOSDQGSDSHUPLOOVXVH
WKHPWRSRZHUWKHLUIDFWRULHV2QHODUJHVRXUFHRIZRRGZDVWHLVWUHHWRSVDQGEUDQFKHVQRUPDOO\OHIW
EHKLQGLQWKHIRUHVWDIWHUWLPEHUKDUYHVWLQJRSHUDWLRQV6RPHRIWKHVHPXVWEHOHIWEHKLQGWRUHF\FOH
QHFHVVDU\QXWULHQWVWRWKHIRUHVWDQGWRSURYLGHKDELWDWIRUELUGVDQGPDPPDOVEXWVRPHFRXOGEH
FROOHFWHGIRUHQHUJ\SURGXFWLRQ2WKHUVRXUFHVRIZRRGZDVWHDUHVDZGXVWDQGEDUNIURPVDZPLOOV
VKDYLQJVSURGXFHGGXULQJWKHPDQXIDFWXUHRIIXUQLWXUHDQGRUJDQLFVOXGJH RUOLTXRU IURPSXOSDQG
SDSHUPLOOV


$JULFXOWXUH
$VZLWKWKHIRUHVWU\LQGXVWU\PRVWFURSUHVLGXHVDUHOHIWLQWKHILHOG6RPHVKRXOGEHOHIWWKHUHWRPDLQWDLQ
FRYHUDJDLQVWHURVLRQDQGWRUHF\FOHQXWULHQWVEXWVRPHFRXOGEHFROOHFWHGIRUIXHO$QLPDOIDUPVSURGXFH
PDQ\ZHWZDVWHVLQWKHIRUPRIPDQXUH7KHVHZDVWHVDUHFRPPRQO\VSUHDGRQILHOGVQRWMXVWIRUWKHLU
QXWULHQWYDOXHEXWIRUGLVSRVDO5XQRIIIURPRYHUIHUWLOL]DWLRQWKUHDWHQVUXUDOODNHVDQGVWUHDPVDQGFDQ
FRQWDPLQDWHGULQNLQJZDWHU3URFHVVLQJFURSVLQWRIRRGDOVRSURGXFHVPDQ\XVDEOHZDVWHV


&LWLHV
3HRSOHJHQHUDWHELRPDVVZDVWHVLQPDQ\IRUPVLQFOXGLQJXUEDQZRRGZDVWH VXFKDVVKLSSLQJSDOOHWV
DQGOHIWRYHUFRQVWUXFWLRQZRRG WKHELRGHJUDGDEOHSRUWLRQRIJDUEDJH SDSHUIRRGOHDWKHU\DUGZDVWH
HWF DQGWKHJDVJLYHQRIIE\ODQGILOOVZKHQZDVWHGHFRPSRVHV(YHQRXUVHZDJHFDQEHXVHGDVHQHUJ\
VRPHVHZDJHWUHDWPHQWSODQWVFDSWXUHWKHPHWKDQHJLYHQRIIE\VHZDJHDQGEXUQLWIRUKHDWDQGSRZHU
UHGXFLQJDLUSROOXWLRQDQGHPLVVLRQVRIJOREDOZDUPLQJJDVHV


&RQYHUWLQJ%LRPDVVWR(QHUJ\

7KHROGZD\RIFRQYHUWLQJELRPDVVWRHQHUJ\SUDFWLFHGIRUWKRXVDQGVRI\HDUVLVVLPSO\WREXUQLWWRSURGXFH
KHDW7KLVLVVWLOOKRZPRVWELRPDVVLVSXWWRXVHLQWKH8QLWHG6WDWHVDQGHOVHZKHUH7KHKHDWFDQEHXVHG
GLUHFWO\IRUKHDWLQJFRRNLQJDQGLQGXVWULDOSURFHVVHVRULQGLUHFWO\WRSURGXFHHOHFWULFLW\7KHSUREOHPVZLWK
EXUQLQJELRPDVVDUHWKDWPXFKRIWKHHQHUJ\LVZDVWHGDQGWKDWLWFDQFDXVHVRPHSROOXWLRQLILWLVQRWFDUHIXOO\
FRQWUROOHG

$QDSSURDFKWKDWPD\LQFUHDVHWKHXVHRIELRPDVVHQHUJ\LQWKHVKRUWWHUPLVWREXUQLWPL[HGZLWKFRDOLQ
SRZHUSODQWVDSURFHVVNQRZQDVFRILULQJ%LRPDVVIHHGVWRFNFDQVXEVWLWXWHXSWRSHUFHQWRIWKHFRDO
XVHGLQDERLOHU>@7KHEHQHILWVDVVRFLDWHGZLWKELRPDVVFRILULQJLQFOXGHORZHURSHUDWLQJFRVWVUHGXFWLRQVRI
KDUPIXOHPLVVLRQVDQGJUHDWHUHQHUJ\VHFXULW\&RILULQJLVDOVRRQHRIWKHPRUHHFRQRPLFDOO\YLDEOHZD\VWR
LQFUHDVHELRPDVVSRZHUJHQHUDWLRQWRGD\,QWKH&KDULWRQ9DOOH\%LRPDVV3URMHFWDMRLQWHIIRUWLQFOXGLQJ
$OOLDQW(QHUJ\WKH86'HSDUWPHQWRI(QHUJ\DQGORFDOELRPDVVJURXSVEHJDQWHVWLQJWKHFRILULQJRI
VZLWFKJUDVVZLWKFRDODW$OOLDQWV2WWXPZD*HQHUDWLQJ6WDWLRQLQ,RZD7KHSURMHFWKDVSURYHGVRVXFFHVVIXOWKDW
LQ$OOLDQWUHFHLYHGSHUPLVVLRQWREXLOGDSHUPDQHQWELRPDVVSURFHVVLQJIDFLOLW\DWWKHSODQWFDSDEOHRIFR
ILULQJXSWRILYHSHUFHQWRILWVHQHUJ\ZLWKVZLWFKJUDVV>@

$QXPEHURIQRQFRPEXVWLRQPHWKRGVDUHDYDLODEOHIRUFRQYHUWLQJELRPDVVWRHQHUJ\7KHVHSURFHVVHVFRQYHUW
UDZELRPDVVLQWRDYDULHW\RIJDVHRXVOLTXLGRUVROLGIXHOVWKDWFDQWKHQEHXVHGGLUHFWO\LQDSRZHUSODQWIRU
HQHUJ\JHQHUDWLRQ7KHFDUERK\GUDWHVLQELRPDVVZKLFKDUHFRPSULVHGRIR[\JHQFDUERQDQGK\GURJHQFDQ
EHEURNHQGRZQLQWRDYDULHW\RIFKHPLFDOVVRPHRIZKLFKDUHXVHIXOIXHOV7KLVFRQYHUVLRQFDQEHGRQHLQ
WKUHHZD\V

o 7KHUPRFKHPLFDO:KHQSODQWPDWWHULVKHDWHGEXWQRWEXUQHGLWEUHDNVGRZQLQWRYDULRXVJDVHV
OLTXLGVDQGVROLGV7KHVHSURGXFWVFDQWKHQEHIXUWKHUSURFHVVHGDQGUHILQHGLQWRXVHIXOIXHOVVXFKDV
PHWKDQHDQGDOFRKRO%LRPDVVJDVLILHUVFDSWXUHPHWKDQHUHOHDVHGIURPWKHSODQWVDQGEXUQLWLQDJDV
WXUELQHWRSURGXFHHOHFWULFLW\$QRWKHUDSSURDFKLVWRWDNHWKHVHIXHOVDQGUXQWKHPWKURXJKIXHOFHOOV
FRQYHUWLQJWKHK\GURJHQULFKIXHOVLQWRHOHFWULFLW\DQGZDWHUZLWKIHZRUQRHPLVVLRQV

o %LRFKHPLFDO%DFWHULD\HDVWVDQGHQ]\PHVDOVREUHDNGRZQFDUERK\GUDWHV)HUPHQWDWLRQWKH
SURFHVVXVHGWRPDNHZLQHFKDQJHVELRPDVVOLTXLGVLQWRDOFRKRODFRPEXVWLEOHIXHO$VLPLODUSURFHVV

|3|

July 2006
LVXVHGWRWXUQFRUQLQWRJUDLQDOFRKRORUHWKDQROZKLFKLVPL[HGZLWKJDVROLQHWRPDNHJDVRKRO$OVR
ZKHQEDFWHULDEUHDNGRZQELRPDVVPHWKDQHDQGFDUERQGLR[LGHDUHSURGXFHG7KLVPHWKDQHFDQEH
FDSWXUHGLQVHZDJHWUHDWPHQWSODQWVDQGODQGILOOVIRUH[DPSOHDQGEXUQHGIRUKHDWDQGSRZHU

o

&KHPLFDO%LRPDVVRLOVOLNHVR\EHDQDQGFDQRODRLOFDQEHFKHPLFDOO\FRQYHUWHGLQWRDOLTXLGIXHO
VLPLODUWRGLHVHOIXHODQGLQWRJDVROLQHDGGLWLYHV&RRNLQJRLOIURPUHVWDXUDQWVIRUH[DPSOHKDVEHHQ
XVHGDVDVRXUFHWRPDNHELRGLHVHOIRUWUXFNV $EHWWHUZD\WRSURGXFHELRGLHVHOLVWRXVHDOJDHDVD
VRXUFHRIRLOV 


,QWKHILUVW86FRPPHUFLDO
VFDOHELRPDVVJDVLILFDWLRQ
GHPRQVWUDWLRQSODQWEDVHGRQWKH
6LOYD*DVSURFHVVEHJDQDWWKH
0F1HLO3RZHU6WDWLRQLQ%XUOLQJWRQ
9HUPRQW>@7KH6LOYD*DVSURFHVV
DSDUWLFXODUIRUPRIELRPDVV
JDVLILFDWLRQLQGLUHFWO\KHDWVWKH
ELRPDVVXVLQJKHDWHGVDQGLQRUGHU
WRSURGXFHDPHGLXP%WXJDV7KH
0F1HLOSRZHUVWDWLRQLVFDSDEOHRI
JHQHUDWLQJ0:RISRZHUIURP
ORFDOZRRGZDVWHSURGXFWV


2QHSHUVLVWHQWP\WKDERXWELRPDVVLVWKDWLWWDNHVPRUHHQHUJ\WRSURGXFHIXHOVIURPELRPDVVWKDQWKHIXHOV
WKHPVHOYHVFRQWDLQ,QRWKHUZRUGVWKDWLWLVDQHWHQHUJ\ORVHU,QIDFWPRVWRIWKHVWXGLHVGRQHRYHUWKHSDVW
\HDUVFRQILUPWKDWWKHSURGXFWLRQRIHWKDQROKDVDSRVLWLYHHQHUJ\EDODQFH$FFRUGLQJWRD86
'HSDUWPHQWRI$JULFXOWXUHVWXG\WHFKQRORJLFDODGYDQFHVLQHWKDQROFRQYHUVLRQDQGHIILFLHQF\LQFUHDVHVLQIDUP
SURGXFWLRQKDYHFDXVHGWKHQHWHQHUJ\YDOXH 1(9 RIFRUQHWKDQROWRLQFUHDVHJUDGXDOO\RYHUWLPH>@>@7KLV
VWXG\VWDWHVWKDWHYHU\%ULWLVKWKHUPDOXQLW %78 RIHQHUJ\XVHGLQWKHSURGXFWLRQRIHWKDQROOHDGVWRD
SHUFHQWHQHUJ\JDLQ>@

1RQHWKHOHVVZHFRXOGGRPXFKEHWWHU&RUQLVRQHRIWKHPRVWHQHUJ\LQWHQVLYHFURSVDQGFXUUHQWFRUQEDVHG
HWKDQROSURGXFWLRQXVHVMXVWWKHNHUQHOVIURPWKHFRUQSODQWDQGQRWHYHQWKHHQWLUHNHUQHO%\PDNLQJHWKDQRO
IURPHQHUJ\FURSVZHFRXOGREWDLQEHWZHHQIRXUDQGILYHWLPHVWKHHQHUJ\WKDWZHSXWLQDQGE\PDNLQJ
HOHFWULFLW\ZHFRXOGJHWSHUKDSVWLPHVRUPRUH,QWKHIXWXUHWRPDNHDWUXO\VXVWDLQDEOHELRPDVVHQHUJ\
V\VWHPZHZRXOGKDYHWRUHSODFHIRVVLOIXHOVZLWKELRPDVVRURWKHUUHQHZDEOHIXHOVWRSODQWDQGKDUYHVWWKH
FURSV

$QRWKHULPSRUWDQWFRQVLGHUDWLRQZLWKELRPDVVHQHUJ\V\VWHPVLVWKDWELRPDVVFRQWDLQVOHVVHQHUJ\SHUSRXQG
WKDQIRVVLOIXHOV7KLVPHDQVWKDWUDZELRPDVVW\SLFDOO\FDQ
WEHFRVWHIIHFWLYHO\VKLSSHGPRUHWKDQDERXW
PLOHVEHIRUHLWLVFRQYHUWHGLQWRIXHORUHQHUJ\,WDOVRPHDQVWKDWELRPDVVHQHUJ\V\VWHPVDUHOLNHO\WREH
VPDOOHUWKDQWKHLUIRVVLOIXHOFRXQWHUSDUWVEHFDXVHLWLVKDUGWRJDWKHUDQGSURFHVVPRUHWKDQWKLVTXDQWLW\RI
IXHOLQRQHSODFH7KLVKDVWKHDGYDQWDJHWKDWORFDOUXUDOFRPPXQLWLHVDQGSHUKDSVHYHQLQGLYLGXDOIDUPVZLOO
EHDEOHWRGHVLJQHQHUJ\V\VWHPVWKDWDUHVHOIVXIILFLHQWVXVWDLQDEOHDQGSHUIHFWO\DGDSWHGWRWKHLURZQQHHGV


3RWHQWLDOIRU%LRPDVV

,QWKH8QLWHG6WDWHVZHDOUHDG\JHWELOOLRQNLORZDWWKRXUVRIHOHFWULFLW\IURPELRPDVVDERXWSHUFHQWRI
RXUQDWLRQ
VWRWDOHOHFWULFVDOHV>@:HDOVRJHWQHDUO\IRXUELOOLRQJDOORQVRIHWKDQRODERXWWZRSHUFHQWRIWKH

|4|

July 2006
OLTXLGIXHOXVHGLQFDUVDQGWUXFNV>@7KHFRQWULEXWLRQIRUKHDWLVDOVRVXEVWDQWLDO%XWZLWKEHWWHUFRQYHUVLRQ
WHFKQRORJ\DQGPRUHDWWHQWLRQSDLGWRHQHUJ\FURSVZHFRXOGSURGXFHPXFKPRUH

(VWLPDWHVRIWKHXOWLPDWHSRWHQWLDOIRUELRPDVVHQHUJ\YDU\DQGGHSHQGRQDJULFXOWXUDOIRUHFDVWVZDVWH
UHGXFWLRQE\LQGXVWU\DQGSDSHUUHF\FOLQJ7KH'HSDUWPHQWRI(QHUJ\EHOLHYHVWKDWZHFRXOGSURGXFHIRXU
SHUFHQWRIRXUWUDQVSRUWDWLRQIXHOVIURPELRPDVVE\DQGDVPXFKDVSHUFHQWE\>@)RU
HOHFWULFLW\WKH86'HSDUWPHQWRI(QHUJ\ '2( HVWLPDWHVWKDWHQHUJ\FURSVDQGFURSUHVLGXHVDORQHFRXOG
VXSSO\DVPXFKDVPXFKDVSHUFHQWRIRXUSRZHUQHHGV


(QYLURQPHQWDO%HQHILWV

%LRPDVVHQHUJ\EULQJVQXPHURXV
5LGLQJWKH&DUERQ&\FOH7KHFDUERQF\FOHLVQDWXUH
VZD\RI
HQYLURQPHQWDOEHQHILWVUHGXFLQJDLU
PRYLQJFDUERQDURXQGWRVXSSRUWOLIHRQ(DUWK&DUERQGLR[LGHLV
DQGZDWHUSROOXWLRQLQFUHDVLQJVRLO
WKHPRVWFRPPRQYHKLFOHIRUFDUERQZKHUHRQHFDUERQDWRPLV
TXDOLW\DQGUHGXFLQJHURVLRQDQG
ERXQGWRWZRR[\JHQDWRPV3ODQWSKRWRV\QWKHVLVEUHDNVWKH
LPSURYLQJZLOGOLIHKDELWDW
FDUERQGLR[LGHLQWZRNHHSLQJWKHFDUERQWRIRUPWKH

FDUERK\GUDWHVWKDWPDNHXSWKHSODQWDQGSXWWLQJWKHR[\JHQ
%LRPDVVUHGXFHVDLUSROOXWLRQE\EHLQJD
LQWRWKHDLU:KHQWKHSODQWGLHVRULVEXUQHGLWJLYHVLWVFDUERQ
SDUWRIWKHFDUERQF\FOH VHHWKHER[
EDFNWRWKHDLUZKLFKLVWKHQUHDEVRUEHGE\RWKHUSODQWV
EHORZ UHGXFLQJFDUERQGLR[LGH
HPLVVLRQVE\SHUFHQWFRPSDUHGZLWK
IRVVLOIXHOV6XOIXUGLR[LGHDQGRWKHU
SROOXWDQWVDUHDOVRUHGXFHGVXEVWDQWLDOO\

:DWHUSROOXWLRQLVUHGXFHGEHFDXVH
IHZHUIHUWLOL]HUVDQGSHVWLFLGHVDUHXVHG
WRJURZHQHUJ\FURSVDQGHURVLRQLV
UHGXFHG0RUHRYHUDJULFXOWXUDO
UHVHDUFKHUVLQ,RZDKDYHGLVFRYHUHG
WKDWE\SODQWLQJJUDVVHVRUSRSODUWUHHV
LQEXIIHUVDORQJZDWHUZD\VUXQRIIIURP

FRUQILHOGVLVFDSWXUHGPDNLQJVWUHDPV
FOHDQHU
)RVVLOIXHOVRQWKHRWKHUKDQGDUHPDGHRISODQWVWKDWJUHZ

PLOOLRQVRI\HDUVDJR7KHFDUERQWKH\DEVRUEHGWKHQLVUHOHDVHG
,QFRQWUDVWWRKLJK\LHOGIRRGFURSVWKDW
QRZZKHQWKHIRVVLOIXHOVDUHEXUQHG7KHUHDUHQRH[WUDSODQWVWR
SXOOQXWULHQWVIURPWKHVRLOHQHUJ\FURSV
DEVRUEWKDWFDUERQVRWKHF\FOHEHFRPHVRXWRIEDODQFH7KHUH
DFWXDOO\LPSURYHVRLOTXDOLW\3UDLULH
DUHWZRGLIIHUHQWFDUERQF\FOHVLQRSHUDWLRQQRZWKHQDWXUDORQH
JUDVVHVZLWKWKHLUGHHSURRWVEXLOGXS
EHWZHHQSODQWVDQGWKHDLUZKLFKLVLQEDODQFHDQGWKHKXPDQ
WRSVRLOSXWWLQJQLWURJHQDQGRWKHU
PDGHF\FOHZKHUHFDUERQLVSXOOHGIURP(DUWKDQGHPLWWHGLQWR
QXWULHQWVLQWRWKHJURXQG6LQFHWKH\DUH
WKHDWPRVSKHUH
UHSODQWHGRQO\HYHU\\HDUVWKHUHLV
PLQLPDOSORZLQJWKDWFDXVHVVRLOWRHURGH

)LQDOO\ELRPDVVFURSVFDQFUHDWHEHWWHUZLOGOLIHKDELWDWWKDQIRRGFURSV6LQFHWKH\DUHQDWLYHSODQWVWKH\
DWWUDFWDJUHDWHUYDULHW\RIELUGVDQGVPDOOPDPPDOV7KH\LPSURYHWKHKDELWDWIRUILVKE\LQFUHDVLQJZDWHU
TXDOLW\LQQHDUE\VWUHDPVDQGSRQGV$QGVLQFHWKH\KDYHDZLGHUZLQGRZRIWLPHWREHKDUYHVWHGHQHUJ\FURS
KDUYHVWVFDQEHWLPHGWRDYRLGFULWLFDOQHVWLQJRUEUHHGLQJVHDVRQV

$OORIWKHVHEHQHILWVDUHGHVFULEHGLQFRPSDULVRQZLWKIRRGFURSVVXFKDVFRUQZKHDWDQGVR\EHDQV&RPSDUHG
WRXQGLVWXUEHGQDWXUDOKDELWDWHQHUJ\FURSVDUHQRWDVJRRG%XWWKHVWUHQJWKRIELRPDVVLVWKDWLWLVPXFK
FORVHUWRWKHQDWXUDOZRUOGWKDQRXUPRGHUQLQGXVWULDODJULFXOWXUH7KHKDUYHVWRISUDLULHJUDVVHVLVQRWVR
GLIIHUHQWWKDQWKHILUHVWKDWSHULRGLFDOO\VZHSWDFURVVWKHSODLQV3ODQWDWLRQVRISRSODUDQGPDSOHWUHHVPD\QRW
EHWKHVDPHDVYDULHGIRUHVWVEXWDUHFHUWDLQO\FORVHUWKDQSHVWLFLGHODGHQPRQRFURSV1RQHWKHOHVVWKH
HQYLURQPHQWDOEHQHILWVRIELRPDVVKLQJHRQZKHWKHUHQHUJ\FURSVDUHPDQDJHGZLWKVXVWDLQDEOHDJULFXOWXUDO
SUDFWLFHV-XVWOLNHIRRGFURSVWKH\FDQEHPLVKDQGOHGZLWKSURGXFWLYLW\LQFUHDVHGE\JUHDWHUFKHPLFDOLQSXWV

|5|

July 2006
,IELRPDVVHQHUJ\WXUQVRXWWRKDYHXQIRUHVHHQHQYLURQPHQWDOHIIHFWVZHPXVWEHZLOOLQJWRDOWHURXUPHWKRGV
WRUHGXFHWKHVHHIIHFWV


&RQFOXVLRQV

,QDGGLWLRQWRWKHPDQ\HQYLURQPHQWDOEHQHILWVELRPDVVRIIHUVPDQ\
HFRQRPLFDQGHQHUJ\VHFXULW\EHQHILWV%\JURZLQJRXUIXHOVDWKRPHZH
UHGXFHWKHQHHGWRLPSRUWRLODQGUHGXFHRXUH[SRVXUHWRGLVUXSWLRQVLQ
WKDWVXSSO\)DUPHUVDQGUXUDODUHDVJDLQDYDOXDEOHQHZRXWOHWIRUWKHLU
SURGXFWV%LRPDVVDOUHDG\VXSSRUWVMREVLQWKH8QLWHG6WDWHVLIWKH
'2(
VJRDOLVUHDOL]HGWKHLQGXVWU\ZRXOGVXSSRUWWKUHHWLPHVDVPDQ\
MREV>@




3KRWR:DUUHQ*UHW]15(/



)RUPRUHLQIRUPDWLRQFRQWDFW%HQ/DUVRQRU0DUFKDQW:HQWZRUWKDW



(QGQRWHV

>@(QHUJ\,QIRUPDWLRQ$GPLQLVWUDWLRQ (,$ 5HQHZDEOHHQHUJ\WUHQGV2QOLQHDW
KWWSZZZHLDGRHJRYFQHDIVRODUUHQHZDEOHVSDJHWUHQGVUHQWUHQGVKWPO

>@*UHHQ)XHO7HFKQRORJLHV&RUSRUDWLRQ2QOLQHDWKWWSZZZJUHHQIXHORQOLQHFRP

>@)HGHUDO(QHUJ\0DQDJHPHQW3URJUDP )(03 %LRPDVV&RILULQJLQFRDOILUHGERLOHUV'2(((:DVKLQJWRQ
'&86'HSDUWPHQWRI(QHUJ\2QOLQHDWKWWSZZZHHUHHQHUJ\JRYELRPDVVSGIVSGI

>@1DWXUDO5HVRXUFHV&RQVHUYDWLRQ6HUYLFH 15&6 6ZLWFKJUDVVEXUQHG)RUSRZHU:DVKLQJWRQ'&86
'HSDUWPHQWRI$JULFXOWXUH2QOLQHDWKWWSZZZLDQUFVXVGDJRY1HZVQHZVUHOHDVHVVZLWFKJUDVVKWPO

>@1DWLRQDO5HQHZDEOH(QHUJ\/DERUDWRU\ 15(/ 3URMHFWXSGDWH7KH9HUPRQWJDVLILHU'2(*2
:DVKLQJWRQ'&86'HSDUWPHQWRI(QHUJ\2QOLQHDWKWWSZZZQUHOJRYGRFVI\RVWLSGI

>@8QLWHG6WDWHV'HSDUWPHQWRI$JULFXOWXUH 86'$ 7KH(QHUJ\EDODQFHRIFRUQHWKDQRO$QXSGDWH$(52QOLQH
DWKWWSZZZWUDQVSRUWDWLRQDQOJRYSGIV$)SGI

>@/RUHQ]'DQG'0RUULV+RZPXFKHQHUJ\GRHVLWWDNHWRPDNHDJDOORQRIHWKDQRO":DVKLQJWRQ'&,QVWLWXWH
IRU/RFDO6HOI5HOLDQFH ,/65 2QOLQHDWKWWSZZZFDUERK\GUDWHHFRQRP\RUJOLEUDU\DGPLQXSORDGHGILOHV
+RZB0XFKB(QHUJ\B'RHVBLWB7DNHBWRB0DNHBDB*DOORQBKWPO

>@8QLWHG6WDWHV'HSDUWPHQWRI$JULFXOWXUH 86'$ 7KHHQHUJ\EDODQFHRIFRUQHWKDQRO$QXSGDWH$(52QOLQH
DWKWWSZZZWUDQVSRUWDWLRQDQOJRYSGIV$)SGI

>@(QHUJ\,QIRUPDWLRQ$GPLQLVWUDWLRQ (,$ (OHFWULF3RZHU$QQXDO2QOLQHDW
KWWSZZZHLDGRHJRYFQHDIHOHFWULFLW\HSDHSDBVXPKWPO

>@86'HSDUWPHQWRI(QHUJ\ '2( %LRPDVV)UHTXHQWO\DVNHGTXHVWLRQV2QOLQHDW
KWWSZZZHHUHHQHUJ\JRYELRPDVVELRPDVVBEDVLFVBIDTVKWPO

>@2DN5LGJH1DWLRQDO/DERUDWRU\ 251/ *URZWKLQELRPDVVFRXOGSXW86RQURDGWRHQHUJ\LQGHSHQGHQFH
2QOLQHDWKWWSZZZRUQOJRYLQIRSUHVVBUHOHDVHVJHWBSUHVVBUHOHDVHFIP"5HOHDVH1XPEHU PU

>@5HQHZDEOH(QHUJ\3ROLF\3URMHFW 5(33 %LRPDVV)UHTXHQWO\DVNHGTXHVWLRQV2QOLQHDW
KWWSZZZUHSSRUJDUWLFOHVVWDWLFBKWPO

|6|

Anda mungkin juga menyukai