remoción biológica de hierro y manganeso: una tecnología

5(02&,Ï1%,2/Ï*,&$'(+,(552<0$1*$1(62
81$7(&12/2*Ë$$3523,$'$
,1*$//,1(//$$1$0$5Ë$6$1*8,1(77,*5$&,(/$
3$&,1,9,5*,1,$$/(-$1'5$
&(1752'(,1*(1,(5Ë$6$1,7$5,$
)$&'(&6(;$&7$6,1*<$*5,0(1685$81,91$&'(526$5,2
5,2%$0%$%,6526$5,26$17$)($5*(17,1$
7(/)$;(0$,/FLV#IFHLDXQUHGXDU
:(%KWWSVDQLWIFHLDXQUHGXDU
&855,&8/805(680,'2'(/26$8725(6
$QD0DUtD,1*$/,1(//$
,QJHQLHUD &LYLO 'LUHFWRUD GHO &HQWUR GH ,QJHQLHUtD 6DQLWDULD GH OD )DFXOWDG GH ,QJHQLHUtD GH OD
8QLYHUVLGDG 1DFLRQDO GH 5RVDULR ,QYHVWLJDGRUD GHO &,815 &RQVHMR GH ,QYHVWLJDFLyQ GH OD 815 3URIHVRUDGHOD&DUUHUDGH3RVJUDGRGH(VSHFLDOL]DFLyQHQ7HFQRORJtD$PELHQWDOGHOD815
*UDFLHOD6$1*8,1(77,
%LRTXtPLFD -HID GHO /DERUDWRULR GH 4XtPLFD \ 0LFURELRORJtD GH $JXDV GHO &HQWUR GH ,QJHQLHUtD
6DQLWDULDGHOD)DFXOWDGGH,QJHQLHUtDGHOD8QLYHUVLGDG1DFLRQDOGH5RVDULR3URIHVRUDGHOD&DUUHUD
GH3RVJUDGRGH(VSHFLDOL]DFLyQHQ7HFQRORJtD$PELHQWDOGHOD8153URIHVRUDGH,QJHQLHUtD6DQLWDULD
HQOD&DUUHUDGH,QJHQLHUtD&LYLOGHOD)DFXOWDG815
9LUJLQLD$OHMDQGUD3$&,1,
,QJHQLHUD &LYLO *UDGXDGD HQ OD &DUUHUD GH 3RVJUDGR GH (VSHFLDOL]DFLyQ HQ ,QJHQLHUtD 6DQLWDULD %HFDULDGRFWRUDOGHO&21,&(7&HQWURGH,QJHQLHUtD6DQLWDULD815
3$/$%5$6&/$9(6 DJXDVXEWHUUiQHDKLHUUR)HPDQJDQHVR0QSURFHVRVELROyJLFRV
SUHILOWUDFLyQJUXHVDDVFHQGHQWH
5(680(1
(O REMHWLYR GH HVWH HVWXGLR IXH HO GHVDUUROOR GH XQ SURFHVR DSURSLDGR SDUD OD UHPRFLyQ GH KLHUUR \
PDQJDQHVRHQDJXDVVXEWHUUiQHDVSDUDVHUXVDGRHQHOGLVHxRGHSODQWDVSDUDSHTXHxDV\PHGLDQDV
SREODFLRQHV(OVLVWHPDHVWXGLDGRFRPSUHQGH ODVVLJXLHQWHVHWDSDVDHUDFLyQSUHILOWUDFLyQDVFHQGHQWH
HQPDQWRVGHJUDYD\ILOWUDFLyQOHQWDHQDUHQD/RVHQVD\RVHQSODQWDSLORWRVHH[WHQGLHURQGHVGHDEULO
GH D HQHUR GH XWLOL]DQGR GRV FDOLGDGHV GH DJXDV VXEWHUUiQHDV FRQ ODV VLJXLHQWHV
FDUDFWHUtVWLFDV)DVH, )HWRWDOPJO0QWRWDOPJO\)DVH,,)HWRWDOPJO0QWRWDO
PJO (Q SUXHEDV SUHYLDV DO FRPLHQ]R GH ORV HQVD\RV VH GHWHFWy OD SUHVHQFLD GH EDFWHULDV GHO
KLHUUR HQ HO DJXD FUXGD 6H GHPRVWUy D WUDYpV GH ORV HQVD\RV TXH OD SUHILOWUDFLyQ MXHJD XQ URO
SUHSRQGHUDQWHHQODOtQHDGHWUDWDPLHQWRGHELGRDODPX\DOWDHILFLHQFLDXQDPX\VHQFLOODRSHUDFLyQGH
OLPSLH]D\DGHPiVFRQODYHQWDMDGHSRGHUXWLOL]DUVHWDQWRFRQILOWUDFLyQOHQWDFRPRFRQILOWUDFLyQUiSLGD
(VWDVROXFLyQSURPHWHVHULQQRYDWLYDHQ$PpULFD/DWLQD\DTXHHVXQDWHFQRORJtDDSURSLDGDFRQEDMRV
FRVWRVLQLFLDOHV\GHRSHUDFLyQ
,1752'8&&,Ï1
/D UHPRFLyQ ELROyJLFD GH KLHUUR )H \ PDQJDQHVR 0Q QR HV XQD WHFQRORJtD GLIXQGLGD HQ
$PpULFD/DWLQD(QJHQHUDOODVJUDQGHVFLXGDGHV$UJHQWLQDXWLOL]DQIXHQWHVGHDJXDVXSHUILFLDOHVSDUDOD
SURYLVLyQ GH DJXD SRWDEOH \ QR SUHVHQWDQ HQ JHQHUDO SUREOHPDV GH )H \ 0Q 6LQ HPEDUJR H[LVWHQ
QXPHURVDVSREODFLRQHVSHTXHxDV \PHGLDQDVFX\DIXHQWHGHSURYLVLyQHVHODJXDVXEWHUUiQHD\HQ
PXFKRVFDVRVORVFRQWHQLGRVGH)H\0QHVWiQSRUHQFLPDGHORVOtPLWHVHVWDEOHFLGRVHQODQRUPDWLYD
$XQTXH HO )H \ HO 0Q QR UHSUHVHQWDQ XQ ULHVJR GLUHFWR SDUD OD VDOXG FDXVDQ QXPHURVRV
SUREOHPDV GH RUGHQ HVWpWLFR \ RUJDQROpSWLFR TXH DIHFWDQ OD FDOLGDG GH YLGD GH ORV KDELWDQWHV GH ODV
ORFDOLGDGHVTXHSRVHHQHOSUREOHPD
(O&yGLJR$OLPHQWDULR$UJHQWLQRILMDFRPRYDORUPi[LPRSDUDHO)HPJO\SDUDHO0Q
PJOPLHQWUDVTXHHQODSURYLQFLDGH6DQWD)HODV1RUPDVGH&DOLGDGGH$JXD 3RWDEOH HVWDEOHFLGDV
HQ OD /H\ ILMDQ FRPR OtPLWH REOLJDWRULR PJO GH )H \ PJO GH 0Q \ FRPR OtPLWH
UHFRPHQGDGRPJOSDUDHO)H\PJOSDUDHO0Q
(Q6DQWD)HH[LVWHQDOUHGHGRUGHVHUYLFLRVGHDEDVWHFLPLHQWRGHDJXDSRWDEOHTXHFXHQWDQ
FRQIXHQWHVVXEWHUUiQHDVFRQFRQFHQWUDFLRQHVHQWUH\PJOGH)H\ DPJOGH0Q
/RVPpWRGRVSDUDODUHPRFLyQGH)H\0QSXHGHQVHUILVLFRTXtPLFRVRELROyJLFRV
/D UHPRFLyQ ELROyJLFD GHO )H \ 0Q HV XQ SURFHVR PX\ GLIXQGLGR HQ SDtVHV HXURSHRV WDQWR SDUD
UHKDELOLWDUSODQWDVH[LVWHQWHVFRPRSDUDODFRQVWUXFFLyQGHQXHYDVSODQWDVGHWUDWDPLHQWR&XDQGRVH
XVD OD ILOWUDFLyQ UiSLGD \ HVWiQ SUHVHQWHV DPERV PHWDOHV HO WUDWDPLHQWR FRQVLVWH HQ GRV HWDSDV GH
ILOWUDFLyQUiSLGDHQDUHQDFRQDHUDFLyQLQWHUPHGLD\DMXVWHGHS+&]HNDOODHWDO0RXFKHW
%RXUJLQHHWDO*LVOHWWH\0RXFKHW3RURWURODGRVHDSOLFDQWDPELpQSURFHVRVGHILOWUDFLyQ
OHQWD HQ DUHQD FRQ XQD R GRV IDVHV GH SUHWUDWDPLHQWR (VWH ~OWLPR SXHGH FRQVLVWLU HQ XQD XQLGDG GH
DHUDFLyQ \R XQ ILOWUR GH FRQWDFWR XWLOL]DQGR UHOOHQRV SOiVWLFRV OLYLDQRV +DWYD +HGEHUJ HW DO
/DV YHQWDMDV GH OD UHPRFLyQ ELROyJLFD IUHQWH D ORV SURFHVRV GH UHPRFLyQ ILVLFRTXtPLFRV
FRQYHQFLRQDOHVVHJ~QORVDXWRUHVFLWDGRVVRQ
™ 8VRQXORRFDVLQXORGHSURGXFWRVTXtPLFRVFRVWRVRSHUDWLYRVPiVEDMRV
™ 1RVHUHTXLHUHXQDHWDSDGHVHGLPHQWDFLyQFRVWRVGHLQVWDODFLyQPiVEDMRV
™ )RUPDFLyQGHXQIORFELROyJLFRPXFKRPiVFRPSDFWRTXHHOSURGXFLGRSRUORVSURFHVRVItVLFR
TXtPLFRVFRQYHQFLRQDOHVFDUUHUDVGHILOWUDFLyQPiVODUJDVFRQXQDDOWDFDSDFLGDGGHUHWHQFLyQ
GHVyOLGRV
™ 3XHGHQXWLOL]DUVHDOWDVYHORFLGDGHVGHILOWUDFLyQGHELGRDODUREXVWH]GHOIORFELROyJLFRFRVWRVGH
LQVWDODFLyQPiVEDMRV
™ /DUHPRFLyQELROyJLFDHVDSOLFDEOHDGHPiVSDUDHOFDVRGHDJXDVFRQFRQWHQLGRVGH)H\0Q
IRUPDQGRFRPSOHMRVFRQPDWHULDRUJiQLFDQDWXUDOODTXHUHVXOWDGHPX\GLItFLOWUDWDPLHQWRSDUD
XQSURFHVRFRQYHQFLRQDO
(O FDPSR GH DFFLyQ GH ODV EDFWHULDV UHODFLRQDGDV DO PHWDEROLVPR GHO )H \ HO 0Q TXHGD
GHWHUPLQDGR SRU ODVVLJXLHQWHV YDULDEOHV DPELHQWDOHV S+ \ SRWHQFLDO GH y[LGR UHGXFFLyQ (K 3DUD OD
UHPRFLyQELROyJLFDGHO)HHOUDQJRGHS+ySWLPRHVWiHQWUH\\VHSXHGHGHFLUTXHHO(KGHEH
HVWDUFRPSUHQGLGRHQWUH\P9&RQUHVSHFWRDODUHPRFLyQGH0QHOUDQJRGHS+UHFRPHQGDGR
HVWiHQWUH\\HO(KGHEHVHUPD\RUGHP93RURWUDSDUWHODFRQFHQWUDFLyQGH2'ySWLPD
SDUDHO)HGHSHQGHGHOS+\SDUDHO0QODVFRQFHQWUDFLRQHVGH2'GHEHQVHUPD\RUDPJO0RXFKHW
(QHO&HQWURGH,QJHQLHUtD6DQLWDULDSHUWHQHFLHQWHDOD8QLYHUVLGDG1DFLRQDOGH5RVDULRVHKD
WUDEDMDGRGXUDQWHORV~OWLPRVGLH]DxRVHQHOGHVDUUROORGHSURFHVRVGHILOWUDFLyQJUXHVDDVFHQGHQWHHQ
PDQWRVGHJUDYD(VWHSURFHVRKDVLGRXWLOL]DGRFRQp[LWRFRPRWUDWDPLHQWRSUHYLRDODILOWUDFLyQOHQWDHQ
DUHQDSDUDUHPRFLyQGHWXUELHGDG,QJDOOLQHOODHWDODVtFRPRWDPELpQHQFRPELQDFLyQFRQ
ILOWURVUiSLGRVHQODUHPRFLyQGHDUVpQLFRPHGLDQWHSURFHVRVGHIORFXODFLyQFRDJXODFLyQ,QJDOOLQHOODHW
DO
7DQWR OD ILOWUDFLyQ OHQWD FRPR OD ILOWUDFLyQ JUXHVD DVFHQGHQWH VRQ WHFQRORJtDV DSURSLDGDV SDUD
VHU DSOLFDGDV HQ SODQWDV SDUD SHTXHxDV SREODFLRQHV SRU OR TXH VX FRPELQDFLyQ VXUJLy FRPR XQD
H[FHOHQWHDOWHUQDWLYDSDUDLPSOHPHQWDUXQWUDWDPLHQWRELROyJLFRGHUHPRFLyQGH)H\0Q
(OREMHWLYRSULQFLSDOGHOWUDEDMRIXHGHVDUUROODUXQVLVWHPDGHHOLPLQDFLyQELROyJLFDGH)H\0QHQ
DJXDVVXEWHUUiQHDVSDUDVHUDSOLFDGRDOGLVHxRGHSODQWDVGHWUDWDPLHQWRSDUDSREODFLRQHVSHTXHxDV\
PHGLDQDV /RV REMHWLYRV VHFXQGDULRV IXHURQ HQFRQWUDU ODV FRQGLFLRQHV ySWLPDV SDUD HO GHVDUUROOR GHO
SURFHVR GHWHUPLQDU ODV HILFLHQFLDV HQ OD HOLPLQDFLyQ GH )H \ 0Q SRU YtD ELROyJLFD HQ FRQGLFLRQHV GH
FDPSR\HQFRQWUDUSDUiPHWURVGHGLVHxRGHODVGLVWLQWDVHWDSDVGHWUDWDPLHQWRSURSXHVWDV
0$7(5,$/(6<0(72'26
3DUD DOFDQ]DU ORV REMHWLYRV SURSXHVWRV VH GLVHxDURQ HQVD\RV HQ SODQWD SLORWR ORV TXH IXHURQ
GLYLGLGRVHQGRVHWDSDV)DVHV,\,,
(QOD)DVH,VHLQVWDOyXQDSODQWDSLORWRHQODFLXGDGGH$YHOODQHGDXELFDGDD.PDOQRUWH
GHODFLXGDGGH5RVDULR6DQWD)H/DSODQWDSLORWRIXHLQVWDODGDHQHOSUHGLRGHODSODQWDGHWUDWDPLHQWR
H[LVWHQWH (O DJXD FUXGD SUHVHQWD FRQWHQLGRV GH )H WRWDO GH PJO \ 0Q WRWDO GH PJO (O
VLVWHPDSURSXHVWRSDUDHVWDHWDSDHVWiLQWHJUDGRSRUORVVLJXLHQWHVSURFHVRVDHUDFLyQDWUDYpVGHXQ
OHFKRSHUFRODGRUILOWUDFLyQJUXHVDDVFHQGHQWH\ILOWUDFLyQOHQWDHQDUHQD
(O DJXD FUXGD HV ERPEHDGD GHVGH OD FLVWHUQD GH DJXD FUXGD OXHJR SDVD DO GLVSRVLWLYR GH
DHUDFLyQ TXH HVWi FRQVWLWXLGR SRU XQ FLOLQGUR GH 39& GH FP GH GLiPHWUR FRQ XQ UHOOHQR GH DQLOORV
SOiVWLFRVSDOOULQJVGH´[´/DVDOWXUDGHOUHOOHQRSOiVWLFRHVGHP
(OSUHILOWURGHJUDYDDVFHQGHQWHHVWiIRUPDGRSRUXQFDxRGH39&GHFPGHGLiPHWUR\
FPGHDOWXUD&XHQWDFRQXQIDOVRIRQGRHQODSDUWHLQIHULRUFRQVWLWXLGRSRUXQDSODFDGH39&SHUIRUDGD
(OPDQWRILOWUDQWHWLHQHPGHDOWXUDGHJUDYDHQFDSDVGHGLVWLQWDJUDQXORPHWUtDHQWUH\PP9HU
)LJXUD (OILOWUROHQWRHVWiIRUPDGRSRUXQUHFLSLHQWHGH35)9GH FPGHGLiPHWUR\
FPGHDOWXUD(OFDxRGHVDOLGDGHODJXDILOWUDGDFRQVWDGHXQYHUWHGHURTXHDVHJXUDXQVREUHQDGDQWH
GHFPGHDJXDVREUHHOPDQWRGHDUHQDDOLQLFLRGHODFDUUHUD
(QOD)DVH,,VHLQVWDOy\RSHUyGXUDQWHPHVHVXQDSODQWDSLORWRHQODORFDOLGDGGH/DV*DU]DV
GLVWDQWHNPDOQRUWHGHODFLXGDGGH$YHOODQHGDTXHFXHQWDFRQDJXDVXEWHUUiQHDFRQFRQWHQLGRVGH
0QWRWDOHQSURPHGLRGHPJO\)HWRWDOGHPJO(QHVWDIDVHODSODQWDSLORWRFRPSUHQGLyODV
VLJXLHQWHVHWDSDVXQDHUDGRUFRPSXHVWRGHVHLVEDQGHMDVSHUIRUDGDVFRQXQWRWDOGHDOWXUDGHFDtGDGH
FPVHJXLGRGHXQSUHILOWURDVFHQGHQWHVLPLODUDOXVDGRHQODVSUXHEDVGH$YHOODQHGD/DOtQHDGH
WUDWDPLHQWR FRPSOHWD LQFOX\H XQ ILOWUR OHQWR GH DUHQD SHUR pVWH QR IXH XVDGR HQ HVWD IDVH SRUTXH HO
HVWXGLRVHIRFDOL]yHQODHWDSDGHSUHILOWUDFLyQ
$HUDGRUOHFKR
SHUFRODGRU9 DPK
+PDQWR PDQLOORV
3UHILOWUR9 DPK
+JUDYD P
)LOWUR/HQWRGH
$UHQD9 D
PK+DUHQD P
%RPEHR
$JXDWUDWDGD
GHVGH
)LJXUD (VTXHPDGH3URFHVR
&$5$&7(5,=$&,Ï1'(/$*8$&58'$
$QWHV GH FRPHQ]DU FRQ ORV HQVD\RV HQ SODQWD SLORWR VH OOHYDURQ D FDER XQD VHULH GH
GHWHUPLQDFLRQHVSDUDHVWXGLDUODVFDUDFWHUtVWLFDVILVLFRTXtPLFDVGHODJXDFUXGD \HVWLPDUODIDFWLELOLGDG
GHOSURFHVRELROyJLFRSURSXHVWRWDQWRHQ$YHOODQHGDFRPRHQ/DV*DU]DV)DVH,\)DVH,,/DIXHQWH
GHDJXDFUXGDSDUDOD)DVH,$YHOODQHGDIXHODFLVWHUQDGHDJXDFUXGDGHODSODQWDSRWDELOL]DGRUDGH
HVDFLXGDGODTXHHVDEDVWHFLGDSRUSHUIRUDFLRQHV3DUDOD)DVH,,ODIXHQWHGHDJXDFUXGDIXHXQR
GHORVGRVSR]RVGHODEDVWHFLPLHQWRGHODORFDOLGDGGH/DV*DU]DV
7DQWR HQ OD )DVH , FRPR HQ OD )DVH ,, ORV SDUiPHWURV DQDOL]DGRV HQ HO DJXD FUXGD IXHURQ ORV
VLJXLHQWHV S+ SRWHQFLDO UHGR[ R[tJHQR GLVXHOWR WXUELHGDG FRORU )H WRWDO )H GLVXHOWR 0Q WRWDO 0Q
GLVXHOWRGXUH]DDOFDOLQLGDG\FRQGXFWLYLGDG
(QDPEDVIDVHVVHOOHYDURQDFDER REVHUYDFLRQHVPLFURELROyJLFDV HQ HO DJXD FUXGD XWLOL]DQGR
XQD FHOGD GH IOXMR /D FHOGD GH IOXMR HV XQ GLVSRVLWLYR GLVHxDGR SRU 6PLWK *DULERJOLR /D FHOGD
FRQVLVWHHQXQWXERGHSOH[LJODVTXHFRQWLHQHYDULRVSRUWDREMHWRVHQVXLQWHULRU\VHLQVWDODHQERFDGH
ODSHUIRUDFLyQGXUDQWHDGtDV'XUDQWHHVHODSVRODVEDFWHULDVSUHFLSLWDQWHV\R[LGDQWHVGHOKLHUUR
TXH HVWiQ SUHVHQWHHQ HO DJXD TXH IOX\H GHQWUR GH OD FHOGD TXHGDQ DGKHULGDV D ORV SRUWDREMHWRV /RV
PLVPRVVRQH[WUDtGRV\REVHUYDGRVEDMRPLFURVFRSLR(QHVWHFDVRVHXWLOL]yXQPLFURVFRSLRWULQRFXODU
2O\PSXV%; [\[
3RU RWUR ODGR VH UHDOL]DURQ REVHUYDFLRQHV PLFURVFySLFDV HQ PXHVWUDV H[WUDtGDV GH ORV
VHGLPHQWRVGHODFLVWHUQDGHDJXDFUXGDGHODSODQWDGH$YHOODQHGD
2SHUDFLyQGHODV3ODQWDV3LORWR
)DVH$YHOODQHGD
/DSODQWDSLORWRRSHUyGXUDQWHXQSHUtRGRGH PHVHVGHVGHDEULOGHKDVWDVHSWLHPEUH
GHKRUDVDOGtDORJUDQGRFRPSOHWDUVHFXDWURFDUUHUDVGHOILOWUROHQWRFRQODYDGRVLQWHUPHGLRV
GHO SUHILOWUR 'H DFXHUGR FRQ ORV UHVXOWDGRV REWHQLGRV GXUDQWH OD SULPHU FDUUHUD VH GHFLGLy HIHFWXDU HO
ODYDGRGHOSUHILOWURFDGDGtDV/DVFDUUHUDVGHOILOWUROHQWRVHGLHURQSRUILQDOL]DGDVFXDQGRHOQLYHO
GH DJXD VREUHQDGDQWH GHQWUR GHO ILOWUR DOFDQ]y HO QLYHO Pi[LPR GLVSRQLEOH TXH IXH DSUR[LPDGDPHQWH
FP
(Q ODV GLVWLQWDV FDUUHUDV VH YDULy HO FDXGDO GH DOLPHQWDFLyQ FRQ HO REMHWLYR GH HVWXGLDU OD
LQIOXHQFLD GH OD YHORFLGDG GH ILOWUDFLyQ HQ OD HILFLHQFLD GHO SURFHVR GH UHPRFLyQ GH )H \ 0Q /DV
YHORFLGDGHVXWLOL]DGDVHQFDGDFDUUHUDSXHGHQYHUVHHQOD7DEOD &DUUHUDV
)HFKD
'XUDFLyQ
VHPDQDV
&DXGDO
3URPHGL
R
OLWURVK
GHVHPDQDD
GHVHPDQDD
3HUtRGRV
9HORFLGDGHVGH)LOWUDFLyQPK
/HFKR
3UHILOWUR
)LOWUR
SHUFRODGRU
DVFHQGHQWH
/HQWR
GHVHPDQDD
GHVHPDQDD
VHPDQDV
VHPDQDV
VHPDQDV
7DEOD )DVH,$YHOODQHGDGXUDFLyQGHODVFDUUHUDV\YHORFLGDGHVGHILOWUDFLyQXWLOL]DGDV
'XUDQWHORVHQVD\RVHQODSODQWDSLORWR HQ $YHOODQHGD )DVH , ORV SXQWRV GH PXHVWUHR IXHURQ
ORV VLJXLHQWHV DJXD FUXGD VDOLGD DHUDGRU VDOLGD SUHILOWUR GH JUDYD DVFHQGHQWH VDOLGD ILOWUR OHQWR GH
DUHQD /D IUHFXHQFLD GH PXHVWUHR IXH XQD YH] SRU GtD HQWUH \ GtDV SRU VHPDQD GXUDQWH WRGR HO
SHUtRGRGHRSHUDFLyQ6HDQDOL]DURQXQWRWDOGHPXHVWUDVHQORVPHVHVGHRSHUDFLyQ(QFDGD
XQDGHODVPXHVWUDVIXHURQPHGLGRVORVVLJXLHQWHVSDUiPHWURVS+SRWHQFLDOGHy[LGRUHGXFFLyQ(K
R[tJHQR GLVXHOWR 2' WXUELHGDG )H WRWDO \ GLVXHOWR 0Q WRW \ GLVXHOWR $GHPiV VH GHWHUPLQDURQ HO
FDXGDO GH ILOWUDFLyQ ODV SpUGLGDV GH FDUJD HQ HO ILOWUR OHQWR PHGLDQWH SLH]yPHWURV \ OD WHPSHUDWXUD
DPELHQWH
&RQ UHVSHFWR D ODV REVHUYDFLRQHV PLFURELROyJLFDV GXUDQWH OD RSHUDFLyQ GH OD SODQWD SLORWR HQ
$YHOODQHGD )DVH , IXHURQ LQVWDODGDV GRV FHOGDV GH IOXMR XQD HQ HO LQJUHVR DO DHUDGRU \ RWUD HQ OD
VDOLGD GHO ILOWUR OHQWR DPEDV GXUDQWH GtDV $GHPiV VH FROHFWDURQ PXHVWUDV SDUD REVHUYDFLRQHV
PLFURELROyJLFDV PHGLDQWH OD H[SRVLFLyQ GH SRUWDREMHWRV HQ PLQLFHOGDV GH IOXMR ODV TXH VH FRORFDURQ
VREUHORVPDQWRVILOWUDQWHVGHFDGDUHDFWRUSRUXQSHUtRGRHQWUH\GtDVHQODVGLIHUHQWHVFDUUHUDV
GH ILOWUDFLyQ /DV PLQLFHOGDV IXHURQ FRQVWUXLGDV FRQ UHFLSLHQWHV SHUIRUDGRV GH SOiVWLFR TXH FRQWHQtDQ
SRUWDREMHWRVHQVXLQWHULRU
)DVH,,±/DV*DU]DV
(QODORFDOLGDGGH/DV*DU]DV FRPHQ]yODRSHUDFLyQGHODSODQWDSLORWRHOGH MXQLRGH
FRQXQFDXGDOGHOKORTXHFRUUHVSRQGHDXQDYHORFLGDGGHPKHQHOSUHILOWUR
'XUDQWH ORV HQVD\RV HQ OD SODQWD SLORWR VH WRPDURQ PXHVWUDV HQ ORV VLJXLHQWHV SXQWRV DJXD FUXGD
VDOLGDGHODHUDGRU\VDOLGDSUHILOWURGHJUDYDDVFHQGHQWH /DIUHFXHQFLDGHPXHVWUHRIXHGHXQD DGRV
YHFHVSRUVHPDQDGXUDQWHWRGRHOSHUtRGRGHRSHUDFLyQGHODSODQWDTXHIXHGHPHVHV(QFDGDXQD
GH ODV PXHVWUDV IXHURQ PHGLGRV ORV VLJXLHQWHV SDUiPHWURV S+ SRWHQFLDO GH y[LGR UHGXFFLyQ (K
WXUELHGDG)HWRWDO\GLVXHOWR0QWRW\GLVXHOWRFDXGDOGHILOWUDFLyQ\WHPSHUDWXUDDPELHQWH(OR[LJHQR
GLVXHOWRIXHPHGLGRLQVLWXDSUR[LPDGDPHQWHXQDYH]SRUPHV
&RQ UHVSHFWR D ODV REVHUYDFLRQHV PLFURELROyJLFDV VH UHDOL]y OD UHFROHFFLyQ GH PXHVWUDV SRU
H[SRVLFLyQ GH SRUWDREMHWRV HQ PLQLFHOGDV GH IOXMR ODV TXH VH FRORFDURQ VREUH HO PDQWR ILOWUDQWH GHO
SUHILOWUR \ HQ HO LQWHULRU GHO DHUDGRU SRU XQ SHUtRGR HQWUH \ GtDV D OR ODUJR GH ODV FDUUHUDV GH
ILOWUDFLyQ
5(68/7$'26<',6&86,Ï1
&DUDFWHUL]DFLyQGHODJXDFUXGD
&DUDFWHUtVWLFDVItVLFRTXtPLFDVGHODJXDFUXGD
(Q OD 7DEOD VH UHVXPHQ OD FDUDFWHUL]DFLyQ ILVLFRTXtPLFD GHO DJXD FUXGD XWLOL]DGD HQ ORV
HQVD\RVHQSODQWDSLORWRWDQWRSDUDOD)DVH,FRPRSDUDOD)DVH,,
3DUiPHWUR
8QLGDGHV
$YHOODQHGD)DVH,
/DV*DU]DV)DVH,,
0tQLPR 0HGLD 0i[LPR
1
0tQLPR 0HGLD 0i[LPR 1
S+
3RWHQFLDO5HGR[
P9
2[tJHQR'LVXHOWR
PJO
7XUELHGDG
817
&RORU
PJOHVFDOD
3W&R
)HWRWDO
PJO
)HGLVXHOWR
PJO
0QWRW
PJO
0QGLVXHOWR
PJO
'XUH]D
PJO&D&2
$OFDOLQLGDG
PJO&D&2
&RQGXFWLYLGDG
6FP
1Q~PHURGHREVHUYDFLRQHVQRPHGLGR
7DEOD &DOLGDGGHODJXDFUXGDXWLOL]DGDHQORVHQVD\RVHQSODQWDSLORWR
&DUDFWHUtVWLFDV0LFURELROyJLFDVGHO$JXD&UXGD
)DVH,$YHOODQHGD
/D REVHUYDFLyQ PLFURVFySLFD GH ORV SRUWDREMHWRV GH OD FHOGD GH IOXMR LQVWDODGD HQ XQR GH ORV
SR]RVFRQFRQFHQWUDFLRQHVGH)HHQWUH\PJOSHUPLWLHURQFRQVWDWDUXQDDEXQGDQWHSUHVHQFLD
GH EDFWHULDV GHO JpQHUR *DOOLRQHOOD )RWR GHUHFKD GH UHFRQRFLGD DFWLYLGDG HQ OD R[LGDFLyQ \
SUHFLSLWDFLyQGHO)H
/DVPXHVWUDVGHVHGLPHQWRVWRPDGDVGHOIRQGRGHODFLVWHUQDGHDJXDFUXGDHQRSRUWXQLGDGGH
XQD OLPSLH]D SUHVHQWDURQ HO DVSHFWR GH XQ EDUUR FRORU PDUUyQ URML]R \ GH FRQVLVWHQFLD PXFLODJLQRVD
SURSLD GH ORV FUHFLPLHQWRV EDFWHULDQRV /RV UHVXOWDGRV GH ODV REVHUYDFLRQHV PLFURVFySLFDV UHDOL]DGDV
HQ GLFKR EDUUR PRVWUDURQ HOHYDGD FRQFHQWUDFLyQ GH EDFWHULDV GHO JpQHUR *DOOLRQHOOD FRQ DEXQGDQWH
PDWHULDOIpUULFRSUHFLSLWDGR
)DVH,,/DV*DU]DV
6H LQVWDOy XQD FHOGD GH IOXMR GXUDQWH GtDV HQ XQR GH ORV SR]RV GH /DV *DU]DV FRQ
FRQFHQWUDFLRQHV GH 0Q HQWUH \ PJO /D REVHUYDFLyQ PLFURVFySLFD GH ODV PXHVWUDV
UHFROHFWDGDVHQORVSRUWDERMHWRVSHUPLWLHURQFRQVWDWDUXQDDEXQGDQWHSUHVHQFLDGHEDFWHULDVGHOJpQHUR
/HSWRWKUL[ )RWR L]TXLHUGD GH UHFRQRFLGD DFWLYLGDG HQ OD R[LGDFLyQ \ SUHFLSLWDFLyQ GHO )H \ HO 0Q \
RWUDVSRVLEOHPHQWHGHOJpQHUR6SKDHURWLOXV
)RWR 0LFURIRWRJUDItDVGHORVSRUWDREMHWRVGHODFHOGDGHIOXMRGHUHFKD%DFWHULDV
GHOJpQHUR*DOOLRQHOOD SR]RHQ$YHOODQHGDVHSWL]TXLHUGDEDFWHULDVGHO
JpQHUR/HSWRWKUL[\SRVLEOHPHQWH 6SKDHURWLOXVSR]R/DV*DU]DVHQHUR
7DQWR SDUD OD )DVH , FRPR SDUD OD )DVH ,, OD FDUDFWHUL]DFLyQ ILVLFRTXtPLFD \ OD SUHVHQFLD GH
EDFWHULDVGHO)H \HO0QHQHODJXD GH ODVGLVWLQWDVSHUIRUDFLRQHV \HQODFLVWHUQDSHUPLWLHURQFRQFOXLU
VREUHODIDFWLELOLGDGGHOSURFHVRELROyJLFRSURSXHVWR
5HVXOWDGRVGHORVHQVD\RVHQODSODQWDSLORWRHQ$YHOODQHGD)DVH,
0RQLWRUHRGHODVYDULDEOHVDPELHQWDOHVS+(K2'\WHPSHUDWXUD
2[tJHQR'LVXHOWR2'
/DVYDORUHVSURPHGLRGH2'PHGLGRVGXUDQWHODVFXDWURFDUUHUDVVRQPRVWUDGRVHQOD7DEOD
6H SXHGH REVHUYDU TXH HQ WRGDV ODV FDUUHUDV ORV YDORUHV GH R[tJHQR GLVXHOWR HQ OD FLVWHUQD GH DJXD
FUXGDIXHURQPD\RUHVD ORVXVXDOHVHQ ODVDJXDVVXEWHUUiQHDV (VWRVHGHEHDTXH HQHO SURFHVR GH
OOHQDGRGHODPLVPDVHSURGXFHXQDIXHUWHDHUDFLyQHVSHFLDOPHQWHFXDQGRHOQLYHOGHDJXDGHQWURGHOD
FLVWHUQDHVEDMR$ODVDOLGDGHODHUDGRUHO2'DOFDQ]yXQYDORUSURPHGLRGHPJOHQODSULPHUFDUUHUD
(QODVGHPiVFDUUHUDVORVYDORUHVGH2'DODVDOLGDGHODHUDGRUIXHURQPHQRUHVGHORUGHQGH PJO
(VWRVHDWULEX\HDTXHHQHOFRPLHQ]RGHORVHQVD\RVWDQWRODEDQGHMDGHGLVWULEXFLyQVXSHULRUHOIDOVR
IRQGR\HOOHFKRGHDQLOORVSOiVWLFRVHVWDEDQOLPSLRV&RQHOWUDQVFXUULUGHOWLHPSRVHIXHURQFROPDWDQGR
ORTXHSURGXMRXQPHQRUIOXMRGHDLUHDWUDYpVGHpO3RURWURODGRORVELRILOPVGHVDUUROODGRVDWUDYpVGHO
WLHPSRVREUHORVDQLOORVSOiVWLFRVFRQVXPLHURQR[tJHQRGHELGRDOPHWDEROLVPREDFWHULDQR
2'3URPHGLR5DQJR
&DUUHUD
&DUUHUD
&DUUHUD
&DUUHUD
$JXDFUXGD
6DOLGD$HUDGRU
6DOLGD3UHILOWUR
6DOLGD)LOWUR
/HQ
7DEOD 3URPHGLR\5DQJRGH2[tJHQR'LVXHOWRDODVDOLGDGHFDGDUHDFWRUSDUDFDGD
FDUUHUD
S+
/RVYDORUHVSURPHGLRGHS+PHGLGRVGXUDQWHODVFXDWURFDUUHUDVVRQPRVWUDGRVHQOD7DEOD
3DUDODVFDUUHUDVVHSXHGHREVHUYDUTXHORVYDORUHVGHS+HQODFLVWHUQDGHDJXDFUXGDSUHVHQWDURQ
PX\ SRFD IOXFWXDFLyQ UHVSHFWR DO YDORU SURPHGLR GH (Q OD SULPHU FDUUHUD D OD VDOLGD GHO DHUDGRU HO
YDORUSURPHGLRGH S+DXPHQWyKDVWD\IXHLQFUHPHQWiQGRVHHQVXSDVRSRUHOVLVWHPDKDVWDXQ
YDORUSURPHGLRGHDODVDOLGDGHOILOWUROHQWR(VWHLQFUHPHQWRGHS+HQHODHUDGRUSRGUtDH[SOLFDUVH
GHELGRDODOLEHUDFLyQGHGLy[LGRGHFDUERQRHQHOSURFHVRGHDHUDFLyQTXHDOOtVHSURGXFH\RSRUVX
FRQVXPRHQHOPHWDEROLVPRGHODVEDFWHULDVDXWyWURIDV(QODVGHPiVFDUUHUDVHO DXPHQWR IXH PHQRU
GHELGR SUREDEOHPHQWH D ODV FRQGLFLRQHV GH PHQRU DHUDFLyQ \R D XQD PD\RU SUHVHQFLD GH EDFWHULDV
KHWHURWUyIDV
S+3URPHGLR5DQJR
&DUUHUD
&DUUHUD
&DUUHUD
&DUUHUD
$JXDFUXGD
6DOLGD$HUDGRU
6DOLGD3UHILOWUR
6DOLGD)LOWUR
7DEOD 3URPHGLR\5DQJRGHS+DODVDOLGDGHFDGDUHDFWRUSDUDFDGDFDUUHUD
3RWHQFLDOGH2[LGR5HGXFFLyQ(K
/RVYDORUHVSURPHGLRGH(KPHGLGRVGXUDQWHODVFXDWURFDUUHUDVVRQPRVWUDGRVHQOD7DEOD
(QJHQHUDOVHSXHGHREVHUYDUTXHHQWRGDVODVFDUUHUDVVHSURGXMRXQDXPHQWRVLJQLILFDWLYRGHO(KDOD
VDOLGDGHODHUDGRU\XQOHYHDXPHQWRHQODVGHPiVHWDSDVGHOSURFHVR
(K3URPHGLR5DQJR
&DUUHUD
&DUUHUD
&DUUHUD
&DUUHUD
$JXDFUXGD
6DOLGD$HUDGRU
6DOLGD3UHILOWUR
7DEOD 3URPHGLRV\5DQJRGH(KDODVDOLGDGHFDGDUHDFWRU
6DOLGD)LOWUR
7HPSHUDWXUD
/RV HQVD\RV HQ SODQWD SLORWR HQ $YHOODQHGD VH H[WHQGLHURQ GHVGH DEULO GH KDVWD
VHSWLHPEUHGHFRPRVHLQGLFyDQWHULRUPHQWH(QOD7DEOD VHLQFOX\HQORVSURPHGLRVPi[LPRV\
PtQLPRVSDUDODVFXDWURFDUUHUDVGHILOWUDFLyQ
7HPSHUDWXUD
)HFKD
7PtQLPDž&
7SURPHGLRž&
7Pi[LPRž&
FDUUHUD
FDUUHUD
FDUUHUD
FDUUHUD
7DEOD 7HPSHUDWXUDVPHGLDVPi[LPDV\PtQLPDVSDUDODVFDUUHUDVGHILOWUDFLyQ
0RQLWRUHRGHORVYDORUHVGH)HWRWDO\GLVXHOWR0QWRWDO\GLVXHOWR\7XUELHGDG
)HWRWDO\)HGLVXHOWR
/D )LJXUD PXHVWUD ORV YDORUHV SURPHGLR \ UDQJR GH )H WRWDO \ GLVXHOWR D OD VDOLGD GH FDGD
UHDFWRU SDUD ODV FXDWUR FDUUHUDV GH ILOWUDFLyQ 6H SXHGH DSUHFLDU TXH HO YDORU SURPHGLR GH )H WRWDO HQ
DJXDFUXGD YDULyHQWUH \ PJO/RVYDORUHVGH)H WRWDO D OD VDOLGD GHO DHUDGRU IXHURQ PX\
YDULDEOHV HVSHFLDOPHQWH D SDUWLU GH OD VHJXQGD FDUUHUD GHELGR D TXH SHULyGLFDPHQWH VH SURGXFtDQ
GHVSUHQGLPLHQWRVGHORVSUHFLSLWDGRVIRUPDGRVHQHOOHFKRSOiVWLFR
/RVYDORUHVSURPHGLRGH)HWRWDODODVDOLGDGHOSUHILOWURIXHURQGLVPLQX\HQGRHQODVVXFHVLYDVFDUUHUDV
(VWR LQGLFDUtD TXH OD HILFLHQFLD GHO SURFHVR ELROyJLFR GH UHPRFLyQ )H WRWDO IXH PHMRUDQGR VLQ VHU
DIHFWDGDSRUORVODYDGRVSDUDGDVGHSODQWD\DXPHQWRGHODYHORFLGDGGHILOWUDFLyQ
$ OD VDOLGD GHO ILOWUR OHQWR ORV YDORUHV SURPHGLR GH )H WRWDO IXHURQ GH PJO D SDUWLU GH OD
SULPHU FDUUHUD FRQ PX\ SRFDV YDULDFLRQHV D OR ODUJR GH ODV VXFHVLYDV FDUUHUDV D SHVDU GH ODV
IOXFWXDFLRQHVHQ ORV YDORUHVGHHQWUDGD(O YDORUGH)HWRWDOHQHODJXDILOWUDGDIXH PX\ LQIHULRU TXH HO
YDORUGHPJOTXHHOOtPLWHUHFRPHQGDGRHQODQRUPDYLJHQWH
$ SDUWLU GH OD WHUFHU FDUUHUD ORV YDORUHV GH )H WRWDO D OD VDOLGD GHO SUHILOWUR IXHURQ LQIHULRUHV DO
OtPLWHREOLJDWRULRGHPJOHVWDEOHFLGRHQODQRUPD
&RQ UHVSHFWR DO )H GLVXHOWR ODV FRQFHQWUDFLRQHV HQ HO DJXD FUXGD YHU )LJXUD IXHURQ GHO
RUGHQGHOGHORVYDORUHVGH)HWRWDO(VWRHVGHELGRDODIXHUWHDHUDFLyQSURGXFLGDHQHOERPEHR\
OOHQDGRGHODFLVWHUQDGHDJXDFUXGD3RURWUDSDUWHHQHODHUDGRUVHSURGXMRXQDIXHUWHUHGXFFLyQGHO
YDORUGHO)HGLVXHOWRGHELGRDODR[LGDFLyQItVLFRTXtPLFDSURGXFLGDSRUHOR[tJHQRLQWURGXFLGRHQHVWD
HWDSD\DODR[LGDFLyQELROyJLFDHQORVDQLOORVSOiVWLFRV/RVYDORUHVGH)HGLVXHOWRIXHURQGLVPLQX\HQGR
OHYHPHQWHHQODVVLJXLHQWHVHWDSDV\DSUR[LPDGDPHQWHUHSUHVHQWDURQXQGHOYDORUGH)HWRWDODOD
VDOLGDGHOVLVWHPD
9DORU3URPHGLR\5DQJR)HGLV
HUFDUUHUD
&LVWHUQD
)HGLVPJO
)HWRWPJO
9DORU3URPHGLR\5DQJR)HWRW
HUFDUUHUD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
&LVWHUQD
3HUFRODGRU
3UHILOWUR
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
9DORU3URPHGLR\5DQJR)HGLV
WDFDUUHUD
)HGLVPJO
)HWRWPJO
)LOWUR/HQWR
)LOWUR/HQWR
3UHILOWUR
)HGLVPJO
)HWRWPJO
9DORU3URPHGLR\5DQJR)HWRW
WDFDUUHUD
3HUFRODGRU
&LVWHUQD
9DORU3URPHGLR\5DQJR)HGLV
UDFDUUHUD
)LOWUR/HQWR
9DORU3URPHGLR\5DQJR)HWRW
UDFDUUHUD
3UHILOWUR
3HUFRODGRU
)HGLVPJO
)HWRWPJO
&LVWHUQD
9DORU3URPHGLR\5DQJR)HGLV
GDFDUUHUD
9DORU3URPHGLR\5DQJR)HWRW
GDFDUUHUD
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
)LJXUD *UiILFRVGHSURPHGLRV\5DQJRGH)HWRWDO\GLVXHOWRDODVDOLGDGHFDGD
UHDFWRU
0Q7RWDO\0Q'LVXHOWR
(Q OD )LJXUD VH KDQ JUDILFDGR ORV YDORUHV SURPHGLR GH 0Q WRWDO \ GLVXHOWR HQ ODV GLVWLQWDV
HWDSDV GHO SURFHVR GXUDQWH ODV SULPHUDV RFKR VHPDQDV GH RSHUDFLyQ GH OD SODQWD SLORWR 6H SXHGH
REVHUYDUTXHHQJHQHUDOHOFRQWHQLGRGH0QGLVXHOWRIXHHQSURPHGLRXQGHO0QWRWDOSDUDWRGRV
ORV SXQWRV GH PXHVWUHR &RPR OD UHODFLyQ HQWUH 0Q GLVXHOWR \ 0Q WRWDO VH PDQWXYR HQ HO WLHPSR VH
GHFLGLy GLVFRQWLQXDU OD PHGLFLyQ GH 0Q GLVXHOWR HQ IRUPD GLDULD \ VyOR VH UHDOL]DURQ PHGLFLRQHV
SHULyGLFDVTXHFRQILUPDURQHVWHKHFKR
9DORU3URPHGLR\5DQJR0QWRWDO
SULPHUDVVHPDQDVHUFDUUHUD
9DORU3URPHGLR\5DQJR0QGLVXHOWR
SULPHUDVVHPDQDVHUFDUUHUD
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
0QGLVXHOWRPJO
0QWRWDOPJO
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
)LJXUD 9DORUHVSURPHGLRGH0QWRWDO\GLVXHOWRHQODVSULPHUDVVHPDQDVGHRSHUDFLyQ
/D )LJXUD SUHVHQWD ORV YDORUHV SURPHGLR \ UDQJR GH 0Q WRWDO HQ FDGD HWDSD GH WUDWDPLHQWR
SDUDODVFXDWURFDUUHUDV GHILOWUDFLyQ6H SXHGH DSUHFLDU TXH ORV YDORUHV GH 0Q WRWDO HQ HO DJXD FUXGD
IXHURQHQSURPHGLRFHUFDQRVDPJO$ODVDOLGDGHODHUDGRU KXERXQDGLVPLQXFLyQ SURJUHVLYDGH
ORVYDORUHVSURPHGLRVHQODVVXFHVLYDVFDUUHUDV&RPRORVYDORUHV GHS+ \2'QRIXHURQ ORVySWLPRV
QHFHVDULRVSDUDODR[LGDFLyQItVLFRTXtPLFDHVPX\SUREDEOHTXHODR[LGDFLyQ\SUHFLSLWDFLyQGHO0QIXH
GHELGDDSURFHVRVELROyJLFRV
/XHJRGHODSXHVWDHQUpJLPHQTXHIXHDOFDQ]DGDHQODSULPHUFDUUHUDHOFRPSRUWDPLHQWRGHO
SUHILOWUR IXH PX\ HVWDEOH PHMRUDQGR OD UHPRFLyQ HQ ODV VXFHVLYDV FDUUHUDV (Q OD VHJXQGD FDUUHUD HO
YDORU SURPHGLR GH 0Q WRWDO D OD VDOLGD IXH GH PJO LJXDO DO YDORU HVWDEOHFLGR HQ OD QRUPD FRPR
OtPLWHUHFRPHQGDGR$GHPiVHOPi[LPRYDORUUHJLVWUDGRIXHPHQRUDOYDORUGHPJOTXHHVHOOtPLWH
REOLJDWRULR (Q OD WHUFHU \ FXDUWD FDUUHUD ORV YDORUHV Pi[LPRV IXHURQ PHQRUHV DO OtPLWH UHFRPHQGDGR
PJO (Q YLVWD D HVWH FRPSRUWDPLHQWR HO SUHILOWUR VH FRQYLHUWH HQ HO UHDFWRU PiV LPSRUWDQWH GHO
VLVWHPDHQUHODFLyQDODUHPRFLyQGH0Q
9DORU3URPHGLR\5DQJR0QWRW
HUFDUUHUD
9DORU3URPHGLR\5DQJR7XUELHGDG
HUFDUUHUD
0QWRWPJO
&LVWHUQD
3HUFRODGRU
3UHILOWUR
7XUELHGDG817
9DORU3URPHGLR\5DQJR0QWRW
GDFDUUHUD
&LVWHUQD
7XUELHGDG817
0QWRWPJO
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
&LVWHUQD
7XUELHGDG817
0QWRWPJO
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
9DORU3URPHGLR\5DQJR7XUELHGDG
WDFDUUHUD
9DORU3URPHGLR\5DQJR0QWRW
WDFDUUHUD
&LVWHUQD
7XUELHGDG817
0QWRWPJO
)LOWUR/HQWR
9DORU3URPHGLR\5DQJR7XUELHGDG
UDFDUUHUD
3UHILOWUR
9DORU3URPHGLR\5DQJR0QWRW
UDFDUUHUD
3HUFRODGRU
&LVWHUQD
9DORU3URPHGLR\5DQJR7XUELHGDG
GDFDUUHUD
)LOWUR/HQWR
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
&LVWHUQD
3HUFRODGRU
3UHILOWUR
)LOWUR/HQWR
)LJXUD *UiILFRVGHSURPHGLRV\5DQJRGH0QWRWDO\7XUEDODVDOLGDGHFUHDFWRU
7XUELHGDG
/RV YDORUHV SURPHGLR \ HO UDQJR PHGLGR SDUD FDGD FDUUHUD GH ILOWUDFLyQ D OD VDOLGD GH FDGD
UHDFWRU
VRQ
PRVWUDGRV
HQ
OD
)LJXUD/RVYDORUHVGHWXUELHGDGSURPHGLRHQHODJXDFUXGDSDUDODVFXDWURFDUUHUDVVHXELFDURQHQWUH
\ 817 $ OD VDOLGD GHO DHUDGRU VH UHJLVWUy XQD LPSRUWDQWH IOXFWXDFLyQ FRQ YDORUHV SURPHGLR
FHUFDQRVD 817\YDORUHVPi[LPRVKDVWD817(VWDYDULDFLyQVHDWULEX\yDORV\DPHQFLRQDGRV
GHVSUHQGLPLHQWRVGHPDWHULDODGKHULGRDOOHFKRGHFRQWDFWR([FHSWXDQGRODSULPHUFDUUHUDORVYDORUHV
GHWXUELHGDGDODVDOLGDGHOSUHILOWUR\GHOILOWUROHQWRWXYLHURQSRFDYDULDFLyQFRQYDORUHVSURPHGLRGH
817\817UHVSHFWLYDPHQWH
(ILFLHQFLDVGHOSURFHVRELROyJLFR
(ILFLHQFLDV7RWDOHVGHO6LVWHPD
(QOD)LJXUD VHKDQJUDILFDGRODVHILFLHQFLDVWRWDOHVGHOVLVWHPDGXUDQWHODSULPHUFDUUHUD6H
SXHGHYLVXDOL]DUFyPRIXHHOSURFHVRGHSXHVWDHQUpJLPHQ/DHILFLHQFLDGHUHPRFLyQGH)HWRWDOGHVGH
HOFRPLHQ]RGHODRSHUDFLyQGHODSODQWDSLORWR\KDVWDODVHPDQDIXHGHDOUHGHGRUGHO(QODV
VHPDQDV D OXHJR GHO SULPHU ODYDGR GHO SUHILOWUR OD HILFLHQFLD GH UHPRFLyQ GH )H WRWDO IXH HQ
SURPHGLRGH3DUDODUHPRFLyQGH0QKXERXQSHUtRGRLQLFLDOGH VHPDQDVHQODTXHODHILFLHQFLD
GH UHPRFLyQ DXPHQWy GH KDVWD PiV GH /XHJR GHO ODYDGR HO SURPHGLR GH HILFLHQFLD GH
UHPRFLyQGH0QIXHGHKDVWDHOILQDOGHODFDUUHUD
(ILFLHQFLDV7RWDOHV3ULPHU&DUUHUD
(ILFLHQFLDV0QWRWDO
(ILFLHQFLDV)HWRWDO
HUODYDGRSUHILOWUR
GRODYDGRSUHILOWUR
HUODYDGRILOWUROHQWR
VHPDQDV
)LJXUD(ILFLHQFLDV7RWDOHVGH5HPRFLyQGH)HWRWDO\0QWRWDOSDUDODSULPHUFDUUHUD
(Q ODV GHPiV FDUUHUDV ODV HILFLHQFLDV WRWDOHV UHJLVWUDURQ XQD HYROXFLyQ SRVLWLYD OOHJDQGR D
YDORUHVGHGHUHPRFLyQGHO)HWRWDO\GHUHPRFLyQGH0QWRWDOHQOD~OWLPDFDUUHUD
(ILFLHQFLDV$FXPXODGDV
(QOD)LJXUDVHJUDILFDURQORVYDORUHVGHHILFLHQFLDDFXPXODGDGHFDGDHWDSDSDUDFDGDXQD
GHODVFDUUHUDV(VWRSHUPLWHREVHUYDUFXiOHVHODSRUWHGHFDGDUHDFWRUDODHILFLHQFLDWRWDOGHOVLVWHPD
UHSUHVHQWDGRHQODJUiILFDSRUHOiUHDVRPEUHDGD³HQWUHFXUYDV´
6LVHREVHUYDHOJUiILFRFRUUHVSRQGLHQWHDODSULPHUFDUUHUDVHSXHGHDSUHFLDUTXHSDUDHO)H
WRWDOODHILFLHQFLDGHUHPRFLyQHQHOSUHILOWURIXHDOWDGXUDQWHODVSULPHUDVVHPDQDVGHRSHUDFLyQSHUR
OXHJRIXHGLVPLQX\HQGR\IXHDXPHQWDQGRODFRQWULEXFLyQGHOILOWUROHQWR2EVHUYDQGRODPLVPDJUiILFD
SDUD HO 0Q WRWDO HV FODUR TXH OD UHPRFLyQ GH pVWH IXH FDVL HQ VX WRWDOLGDG SURGXFLGD HQ HO ILOWUR OHQWR
GXUDQWHODVSULPHUDVVHPDQDV\OXHJRSDXODWLQDPHQWHHOSUHILOWURIXHWRPDQGRXQUROPiVLPSRUWDQWH
(QODV~OWLPDVVHPDQDVGHODSULPHUFDUUHUDODUHPRFLyQGHO0QWRWDOHQHOILOWUROHQWRIXHPX\EDMD
(QODVHJXQGDFDUUHUDODUHPRFLyQGHO)HWRWDOHQHODHUDGRUVLJQLILFyXQDSRUWHGHODODHILFLHQFLD
WRWDO GHO VLVWHPD \ OD UHPRFLyQ HQ HO SUHILOWUR IXH WDPELpQ FHUFDQD DO VLHQGR HO ILOWUR OHQWR HO
HQFDUJDGRGHUHPRYHUHO)HWRWDOUHVWDQWH3DUDHO0QWRWDOHQODVHJXQGDFDUUHUD HVLQWHUHVDQWHQRWDU
TXHHODSRUWHGHODHUDGRUIXHXQ \QRKD\GXGDVTXHHOSUHILOWURIXHHOTXHPiVDSRUWyFRQXQ
SURPHGLRGHOGHMDQGRSDUDHOILOWUROHQWRHOUHVWDQWH
'XUDQWH OD WHUFHU FDUUHUD OD UHPRFLyQ GHO )H WRWDO HQ HO DHUDGRU IXH VLPLODU D OD GH OD FDUUHUD
DQWHULRUPLHQWUDVTXHHQHOSUHILOWURVXHILFLHQFLDSDUFLDODXPHQWRDXQYDORUSURPHGLRGHOGHMDQGR
SDUD HO ILOWUR OHQWR XQ SRUFHQWDMH SURPHGLR GHO (Q FXDQWR DO 0Q WRWDO WDPELpQ VH SURGXMR XQ
DXPHQWR HQ OD HILFLHQFLD SDUFLDO GH UHPRFLyQ FRUUHVSRQGLHQWH DO SUHILOWUR FRQ UHVSHFWR D OD FDUUHUD
DQWHULRUFRQXQYDORUSURPHGLRGHORUGHQGHO(OSHTXHxRSRUFHQWDMHUHVWDQWHIXHUHPRYLGRSRUHO
ILOWUROHQWR
(QODFXDUWDFDUUHUDKXERPXFKRVGHVSUHQGLPLHQWRVHQHODHUDGRUORTXHVHUHIOHMyHQXQ
DXPHQWRGHODWXUELHGDG\GHODFRQFHQWUDFLyQGH)HWRWDODODVDOLGDGHOPLVPR(VWHKHFKRIXHHO
UHVSRQVDEOHGHTXHODHILFLHQFLDGHUHPRFLyQGHODHUDGRUIXHUDPX\YDULDEOHKDVWDWDOSXQWRTXHHQ
PXFKRVFDVRVORVYDORUHVGH)HDODVDOLGDIXHURQPD\RUHVDORVGHHQWUDGD3RURWUDSDUWHKDFLDHO
ILQDOGHODFDUUHUDODHILFLHQFLDDFXPXODGDKDVWDODVDOLGDGHOSUHILOWURDXPHQWyUHVSHFWRDODFDUUHUD
DQWHULRUGLVPLQX\HQGRODFDQWLGDGGHO)HWRWDODVHUUHPRYLGDSRUHOILOWUROHQWR
&RQUHVSHFWRDO0QWRWDOVHSXHGHREVHUYDUTXHHQODFXDUWDFDUUHUDVHUHJLVWUyXQDXPHQWRHQ
VXUHPRFLyQHQHODHUDGRU(VLQWHUHVDQWHVHxDODUTXHORVGHVSUHQGLPLHQWRVGHPDWHULDODGKHULGRHQORV
DQLOORVSOiVWLFRVGHODHUDGRUQRLPSOLFDURQXQDXPHQWRHQODVFRQFHQWUDFLRQHVGH0QWRWDODODVDOLGDGHO
PLVPRYHU)LJXUD+DFLDHOILQDOGHODH[SHULHQFLDHODSRUWHGHOILOWUROHQWRDODHILFLHQFLDWRWDOGH
UHPRFLyQGH0QIXHGHVSUHFLDEOHGHELGRDODVEDMDVFRQFHQWUDFLRQHVGHHVWHPHWDOUHPDQHQWHHQHO
DJXDDODHQWUDGDGHOPLVPR
3UHILOWUR
VHPDQDV
3UHILOWUR
VHPDQDV
)/HQWR
3UHILOWUR
GRODYDGRSUHILOWUR
HUODYDGRILOWUROHQWR
HUODYDGRSUHILOWUR
VHPDQDV
3UHILOWUR
3HUFRODGRU
(ILFLHQFLDV$FXPXODGDVGH5HPRFLyQGH0QWRW
7HUFHU&DUUHUD
VHPDQDV
)/HQWR
GRODYDGRSUHILOWUR
3HUFRODGRU
ODYDGRSUHILOWUR
)/HQWR
(ILFLHQFLDV$FXPXODGDVGH5HPRFLyQGH)HWRW
&XDUWD&DUUHUD
3HUFRODGRU
GRODYDGRSUHILOWUR
GRODYDGRSUHILOWUR
ODYDGRSUHILOWUR
GRODYDGRSUHILOWUR
HUODYDGRILOWUROHQWR
(ILFLHQFLDV$FXPXODGDVGH5HPRFLyQGH)HWRW
7HUFHU&DUUHUD
)/HQWR
VHPDQDV
3UHILOWUR
GRODYDGRSUHILOWUR
(ILFLHQFLDV$FXPXODGDVGH5HPRFLyQGH0QWRW
6HJXQGD&DUUHUD
3HUFRODGRU
(ILFLHQFLDV$FXPXODGDVGH5HPRFLyQGH0QWRW
&XDUWD&DUUHUD
)/HQWR
VHPDQDV
3UHILOWUR
GRODYDGRSUHILOWUR
3HUFRODGRU
ODYDGRSUHILOWUR
3UHILOWUR
ODYDGRSUHILOWUR
VHPDQDV
)/HQWR
GRODYDGRSUHILOWUR
3HUFRODGRU
(ILFLHQFLDV$FXP XODGDVGH5HP RFLyQGH)HWRW
6HJXQGD&DUUHUD
)/HQWR
HUODYDGRSUHILOWUR
3UHILOWUR
HUODYDGRSUHILOWUR
VHPDQDV
(ILFLHQFLDV$FXP XODGDVGH5 HP RFLyQGH0 QWRW
3ULP HU& DUUHUD
HUODYDGRSUHILOWUR
)/HQWR
(ILFLHQFLDV$FXP XODGDVGH5 HP RFLyQGH) HWRW
3ULP HU&DUUHUD
3HUFRODGRU
)LJXUD (ILFLHQFLDVDFXPXODGDVHQFDGDHWDSDGHOSURFHVRHQODVFXDWURFDUUHUDV
)DVH,$YHOODQHGD
2EVHUYDFLRQHVUHDOL]DGDVGXUDQWHORVODYDGRV
(OOXHJRGHVHPDQDVGHLQLFLDGDODRSHUDFLyQ\VLQOOHJDUDOILQDOGHVXFDSDFLGDG
GH UHPRFLyQ VH GHFLGLy UHDOL]DU HO SULPHU ODYDGR GHO SUHILOWUR /D GXUDFLyQ WRWDO GH OD GHVFDUJD IXH GH
DSUR[LPDGDPHQWHPLQXWRV\HOHIOXHQWHSUHVHQWyXQFRORUPDUUyQURML]R(OPDWHULDOIORFXOHQWRGHOEDUUR
GHODYDGRVHREVHUYyPLFURVFySLFDPHQWH\VHGHWHFWyODSUHVHQFLDGHDEXQGDQWHFDQWLGDGGHEDFWHULDV
GHOJpQHUR*DOOLRQHOODFRQJUDQFDQWLGDGGHGHSyVLWRVGH)HSUHFLSLWDGR
&RQFOXLGDODSULPHUFDUUHUDGHOILOWUROHQWRHOVHSURFHGLyDODSULPHUOLPSLH]DGHOPLVPR
\DODUHDOL]DFLyQGHOVHJXQGRODYDGRGHOSUHILOWUR6HREVHUYyXQDQRWDEOHGLIHUHQFLDHQODFRORUDFLyQ\
FDUDFWHUtVWLFDVGHOEDUURSURYHQLHQWHGHOODYDGRGHOSUHILOWUR\DTXHHOFRORUIXHPDUUyQJULViFHRRVFXUR
PX\GLVWLQWRDOEDUURGHOSULPHUODYDGR(VWRFRLQFLGHFRQHODXPHQWRHQODUHPRFLyQGH0QSURGXFLGD
HQHVWHUHDFWRUDSDUWLUGHODVHPDQDGHRSHUDFLyQ
3DUDGHWHUPLQDUODUHFXSHUDFLyQGHODFDSDFLGDGGHUHPRFLyQGHOSUHILOWUROXHJRGHODOLPSLH]DVHPLGLy
OD WXUELHGDG D OD VDOLGD GHO PLVPR XQD YH] UHLQLFLDGD OD RSHUDFLyQ 6H REVHUYy TXH HQ ORV SULPHURV
PLQXWRVVHSURGXMRXQSLFRGHWXUELHGDGGHELGRDODUUDVWUHGHOPDWHULDOQRUHPRYLGRFRPSOHWDPHQWHHQ
ODRSHUDFLyQGHOLPSLH]D$SDUWLUGHGLFKDREVHUYDFLyQHQORVVLJXLHQWHVODYDGRVGHOSUHILOWURGXUDQWHODV
FDUUHUDV\VHHQYLyDOGHVDJHHODJXDSUHILOWUDGDGXUDQWHORVSULPHURVDPLQXWRVDQWHVGH
FRQHFWDUORDOILOWUROHQWR
2EVHUYDFLRQHVPLFURVFySLFDVHQODVGLVWLQWDVHWDSDVGHOSURFHVR
&HOGDGHIOXMRHQDJXDGHSURFHVR
/DREVHUYDFLyQPLFURVFySLFDGHORVSRUWDREMHWRVGHODFHOGDFRORFDGDHQODHQWUDGDDODHUDGRU
PRVWUyDEXQGDQWHFRQFHQWUDFLyQGH EDFWHULDV GHO JpQHUR*DOOLRQHOOD \ PDWHULDO IpUULFR GHSRVLWDGR /RV
SRUWDREMHWRV GH OD FHOGD GH IOXMR FRORFDGD D OD VDOLGD GHO VLVWHPD PRVWUDURQ PX\ HVFDVD R QXOD
FRORQL]DFLyQEDFWHULDQD(VWRLQGLFDUtDTXHODPD\RUtDGHODPLFURIORUDREVHUYDGDHQODSULPHUFHOGDVH
DORMyHQORVPDQWRVILOWUDQWHVGHODSODQWDSLORWRVLQSDVDUDODJXDILOWUDGDILQDO
0LQLFHOGDVGHIOXMRHQDJXDGHSURFHVR
/DVREVHUYDFLRQHVPLFURVFySLFDVGHORVSRUWDREMHWRVH[SXHVWRVHQODVPLQLFHOGDVGHIOXMRHQHO
ILOWUROHQWRPRVWUDURQODSUHVHQFLDGHJUDQFDQWLGDGGHEDFWHULDVGHOJpQHUR*DOOLRQHOOD \JUDQFDQWLGDG
GHDOJDV GHOJUXSR'LDWRPHDVSULQFLSDOPHQWHHOJpQHUR1DYtFXOD $GHPiVVHGHWHFWyOD SUHVHQFLD GH
EDFWHULDVHQYDLQDGDVSRVLEOHPHQWHGHOJpQHUR/HSWRWKUL[(QORVSRUWDREMHWRVH[SXHVWRVHQHOSUHILOWUR
WDPELpQ VH YLVXDOL]DURQ EDFWHULDV HQYDLQDGDV GHO JpQHUR /HSWRWKUL[ JHQHUDOPHQWH GH FRUWD ORQJLWXG
FRPSXHVWDVWRGDVSRUDFpOXODV6HREVHUYyDGHPiVJUDQFDQWLGDGGHEDFLORVDOLQHDGRVHQIRUPD
UHJXODUSRVLEOHPHQWHGHOJpQHUR6LGHURFDSVD
5HVXOWDGRVGHORVHQVD\RVHQODSODQWDSLORWRHQ/DV*DU]DV)DVH,,
0RQLWRUHRGHODVYDULDEOHVDPELHQWDOHVS+(K2'\WHPSHUDWXUD
/D7DEOD UHVXPHORVYDORUHVPHGLGRVSDUDODVYDULDEOHVDPELHQWDOHVS+\(KHQODSODQWD
SLORWRGH/DV*DU]DV
3URPHGLR5DQJR
S+
(K
$JXDFUXGD
6DOLGD$HUDGRU
6DOLGD3UHILOWUR
7DEOD 5HVXPHQGHORVYDORUHVPHGLGRVGHS+\(KHQODSODQWDSLORWRGH/DV
*DU]DV
(ODXPHQWRGHOS+HQODXQLGDGGHDHUDFLyQVHGHELyDODUHPRFLyQGHGLy[LGRGHFDUERQRGHO
DJXD(QFXDQWRDOR[tJHQRGLVXHOWRORVYDORUHVSURPHGLRPHGLGRVIXHURQORVVLJXLHQWHVPJOHQHO
DJXDFUXGDPJODODVDOLGDGHODHUDGRU \ PJODODVDOLGDGHOSUHILOWUR /DGLVPLQXFLyQ HQ HO
YDORU GHO R[tJHQR GLVXHOWR HQ HO SUHILOWUR SXHGH VHU H[SOLFDGR SRU HO FRQVXPR GH pVWH WDQWR HQ ODV
UHDFFLRQHVILVLFRTXtPLFDVFRPRHQODV ELROyJLFDVTXH RFDVLRQDQ OD UHPRFLyQ GHO PDQJDQHVR HQ GLFKD
XQLGDG
0RQLWRUHRGHORVYDORUHVGH)HWRWDO\GLVXHOWR0QWRWDO\GLVXHOWR\7XUELHGDG
$PRGRGHUHVXPHQHQOD)LJXUD VHPXHVWUDQORVYDORUHVSURPHGLRGH)H\0QHQODVDOLGD
GHODVGLVWLQWDVHWDSDVGHWUDWDPLHQWROXHJRGHODSXHVWDHQUpJLPHQGHOVLVWHPD
9DORUHV3URPHGLR)HWRW\0QWRWSVLVWHPDHQUpJLPHQ
PJO
)HWRWPJO
0QWRWPJO
DJXDFUXGD
VDOLGD
DHUDGRU
VDOLGD
SUHILOWUR
0QWRWPJO
)HWRWPJO
)LJXUD 3ODQWD3LORWR/DV*DU]DVYDORUHVSURPHGLRGH)HWRWDO\0QWRWDOSDUDHO
VLVWHPDHQUpJLPHQ
/D DOWD HILFLHQFLD GH UHPRFLyQ GHO PDQJDQHVR SXHGH VHU DWULEXLGD D SURFHVRV ELROyJLFRV
FRPELQDGRVFRQORVHIHFWRVFDWDOtWLFRVSURGXFLGRVSRUORVy[LGRVGHPDQJDQHVRTXHIXHURQUHFXEULHQGR
HQ IRUPD QDWXUDO ORV JUDQRV GHO PDQWR ILOWUDQWH /D R[LGDFLyQ ItVLFRTXtPLFD QR SXHGH VHU VLJQLILFDWLYD
GHELGRDTXHORVYDORUHVGHS+PHGLGRVVRQPX\LQIHULRUHVDORVYDORUHVySWLPRVUHTXHULGRVSDUDGLFKR
SURFHVR
(ILFLHQFLDV7RWDOHVGHO6LVWHPD
(QOD)LJXUD VHSXHGHDSUHFLDUTXHFDVLGHVGHHOLQLFLRGHODRSHUDFLyQGHODSODQWDSLORWROD
HILFLHQFLD GH UHPRFLyQ GH PDQJDQHVR FRPHQ]y D DXPHQWDU HQ IRUPD OLQHDO KDVWD DOFDQ]DU
DSUR[LPDGDPHQWHHQODVHPDQDDXQDHILFLHQFLDPD\RUDOOHJDQGRDYDORUHVPi[LPRVGHO
3DUDHOKLHUURODHILFLHQFLDGHUHPRFLyQIXHYDULDEOHSHURHQHO~OWLPRPHVDOFDQ]yYDORUHVGH
(ILFLHQFLDVWRWDOHVGHUHPRFLyQ
(ILFLHQFLDV3XHVWDHQ5pJLPHQ/$6*$5=$6
(ILFLHQFLDV0QWRW
(ILFLHQFLDV)HWRW
VHPDQDV
)LJXUD (ILFLHQFLDVWRWDOHVGHUHPRFLyQGHKLHUUR\PDQJDQHVRHQODSODQWDSLORWRGH
ODV*DU]DV6DQWD)HHQHOSHUtRGRGHSXHVWDHQPDUFKD
2EVHUYDFLRQHVPLFURVFySLFDVHQODVGLVWLQWDVHWDSDVGHOSURFHVR
0LQLFHOGDVGHIOXMRHQDJXDGHSURFHVR
/DREVHUYDFLyQPLFURVFySLFDGHORVSRUWDREMHWRVH[SXHVWRVHQODVPLQLFHOGDVGHIOXMRFRORFDGDV
HQ HO LQWHULRU GHO SUHILOWUR PRVWUDURQ OD SUHVHQFLD GH SRFD FDQWLGDG GH EDFWHULDV GHO JpQHUR *DOOLRQHOOD
SHUR IXH GHWHFWDGD XQD LPSRUWDQWH FDQWLGDG GH EDFWHULDV HQYDLQDGDV SRVLEOHPHQWH GHO JpQHUR
/HSWRWKUL[(VWHKHFKRSXHGHH[SOLFDUODDOWDUHPRFLyQGHPDQJDQHVRTXHVHSURGXMRHQHVWDXQLGDG
&21&/86,21(6
/RV UHVXOWDGRV REWHQLGRV GHPXHVWUDQ ODV JUDQGHV YHQWDMDV TXH EULQGD OD FRPELQDFLyQ GH OD
SUHILOWUDFLyQHQPDQWRVGHJUDYDDVFHQGHQWHFRQODILOWUDFLyQOHQWDHQODUHPRFLyQGH)H\0QPHGLDQWH
SURFHVRV ELROyJLFRV (V XQ VLVWHPD HILFLHQWH \ FRQ EDMRV FRVWRV GH RSHUDFLyQ SRU ODV VLJXLHQWHV
UD]RQHV
™ /DUJDVFDUUHUDVGHFXDUHQWD\FLQFRGtDVSDUDHOSUHILOWUR\QRYHQWDGtDVSDUDHOILOWUROHQWR
™ 1RVHXWLOL]DQLQJ~QSURGXFWRTXtPLFR
™ /DRSHUDFLyQGHOLPSLH]DGHOSUHILOWURHVPX\UiSLGD\VHQFLOOD
™ 1RVHUHTXLHUHPDQRGHREUDHVSHFLDOL]DGD
™ (OFRVWRGHPDQWHQLPLHQWRHVPX\EDMRSRUTXHQRVHUHTXLHUHQHTXLSRVPHFiQLFRV
™ (OWLHPSRGHSXHVWDHQUpJLPHQGHOVLVWHPDIXHGHPHQRVGHXQDVHPDQDSDUDHO)H\GHRFKR
VHPDQDVSDUDHO0Q
™ (ODJXDXWLOL]DGDSDUDODVOLPSLH]DVHVPX\EDMDHQUHODFLyQDODFDQWLGDGGHDJXDSURGXFLGD
™ /DGLVFRQWLQXLGDGHQODRSHUDFLyQQRDIHFWDHOSURFHVRGHUHPRFLyQ
7RGDV ODV YHQWDMDV HQXQFLDGDV GHPXHVWUDQ TXH HO SURFHVR GHVDUUROODGR HQ HVWD
LQYHVWLJDFLyQ DSDUHFH FRPR OD PHMRU DOWHUQDWLYD SDUD VHU DSOLFDGR DO GLVHxR GH SODQWDV GH
WUDWDPLHQWRGHDJXDSRWDEOHSDUDSREODFLRQHVSHTXHxDV\PHGLDQDVGH$PpULFD/DWLQD
$*5$'(&,0,(1726
8Q DJUDGHFLPLHQWR PX\ HVSHFLDO DO %DFWHULyORJR 0LJXHO $QJHO *DULERJOLR SRU EULQGDU VX
H[SHULHQFLD VREUH HO WHPD ³EDFWHULDV GHO )H´ 8Q UHFRQRFLPLHQWR D OD ,QJ 6LOYLQD =DPDU \ OD 7pF
0DULDQD %HUJDOOR SRU OD GHGLFDFLyQ \ HPSHxR HQ OD RSHUDFLyQ GH OD SODQWD SLORWR $GHPiV GHEHPRV
DJUDGHFHU DO 6HxRU 3UHVLGHQWH &RPXQDO -RUJH 0DVDW \ DO 6U -XOLR 'DUiQ SRU OD SUHGLVSRVLFLyQ HQ OD
RSHUDFLyQ GH OD SODQWD SLORWR HQ OD /RFDOLGDG GH /DV *DU]DV 6DQWD )H $UJHQWLQD (VWH SUR\HFWR VH
UHDOL]yFRQXQVXEVLGLRGHOD$JHQFLD1DFLRQDOGH3URPRFLyQ&LHQWtILFD\7HFQROyJLFDGHSHQGLHQWHGHO
*RELHUQR1DFLRQDOGHOD5HS~EOLFD$UJHQWLQD
5()(5(1&,$6
%RXUJLQH )3 *HQQHU\ 0 &KDSPDQ %,2/2*,&$/ 352&(66(6 $7 6$,176 +,//
:$7(575($70(173/$17.(17-,:(0
&]HNDOOD & 0HYLXV: +DQHUW + 48$17,7$7,9( 5(029$/ 2) ,521 $1'
0$1*$1(6(%<0,&5225*$1,606,15$3,'6$1'),/7(56,16,78,19(67,*$7,216:DWHU
6XSSO\
*DULERJOLR 0 $ ',$*1267,&2 '( %,2&25526,Ï1 ( ,1&5867$&,Ï1
0,&52%,2/Ï*,&$(132=265(9,67$,QJHQLHUtD6DQLWDULD<$PELHQWDO1UR
*LVOHWWH 30RXFKHW 3 (/,0,1$&,Ï1 '(/ )( '(/ 01 < '(/ $021Ë$&2 (1 /$6
$*8$6327$%/(6/2675$7$0,(1726%,2/Ï*,&267DOOHU,QWHUQDFLRQDO6REUH)H<0Q$,',6
%XHQRV$LUHV$UJHQWLQD
+DWYD775($70(172)*5281':$7(5:,7+6/2:6$1'),/75$7,21:DWHU
6FL7HFKQRO91UR3S
+HGEHUJ 7 :DKOEHUJ 7 83*5$',1* 2) :$7(5:25.6 :,7+ $ 1(:
%,22;,'$7,21 352&(66 )25 5(029$/ 2) 0$1*$1(6( $1' ,521 8SJUDGLQJ 2I :DWHU $QG
:DVWH6\VWHPV.DOPDU6XHFLD
,QJDOOLQHOOD $0 %DFKXU -$ 5RGULJXH] - 6WHFFD/ &/$5,),&$&,Ï1 '(/ $*8$ (1
0$1726 '( *5$9$ '( )/8-2 $6&(1'(17( 5HI ;;,,, &RQJUHVR ,QWHUDPHULFDQR 'H
,QJHQLHUtD6DQLWDULD<$PELHQWDO/D+DEDQD&XED
,QJDOOLQHOOD $0 6WHFFD / :HJHOLQ 0 83)/2: 528*+,1* ),/75$7,21
5(+$%,/,7$7,212)7+(327$%,/,=$7,213/$17,17$5$7$%2/,9,$8SJUDGLQJ2I:DWHU$QG
:DVWH6\VWHPV.DOPDU6XHFLD
,QJDOOLQHOOD5L]]R)HUQiQGH])pUQDQGH]6LVWHPD$5&,6B8153$5$5(02&,Ï1'(
$56e1,&2;,&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH$,',6$UJHQWLQD0HQGR]D
0RXFKHW 3 )520 &219(17,21$/ 72 %,2/2*,&$/ 5(029$/ 2) ,521 $1'
0$1*$1(6(,1)5$1&(-RXUQDO$::$