Professional Documents
Culture Documents
$:
"
!"#
!
!
"
# $
!%
!
&
$ '
'
($
' # % %
)
%* %'
$ '
+
"
%
&
'
! #
$,
( $
-
.
!
"-
( %
.
% % % %
$
$ $ -
-
- -
// $$$
0
&
1
3$/02,/352&(66,1*
7(&+12/2*<
%\
(PPDQXHO2KHQH$IRDNZD (VWKHU6DN\L'DZVRQ
'HSDUWPHQWRI1XWULWLRQDQG)RRG6FLHQFH
8QLYHUVLW\RI*KDQD
/HJRQ $FFUD
*KDQD
(PDLOHRDIRDNZD#JPDLOFRP HDIRDNZD#XJHGXJK
7HO
'(',&$7,21
7KLVERRNLVGHGLFDWHGWRP\GHDUZLIH(OOHQDQGRXUWKUHHORYHO\FKLOGUHQ1DQD
$IUD0DDPH$J\HLZDDDQG.ZDEHQD2KHQH$IRDNZD-QU
35()$&(
7KHRLOSDOP(ODHLVJXLQHHQVLV -DFTLVDWURSLFDOPRQRHFLRXVWUHHZLWKPDOHDQG
IHPDOHLQIORUHVFHQFHKHUPDSKURGLWHGHYHORSHGLQWKHD[LORIWKHOHDYHV$VRQHRIWKH
PDMRU RLO FURSV LQ PDQ\ $IULFDQ DQG $VLDQ FRXQWULHV SDOP RLO FRQWDLQV RUJDQLF IRRG
VXEVWDQFHVDQGLQRUJDQLFHOHPHQWVXSRQZKLFKKXPDQOLIHDQGLQGXVWULHVGHSHQG3DOP
RLO LV ODUJHO\ XVHG LQ YDULRXV IRRG SURGXFWV VXFK DV PDUJDULQHV VKRUWHQLQJV FRRNLQJ
RLOVDQGFRQIHFWLRQHU\IDWV5HVHDUFKKDVUHYHDOHGWKDWLWFDQDOVREHXVHGDVIXHOEOHQG
IRU LQWHUQDO FRPEXVWLRQ HQJLQHV 7HFKQLTXHV IRU SURFHVVLQJ RLO SDOP IUXLWV YDU\ ZLWK
DYDLODEOHWHFKQRORJ\*HQHUDOO\DOO WKHVPDOOVFDOHSURFHVVRUVXVH WKHK\GUDXOLFSUHVV
DQG KDQG VSLQGOH SUHVV ZLWK D IHZ RI WKHP XVLQJ WKH FRPELQHG GLJHVWHU VFUHZ SUHVV
+RZHYHUPRVWRIWKHPHGLXP DQGODUJHVFDOHSURFHVVRUVXVHPDLQO\WKHGLJHVWHUVFUHZ
SUHVVHVZKLFKDUHPRUHHIILFLHQWDQGH[SHQVLYHFRPSDUHGWRWKHRWKHUWZRHTXLSPHQW
7KHWUDGLWLRQDOPHWKRGRIH[WUDFWLRQXVHGE\WKHVPDOOVFDOHSURFHVVRUVUHVXOWVLQ
ORZTXDOLW\SDOPRLOZLWKYHU\KLJKIUHHIDWW\DFLG))$FRQWHQWDQGDODUJHTXDQWLW\RI
GLUW DQG ZDWHU ,W LV WKHUHIRUH HVVHQWLDO IRU SURGXFHUV LQ $IULFD DQG RWKHU SDUWV RI WKH
ZRUOGWRLQFUHDVHSURGXFWLRQDQGWRLPSURYHWKHSURFHVVLQJWHFKQLTXHVLQRUGHUWRKLJKHU
RLO\LHOG DQGLPSURYHGRLOTXDOLW\7KLVERRNSURYLGHVDFRPSUHKHQVLYHH[SODQDWLRQRQ
WKHGLIIHUHQWWUDGLWLRQDOSURFHVVLQJWHFKQRORJLHVXVHGIRUWKHSURGXFWLRQRISDOPRLODQG
KRZ WKHVH WHFKQRORJLHV DIIHFW WKH TXDOLW\ FKDUDFWHULVWLFV RI WKH SDOP RLOV SURGXFHG ,Q
DGGLWLRQWKHSURFHVVLQJWHFKQLTXHVXVHGIRUWKHSURGXFWLRQRISDOPNHUQHORLOXVLQJERWK
WKHWUDGLWLRQDODQGPHFKDQLFDOPHWKRGVKDYHEHHQRXWOLQHG7KHUHOHYDQFHRIWKHYDULRXV
SDUDPHWHUV WKDW DUH XVHG WR DVVHVV WKH TXDOLW\ DQG VWDELOLW\ RI SDOP RLO RQ WKH
LQWHUQDWLRQDO PDUNHW DQG WKHLU GHILQHG OLPLWV RI DFFHSWDELOLW\ KDV EHHQ H[SODLQHG
)XUWKHUPRUH LQGHSWK LQYHVWLJDWLRQV ZHUH FRQGXFWHG WR RSWLPL]H WKH SURFHVVLQJ
SURFHGXUHVDQGRLOSDOPIUXLW FRQGLWLRQVWKDW ZLOOSURGXFHLPSURYHGSDOPRLO SURGXFWV
WKDWPHHWLQWHUQDWLRQDOVWDQGDUGVDQGPDUNHWDELOLW\
7KHDXWKRUVEHOLHYHWKLVERRNZLOOSURYLGHDQH[FHOOHQWRSSRUWXQLW\WRVKDUHWKHLU
DFTXLUHG VNLOOV NQRZOHGJH DQG H[SHULHQFH LQ SDOP RLO DQG SDOP NHUQHO RLO SURFHVVLQJ
WHFKQRORJLHV ZLWK WKH UHVW RI WKH ZRUOG DQG PRVW LPSRUWDQWO\ WR DOO ZKR DUH LQWR WKH
EXVLQHVV RI OHDUQLQJ UHVHDUFKLQJ SURGXFLQJ PDUNHWLQJ DQG FRQVXPLQJ RLO SDOP ,W LV
KRSHGWKDWWKHERRNZLOOEHDXVHIXOUHVRXUFH PDWHULDOIRUVPDOOVFDOHPHGLXPVFDOHDQG
ODUJHVFDOHSURFHVVRUVLQDOOSDUWVRIWKHZRUOG DQGSURYLGHWKHUHTXLUHGVXSSRUWWRZDUGV
LPSURYLQJWKHTXDOLW\RISDOPRLODQGSDOPNHUQHORLOSURGXFWLRQZRUOGZLGH
$&.12:/('*(0(176
, ZLVK WR H[SUHVV P\ VLQFHUH JUDWLWXGH DQG WKDQNV WR P\ SDUHQWV WKH ODWH 0U
-RVHSK2KHQH$IRDNZD(VTDQG0UV0DUJDUHW$IRDNZDIRUHQVXULQJ,REWDLQHGWKH
EHVWHGXFDWLRQLQVSLWHRIWKHQXPHURXVFKDOOHQJHVWKH\IDFHGLQVRPHSHULRGVRIWKHLU
OLYHV 7KHLU SURIRXQG ORYH SUD\HUV VXSSRUW DQG DGYLFH VWUHQJWKHQHG PH IURP P\
FKLOGKRRG JLYLQJ ELUWK WR WKH PDQ\ GUHDPV DQG DVSLUDWLRQV ZKLFK KDYH DOO EHFRPH
UHDOLWLHVLQP\OLIHWRGD\,DPDOVRJUDWHIXOWRWKH*RYHUQPHQWRI*KDQDDQGWRDOOFRFRD
IDUPHUVLQ *KDQDZKRVHWRLOVDQGVZHDWVZHUHXVHGWRIXQGP\HGXFDWLRQWKURXJKWKH
*KDQD&RFRD%RDUG6FKRODUVKLS6FKHPHZKLFK,HDUQHGDOOWKURXJKRXWP\VHFRQGDU\
HGXFDWLRQ ZLWKRXW ZKLFK , FRXOG QRW KDYH UHPDLQHG LQ VFKRRO WR PDNH LW WR WKH
8QLYHUVLW\OHYHO,DPLQGHHGLQGHEWHGWR\RXDOO
0\ JUDWLWXGHDQGDSSUHFLDWLRQDOVR JRHVWR 'U 2ZXUDNX6DN\L'DZVRQDQGWKH
0DQDJHPHQWRI&266,63URMHFWLQ*KDQDIRUSURYLGLQJWKHIXQGLQJDQGVXSSRUWIRUWKH
UHVHDUFK FRPSRQHQWV RI WKLV ZRUN 0DQ\ WKDQNV DOVR JR WR 0U (]HNLHO 1DUK
$GPLQLVWUDWLYH 0DQDJHU RI &266,6 3URMHFW *KDQD 0UV &KDULW\ 2VHL$PSRQVDK
DQG3DXO$JERWVHZKR FRQWULEXWHGWRWKHUHVHDUFKFRPSRQHQWRIWKHERRN
0\ VLQFHUHWKDQNVDOVRJR WRWKHPDQ\IULHQGVDQG FROOHDJXHVDURXQGWKHZRUOG
ZKRKDYHPHQWRUHGHQFRXUDJHGDQGLQVSLUHGPHLQYDULRXVZD\VWKURXJKRXWP\FDUHHU
LQFOXGLQJ 3URIHVVRU 6DPXHO 6HID'HGHK 3URIHVVRU *HRUJH 6RGDK $\HUQRU 3URIHVVRU
(EHQH]HU $VLEH\%HUNR 3URIHVVRU $QQD /DUWH\ 3URIHVVRU .ZDNX 7DQR'HEUDK 'U
$JQHV 6LPSVRQ %XGX 'U :LOOLDP %UXFH 2ZXVX DQG 0U *HRUJH $QQRU DOO RI WKH
'HSDUWPHQWRI1XWULWLRQDQG)RRG6FLHQFH8QLYHUVLW\RI*KDQD/HJRQ $FFUD*KDQD
3URIHVVRU 'HPHWUH /DEDGDULRV IRUPHUO\ RI 6WHOOHQERVFK 8QLYHUVLW\ DQG ([HFXWLYH
'LUHFWRU RI .QRZOHGJH 6\VWHPV +XPDQ 6FLHQFHV 5HVHDUFK &RXQFLO LQ &DSH 7RZQ
6RXWK $IULFD 3URIHVVRU 5XWK 2QLDQJR )RXQGHU DQG (GLWRULQ&KLHI RI WKH $IULFDQ
-RXUQDO RI )RRG $JULFXOWXUH1XWULWLRQDQG 'HYHORSPHQW $-)$1'1DLUREL .HQ\D
'U /LQOH\ &KLZRQD.DUOWXQ RI WKH 6ZHGLVK 8QLYHUVLW\ RI $JULFXOWXUDO 6FLHQFHV
8SSVDOD 6ZHGHQ 0U *HRUJH (NRZ +D\IRUG 4XDOLW\ $VVXUDQFH DQG 5HJXODWRU\
$IIDLUV 0DQDJHU IRU 1HVWOp &HQWUDO :HVW $IULFDQ 5HJLRQ 'U *HQH :KLWH 'U -DQH\
7KRUQWRQ0UV%DUEDUD%HOPRQW0V3HQQ\0F&RQQHOO0U3DXO$OEHUJKLQHDQG0UV
0DU\2ZHQVRIWKH*OREDO&KLOG1XWULWLRQ)RXQGDWLRQ:DVKLQJWRQ'&86$,QGHHG
, DOVR DSSUHFLDWH WKH VXSSRUW RI P\ 7HDFKLQJ $VVLVWDQWV -RKQ (GHP.RQJRU %REE\
$QWDQ&DLTXRDQG'DQLHO$PDQTXDKIRUSURYLGLQJWHFKQLFDODVVLVWDQFHZLWKWKHZULWLQJ
RIWKHPDQXVFULSW
)LQDOO\P\SURIRXQGDSSUHFLDWLRQDQGORYHJRHVWRP\VLEOLQJV6DPP\-XOLDQD
DQG5HJLQDIRUWKHLUSUD\HUVDQGVXSSRUWWKURXJKRXWP\HGXFDWLRQDQGDJDLQWRP\GHDU
ZLIH(OOHQDQGRXUGDXJKWHUV&LWD1DQD$IUDDQG0DDPH$J\HLZDDIRUVXSSRUWLQJPH
DQGPRVWLPSRUWDQWO\SURYLGLQJWKHPXFKQHHGHG ORYHHQFRXUDJHPHQWDQGDIIHFWLRQWKDW
VWUHQJWKHQHGPHWKURXJKRXWP\FDUHHU
7$%/(2)&217(17
7,7/(3$*( L
'(',&$7,21 LL
35()$&( LLL
$&.12:/('*(0(17 Y
7$%/(2)&217(17 YLL
/,672)7$%/(6 [LY
/,672)),*85(6 [Y
&+$37(521(
,1752'8&7,21
2LOSDOPDVDFURS
,QGXVWULDOSDOPRLOSURFHVVLQJ
2EMHFWLYHRIWKHERRN
&+$37(57:2
+,6725<25,*,1$1'&+$5$&7(5,67,&62)2,/3$/0
%ULHI+LVWRU\RI2LO3DOP
7\SHVDQG&KDUDFWHULVWLFVRI2LO3DOP
+DUYHVWLQJRI5LSH3DOP)UXLW%XQFKHV
(IIHFWRI)UXLW%UXLVHVRQ3DOP2LO4XDOLW\
&+$37(57+5((
75$',7,21$/3$/02,/352&(66,1*7(&+12/2*,(6
3DOPRLOSURFHVVLQJ
)UXLW6WRUDJHDQG3DOP2LO4XDOLW\
3DOP2LO3URFHVVLQJ0HWKRGVDQG3URGXFW4XDOLW\
3DOP2LO([WUDFWLRQ0HWKRGV
3DOP2LO3URFHVVLQJ6WHSV
4XDUWHULQJ
6WRUDJH )HUPHQWDWLRQ+HDSLQJRI)UXLWV
6WULSSLQJ/RRVHQLQJRI)UXLWV
6WHULOL]DWLRQRI)UXLWV
'LJHVWLRQ
6HSDUDWLRQ
&ODULILFDWLRQDQG'U\LQJRI2LO
2LO6WRUDJH
&+$37(5)285
&+(0,675<$1'48$/,7<&+$5$&7(5,67,&62)3$/02,/
&KDUDFWHULVWLFVRIRLOVIURPRLOSDOP
&DURWHQRLGV
7RFRSKHUROVDQG7RFRWULHQROV
8VHVRI3DOP2LO
&+$37(5),9(
3$/0.(51(/2,/352&(66,1*7(&+12/2*<
'HVFULSWLRQRIWKHSDOPNHUQHO
(FRQRPLFLPSRUWDQFHRISDOPNHUQHORLO
3DOPNHUQHOSURFHVVLQJ
7UDGLWLRQDOSDOPNHUQHOSURFHVVLQJ
7UDGLWLRQDOSDOPNHUQHOH[WUDFWLRQPHWKRG
0RGHUQWHFKQLTXHVLQSDOPNHUQHORLOH[WUDFWLRQ
.HUQHOSUHWUHDWPHQW
6FUHZSUHVVLQJ
2LOFODULILFDWLRQ
'LUHFWVFUHZSUHVVLQJ
3DUWLDOSUHWUHDWPHQW
6ROYHQWH[WUDFWLRQ
,PSURYHPHQWVLQSDOPNHUQHOSURFHVVLQJPHWKRGV
4XDOLW\FKDUDFWHULVWLFVRISDOPNHUQHORLO
)DFWRUVLQIOXHQFLQJTXDOLW\FKDUDFWHULVWLFVRISDOPNHUQHORLO
&+$37(56,;
0$7(5,$/6 $1'$1$/<7,&$/0(7+2'6
0DWHULDOV
([SHULPHQWDOGHVLJQIRU2EMHFWLYH2QH (IIHFWVRI)UXLW7\SHDQG([WUDFWLRQ
(TXLSPHQWRQ2LO<LHOGDQG4XDOLW\
([SHULPHQWDOGHVLJQIRU2EMHFWLYH7ZR (IIHFWRI)UXLW6WRUDJHDQG([WUDFWLRQ
(TXLSPHQWRQ2LO4XDOLW\
([SHULPHQWDOGHVLJQIRU2EMHFWLYH7KUHH (IIHFWRI3DOP)UXLW$JHRQ<LHOG
DQG4XDOLW\
([SHULPHQWDOGHVLJQIRU2EMHFWLYH)RXU(IIHFW RI )UXLW 6WRUDJH DQG %RLOLQJ
7LPHRQ<LHOGDQG2LO4XDOLW\
$QDO\WLFDO0HWKRGV
'HWHUPLQDWLRQRIIUHHIDWW\DFLGV
'HWHUPLQDWLRQRILRGLQHYDOXH
'HWHUPLQDWLRQRISHUR[LGHYDOXH
'HWHUPLQDWLRQRIVDSRQLILFDWLRQYDOXH
'HWHUPLQDWLRQRILPSXULWLHV
'HWHUPLQDWLRQRIPRLVWXUHFRQWHQW
'HWHUPLQDWLRQRISDOPRLOFRORXU
6WDWLVWLFDO$QDO\VLV
&+$37(56(9(1
())(&76 2) )58,7 7<3( $1' (;75$&7,21 (48,30(17 21 2,/
<,(/'$1'48$/,7<&+$5$&7(5,67,&6
3DOP2LO<LHOG
0RLVWXUH&RQWHQWRI3DOP2LO
)UHH)DWW\$FLGV))$
3HUR[LGH9DOXH39
,RGLQH9DOXH,9
6DSRQLILFDWLRQ9DOXH69
,PSXULWLHV
&RORXURI3DOP2LOV3URGXFHG
&+$37(5(,*+7
())(&762)3$/0 )58,76725$*(3(5,2'6$1' (;75$&7,21
(48,30(17217+(<,(/'$1'48$/,7<2)3$/02,/
0RLVWXUHFRQWHQWRIRLOVSURGXFHG
)UHH)DWW\$FLG))$
3HUR[LGH9DOXH39
6DSRQLILFDWLRQ9DOXH69
,RGLQH9DOXH,9
,PSXULWLHV
2LO<LHOGV
&RORXURIRLOVSURGXFHG
)UXLW<LHOGRI/RRVHG3DOP)UXLWVRQ2LO<LHOG
([WUDFWLRQ(TXLSPHQW4XDOLW\&KDUDFWHULVWLFVDQGRLO\LHOGUHTXLUHPHQW
LQH[WUDFWLRQRISDOPIUXLWV
&+$37(51,1(
())(&7 2) 3$/0 75(( $*( 21 2,/ <,(/' $1' 3$/0 2,/
48$/,7<
&+$37(57(1
())(&76 2) %2,/,1* 7,0( $1' )58,7 6725$*( 21 48$/,7<
&+$5$&7(5,67,&62)3$/02,/
<LHOGRISDOPRLOSURGXFHG
)UHH)DWW\$FLG
0RLVWXUH&RQWHQW
3HUR[LGH9DOXHV39
&+$37(5(/(9(1
&21&/86,216 $1' 5(&200(1'$7,216 21 3$/0 2,/
5(6($5&+
&21&/86,216
5(&200(1'$7,216
/,672)7$%/(6
7DEOH)DWW\$FLG&RPSRVLWLRQRI3DOP2LO
7DEOH&DURWHQH3URILOHVRI3DOP2LO([WUDFWHGIURP(ODHLVJXLQHHQVLV
7DEOH$W\SLFDOFRPSRVLWLRQRIWKHSDOPNHUQHOSHUFHQWDJHE\ZHLJKW
7DEOH)DWW\DFLGFRPSRVLWLRQRISDOPNHUQHORLO
7DEOH &RPSRVLWLRQ RI SDOP NHUQHO FDNH DQG SDOP NHUQHO PHDO SHUFHQWDJH E\
ZHLJKW
7DEOH3K\VLFDODQGFKHPLFDOFRQVWDQWVIRUSDOPNHUQHORLO
7DEOH3DOPIUXLWW\SHVH[WUDFWLRQHTXLSPHQWRQFRORXURISDOPRLOSURGXFHG
7DEOH(IIHFWRIIUXLWVWRUDJHRQFRORXURISDOPRLOSURGXFHGXVLQJWKUHHGLIIHUHQW
W\SHVRISUHVVHV
7DEOH([WUDFWLRQ(TXLSPHQW4XDOLW\FKDUDFWHULVWLFVDQGRLO\LHOGUHTXLUHPHQWLQ
SURFHVVLQJNJSDOPIUXLWVEXQFKHV
7DEOH3DOP7UHH$JHDQG2LO<LHOGRQ3DOP2LO4XDOLW\
7DEOH(IIHFWRISDOPWUHHDJHRQFRORXURIRLOSURGXFHG
7DEOH 5HJUHVVLRQ FRHIILFLHQWV FRHIILFLHQW RI GHWHUPLQDWLRQ 5 DQG DQDO\VLV
RIYDULDQFHIRUUHJUHVVLRQPRGHOVILWWHGIRUTXDOLW\SDUDPHWHUVDWUHVSRQVHVXUIDFH
PHWKRG
/,672)),*85(6
)LJXUH6WUXFWXUHRIWKHSDOPIUXLW
)LJXUH2LOSDOPIUXLWVVWRUHGIRU'D\V
)LJXUH2LOSDOPIUXLWVVWRUHGIRU'D\V
)LJXUH2LOSDOP2LOSDOPIUXLWVVWRUHGIRU'D\V
)LJXUH2LOSDOP2LOSDOPIUXLWVVWRUHGIRU'D\V
)LJXUH6SLQGOH3UHVV0DQXDO
)LJXUH6SLQGOH3UHVVLQ2SHUDWLRQ
)LJXUH+\GUDXOLF3UHVV
)LJXUH+\GUDXOLF3UHVVLQ2SHUDWLRQ
)LJXUH0RWRUL]HG'LJHVWHU6FUHZ3UHVV
)LJXUH'LJHVWHU6FUHZ3UHVVLQ 2SHUDWLRQ
)LJXUH 8QLWRSHUDWLRQ LQSDOP RLO SURFHVVLQJ E\ VPDOO VFDOHSURFHVVRUV XVLQJ
WUDGLWLRQDOWHFKQLTXHV
)LJXUH 8QLW RSHUDWLRQ LQ SDOP RLO SURFHVVLQJ E\ PHGLXP WR ODUJH VFDOH
SURFHVVRUV
)LJXUH)UXLWVWHULOL]HU&HQWUHGH)RUPDWLRQ7HFKQLTXH%HQLQ
)LJXUH&ODULILHUWDQNE\)$2
)LJXUH&ODULILHUWDQNE\1RYD7HFKQRORJLHV/WG1LJHULD
)LJXUH6WUXFWXUHVRIFDURWHQRLGV
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQSHUR[LGHYDOXH
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQOHYHORILPSXULWLHV
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQRLO\LHOG
)LJXUH(IIHFWRIVWRUDJHWLPHRQSDOPIUXLWV\LHOG
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQSDOPRLO\LHOG
)LJXUH E &RQWRXUHG SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
SDOPRLO\LHOG
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQIUHHIDWW\DFLGV
)LJXUHE&RQWRXUSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPHRQ))$
YDOXHVRQSDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQPRLVWXUHFRQWHQWRISDOPRLO
)LJXUH E &RQWRXU SORWV VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
PRLVWXUHFRQWHQWRISDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQSHUR[LGHYDOXHVRISDOPRLO
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
SHUR[LGHYDOXHVRQSDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQVDSRQLILFDWLRQYDOXHVRQSDOPRLOV
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
VDSRQLILFDWLRQYDOXHVRQSDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQLRGLQHYDOXHVRQSDOPRLOV
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
LRGLQHYDOXHVRISDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQLPSXULWLHVRISDOPRLOV
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
LPSXULWLHVRISDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQOLJKWQHVVRISDOPRLOV
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
OLJKWQHVVRISDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQUHGQHVVDYDOXHRISDOPRLOV
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
UHGQHVVRIFRORXURISDOPRLOV
)LJXUHD5HVSRQVHVXUIDFHSORW VKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQ\HOORZQHVVEYDOXHRISDOPRLOV
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
\HOORZQHVVEYDOXHRISDOPRLOV
&+$37(521(
,1752'8&7,21
2LOSDOPDVDFURS
7KH RLO SDOP (ODHLV JXLQHHQVLV -DFT LV D WURSLFDO PRQRHFLRXV WUHH ZLWK PDOH
DQG IHPDOH LQIORUHVFHQFH KHUPDSKURGLWHGHYHORSHG LQ WKH D[LO RI WKH OHDYHV 7HRK
$VRQHRIWKHPDMRURLOFURSVLQPDQ\:HVW$IULFDQFRXQWULHVSDOPRLOFRQWDLQV
RUJDQLFIRRGVXEVWDQFHVDQGLQRUJDQLFHOHPHQWVXSRQZKLFKOLIHDQGLQGXVWULHVGHSHQG
%DU\HK2LOSDOPLVODUJHO\XVHGLQYDULRXVIRRGSURGXFWVVXFKDVPDUJDULQHV
VKRUWHQLQJVFRRNLQJRLOVDQGFRQIHFWLRQHU\IDWV5HVHDUFKKDVUHYHDOHGWKDWLWFDQDOVR
EH XVHG DV IXHO EOHQG IRU LQWHUQDO FRPEXVWLRQ HQJLQHV ,W LV WKHUHIRUH HVVHQWLDO IRU
SURGXFHUV LQ :HVW $IULFD WR LQFUHDVH SURGXFWLRQ DQG WR LPSURYH WKH SURFHVVLQJ
WHFKQLTXHVLQRUGHUWRLQFUHDVHRLO\LHOG%DU\HK 7HRK
7KHUHDUHWKUHHW\SHVRISDOPIUXLWVDQGWKHVHDUH'XUD7HQHUDDQG3LVLIHUD7KH
'XUDW\SHLVFKDUDFWHUL]HGE\WKLQPHVRFDUSWKLFNHQGRFDUSVKHOOZLWKJHQHUDOO\ODUJH
NHUQHOV7HQHUDW\SHLVFKDUDFWHUL]HGE\WKLFNPHVRFDUSWKLQHQGRFDUSZLWKUHDVRQDEO\
VL]HGNHUQHODQGWKH3LVLIHUDW\SHLVFKDUDFWHUL]HGE\WKLFNPHVRFDUSZLWKYHU\OLWWOHRLO
FRQWHQW QR HQGRFDUS VKHOOOHVV ZLWK VPDOO NHUQHOV %DU\HK 8PHULH HW DO
7HFKQLTXHV IRU SURFHVVLQJ RLO SDOP IUXLWV YDU\ ZLWK DYDLODEOH WHFKQRORJ\
*HQHUDOO\DOOWKHVPDOOVFDOHSURFHVVRUVXVHWKHK\GUDXOLFSUHVVDQGKDQGVSLQGOHSUHVV
ZLWK D IHZ RI WKHP XVLQJ WKH FRPELQHG GLJHVWHU VFUHZ SUHVV +RZHYHU PRVW RI WKH
PHGLXP DQG ODUJHVFDOH SURFHVVRUV XVH PDLQO\ WKH GLJHVWHU VFUHZ SUHVVHV ZKLFK DUH
PRUHHIILFLHQWDQGH[SHQVLYHFRPSDUHGWRWKHRWKHUWZRHTXLSPHQW7DLZRHWDO
7KHWUDGLWLRQDOPHWKRGRIH[WUDFWLRQXVHGE\WKHVPDOOVFDOHSURFHVVRUVUHVXOWVLQ
ORZTXDOLW\SDOPRLOZLWKYHU\KLJKIUHHIDWW\DFLG))$FRQWHQWDQGDODUJHTXDQWLW\RI
GLUWDQGZDWHU 7DLZRHWDO+DGLHWDO,Q*KDQDDQGPRVW:HVW$IULFDQ
FRXQWULHVDERXW RIWKH QDWLRQDO)UHVK)UXLW%XQFKHV))%SURGXFHGLV SURFHVVHG
WKURXJK WKH ODUJH VFDOH LQGXVWULDO PLOOV ZKLOH WKH UHPDLQLQJ LV KDQGOHG XVLQJ
LQHIILFLHQW VPDOO VFDOH SURFHVVLQJ PHWKRGV %DGPXV $OWKRXJK VKRUW GHOD\V RU
VWRUDJH LPSURYH IUXLWUHFRYHU\ ORRVHQLQJ IURP WKH EXQFK WKH\ OHDG WR SURGXFWLRQ RI
SRRUTXDOLW\RLO
,QGXVWULDOSDOPRLOSURFHVVLQJ
,QGXVWULDOSDOPRLOSURFHVVLQJIURPSDOPIUXLWVLQYROYHVILYHEDVLFRSHUDWLRQVYL]
IUXLW VWHULOL]DWLRQ IUXLW ORRVHQLQJ IUXLW GLJHVWLRQ RLO H[WUDFWLRQ DQG RLO FODULILFDWLRQ
7DLZRHWDO6WHULOL]DWLRQLVGRQHLQVPDOODQGPHGLXPVFDOHDVKHDWUHQGHULQJ
RSHUDWLRQ LQYROYLQJ IUXLWV 7KLV RSHUDWLRQ DLGV ORRVHQLQJ RI IUXLWV IURP WKH EXQFK DQG
GLJHVWLRQ RSHUDWLRQ E\ VRIWHQLQJ WKH IUXLW PHVRFDUS IRU DQ HIILFLHQW PDFHUDWLRQ 7KH
RSHUDWLRQIXQFWLRQVDVKHDWWUHDWPHQWDQGPRLVWXUH DGMXVWPHQW ,QFUHDVHLQVWHULOL]DWLRQ
WHPSHUDWXUH DQG WLPH EULQJLQJ DERXW LQFUHDVH LQ KHDW WUHDWPHQW DQG PRLVWXUH
FRQGLWLRQLQJKDVEHHQIRXQGWRLQFUHDVH\LHOGRIRLOIURPSDOPIUXLWV%DEDWXQGH
%DU\HK2ZRODUDIHHWDO
7KH VHPL PHFKDQL]HG DQG WUDGLWLRQDO VPDOO VFDOH SDOP RLO H[WUDFWLRQ SURFHVV
LQYROYHVTXDUWHULQJKHDSLQJVWRUDJHIUXLWORRVHQLQJERLOLQJGLJHVWLQJRLOH[SUHVVLRQ
RUVHSDUDWLRQDQGFODULILFDWLRQ+RZHYHURLOH[WUDFWHGIURPWKLVSURFHVVKDVDORZ\LHOG
DQGSRRUTXDOLW\6WXGLHVFRQGXFWHGE\0XVRQJHDQG%DU\HKDQG2ZRODUDIHHW
DO UHYHDOHGWKDWWKHTXDQWLW\DQGTXDOLW\RIRLOSURGXFHGGHSHQGRQWKHW\SHRI
RLOSDOPVRLOW\SHDJHRIWUHHVDQGKDQGOLQJRIIUXLWV$OVRLQFUHDVHVLQIUHHIDWW\DFLGV
))$DQGRWKHUTXDOLW\SDUDPHWHUVDIIHFWWKHTXDOLW\RIRLOGXHWREUXLVHVSRRUKDQGOLQJ
DQGOHQJWK\NHHSLQJRIIUXLWV3XUVHJORYH$JDLQPRLVWXUHFRQWHQWDQGLPSXULWLHV
DOVR DIIHFWWKHTXDOLW\ RIRLO ,Q*KDQDDVWXG\ FRQGXFWHGE\ %DU\HKLQGLFDWHG
WKDW LQFUHDVH RI KHDWLQJ WHPSHUDWXUH H[WUDFWLRQ SUHVVXUH KHDWLQJ DQG H[WUDFWLRQ WLPH
LQFUHDVHV WKH \LHOG RI SDOP RLO 1HYHUWKHOHVV WKH H[WHQW WR ZKLFK WKH YDULHG IUXLW
FRQGLWLRQVDQGH[WUDFWLRQHTXLSPHQWDIIHFWWKH\LHOGDQGTXDOLW\FKDUDFWHULVWLFVRISDOP
RLOH[WUDFWHGLQ*KDQDVWLOOUHTXLUHDQLQGHSWKLQYHVWLJDWLRQ
2EMHFWLYHRIWKHERRN
7KXV WKH PDLQ REMHFWLYH RI WKLV ERRN LV WR H[SODLQ WKH GLIIHUHQW WUDGLWLRQDO
SURFHVVLQJ WHFKQRORJLHV XVHG IRU WKH SURGXFWLRQ RI SDOP RLO DQG WKH H[WHQW WR ZKLFK
WKHVH WHFKQRORJLHV DIIHFW WKH TXDOLW\ FKDUDFWHULVWLFV RI WKH SDOP RLOV SURGXFHG )XUWKHU
DWWHPSWVKDYHEHHQPDGHWRH[SODLQWKHUHOHYDQFHRIWKHYDULRXVSDUDPHWHUVWKDWDUHXVHG
WR DVVHVV WKH TXDOLW\ DQG VWDELOLW\ RI SDOP RLO RQ WKH LQWHUQDWLRQDO PDUNHW DQG WKHLU
GHILQHGOLPLWVRIDFFHSWDELOLW\
)XUWKHUPRUH LQGHSWK LQYHVWLJDWLRQV ZHUH FRQGXFWHG WR RSWLPL]H WKH SURFHVVLQJ
SURFHGXUHVDQGRLOSDOPIUXLW FRQGLWLRQVWKDW ZLOOSURGXFHLPSURYHGSDOPRLO SURGXFWV
WKDW PHHW LQWHUQDWLRQDO VWDQGDUGV DQG PDUNHWDELOLW\ 7KH VSHFLILF REMHFWLYHV RI WKH
UHVHDUFKFRPSRQHQWLQFOXGHGWKHIROORZLQJ
L
7RHYDOXDWHWKHHIIHFWRIIUXLWW\SHVDQGRLOH[WUDFWLRQPHWKRGRQWKH\LHOGDQG
TXDOLW\FKDUDFWHULVWLFVRIRLOSDOP
LL
7RH[DPLQHWKHHIIHFWRIIUXLWVWRUDJHDQGRLOH[WUDFWLRQPHWKRGRQWKHTXDOLW\
RISDOPRLO
LLL
LY
7RVWXG\WKHHIIHFWVRIERLOLQJWLPHDQGVWRUDJHWLPHRIIUXLWV RQWKH\LHOGDQG
TXDOLW\FKDUDFWHULVWLFVRISDOPRLOXVLQJUHVSRQVHVXUIDFHPHWKRGRORJ\
&+$37(57:2
+,6725<25,*,1$1'&+$5$&7(5,67,&62)2,/3$/0
%ULHI+LVWRU\RI2LO3DOP
7KH RLOSDOPWUHH(ODHLVJXLQHHQVLV-DFTLV WKHPRVWLPSRUWDQWVSHFLHVLQWKH
JHQXV (ODHLV ZKLFK EHORQJV WR WKH IDPLO\ 3DOPDH DQG LV LQGLJHQRXV WR PRVW :HVW
$IULFDQVHVSHFLDOO\WKRVHLQWKHFRDVWDODQGIRUHVW]RQHV(NSD$NSDQDELDWXHWDO
7HRK 8PHULH HW DO *HQHUDOO\ LW LV EHOLHYHG WKDW WKH 2LO 3DOP
(ODHLVJXLQHHQVLVRULJLQDWHGLQWKHWURSLFDOUDLQIRUHVWUHJLRQRI:HVW$IULFDZLWKWKH
PDLQ EHOW UXQQLQJ WKURXJK WKH VRXWKHUQ ODWLWXGHV RI &DPHURRQ &{WH G,YRLUH *KDQD
/LEHULD 1LJHULD 6LHUUD /HRQH 7RJR DQG LQWR WKH HTXDWRULDO UHJLRQ RI $QJROD DQG WKH
&RQJR+DUWOH\)$22LOSDOPKDVEHHQFRQVXPHGIRURYHU\HDUV
,WLVHVWDEOLVKHGWKDWGXULQJWKHWRWKFHQWXULHVVRPHSDOPIUXLWVZHUHWDNHQ
WRWKH$PHULFDVDQGIURPWKHUHWRWKH)DU(DVWZKHUHWKHSODQWDSSHDUVWRKDYHWKULYHG
EHWWHU DQG WKXV SURYLGLQJ WKH ODUJHVW FRPPHUFLDO SURGXFWLRQ DV DQ HFRQRPLF FURS WR
PDQ\FRXQWULHVVXFKDV0DOD\VLD,QGRQHVLDDQG7KDLODQGIDUUHPRYHGIURPLWVFHQWUH
RI RULJLQ )$2 &XUUHQWO\ WKH RLO SDOP WUHH FDQ EH IRXQG LQ PDQ\ WURSLFDO
FRXQWULHVLQ$IULFD$VLDDQG/DWLQ$PHULFD,QGRQHVLD0DOD\VLDDQG7KDLODQGDUHWKH
LPSRUWDQWDUHDVRIRLOSDOPFXOWLYDWLRQLQ6RXWK(DVW$VLDZKLFKSURGXFHDERXWRI
WKHZRUOGVSDOPRLO*RSDO3DOPRLOEHFDPHWKHZRUOG
VVHFRQGPRVWLPSRUWDQW
YHJHWDEOHRLODIWHUVR\EHDQRLOLQ3UHVHQWO\RLOSDOPDFFRXQWVIRURIWKHWRWDO
ZRUOG SURGXFWLRQ RI RLOV DQG IDWV DQG LV H[SHFWHG WR RYHUWDNH VR\EHDQ RLO DV WKH PRVW
LPSRUWDQWYHJHWDEOHRLO6DPEDQWKDPXUWKLHWDO
2LO SDOP (ODHLV JXLQHHQVLV DQ XQEUDQFKHG PRQRHFLRXV WUHH ZLWK PDOH DQG
IHPDOHLQIORUHVFHQFHKHUPDSKURGLWHGHYHORSHGLQWKHD[LORIWKHOHDYHVZKLFKJURZVWR
D KHLJKWRI PDQG PD\ OLYH IRUXS WR \HDUV 7KHRLO SDOP JLYHV WKHKLJKHVW
\LHOGRIRLOSHUXQLWDUHDRIDOORLOEHDULQJSODQWV%DU\HK7HRK7KHIUXLW
RIWKHRLOSDOPLVRYDOVKDSHGGUXSHDQGSRLQWHGDWWKHDSH[YDU\EHWZHHQWRPP
LQ OHQJWK DQG FRXOG EH DV ODUJH DV WR PP LQ GLDPHWHU DQG WR J LQ ZHLJKW
7\SHVDQG&KDUDFWHULVWLFVRI2LO3DOP
7KH RLO SDOP LV QRZ JURZQ DV D SODQWDWLRQ FURS LQ PRVW FRXQWULHV ZLWK KLJK
0HVRFDUS
(QGRFDUS
.HUQHO
([RFDUS
)LJXUH6WUXFWXUHRIWKHSDOPIUXLW
,Q DOO WKH RLO SDOP IUXLW W\SHV 7HQHUD LV PXFK EHWWHU W\SH IRU LQGXVWULDO DQG
HFRQRPLF SXUSRVHV 8QIRUWXQDWHO\ WUDGLWLRQDO IDUPHUV LQ $IULFD KDYH QRW \HW IXOO\
HPEUDFHG WKH 7HQHUD EHFDXVH FRQVXPHUV FRPSODLQHG WKDW WKH SDOP RLO SURGXFHG IURP
WKH W\SH ZDV WRR IDWW\ 7KLV PHDQV WKDW ZKHQ WKH RLO FRROV WR DPELHQW WHPSHUDWXUH LW
JRHVWRVOHHSRUVROLGLILHVLQVWHDGRIUHPDLQLQJIOXLGDQGUHGDQGWKHRLOGLGQRWKDYH
WKHULJKWWDVWHDVRLO5HVHDUFKHUVDQGDJULFXOWXUHH[WHQVLRQRIILFHUVIDLOHGWRSRVLWLRQWKH
7HQHUD DV KLJK\LHOGLQJ LQGXVWULDO SXUSRVH RLO DV RSSRVHG WR RLO IRU KRPH FRRNLQJ
)$2
7KHH[WHQVLYHGHYHORSPHQWRIRLOSDOPLQGXVWULHVLQPDQ\FRXQWULHVLQWKHWURSLFV
KDVEHHQPRWLYDWHG E\LWVH[WUHPHO\KLJKSRWHQWLDOSURGXFWLYLW\7KHRLOSDOPJLYHVWKH
KLJKHVW\LHOGRIRLOSHUXQLWDUHDFRPSDUHGWRDQ\RWKHUFURSDQGSURGXFHVWZRGLVWLQFW
RLOV SDOPRLODQGSDOPNHUQHORLO ERWKRIZKLFKDUHLPSRUWDQWLQZRUOGWUDGH0RGHUQ
KLJK\LHOGLQJYDULHWLHVGHYHORSHGE\EUHHGLQJSURJUDPVXQGHULGHDOFOLPDWLFFRQGLWLRQV
DQG JRRG PDQDJHPHQW DUH FDSDEOH RI SURGXFLQJ LQ H[FHVV RI WRQQHV RI
EXQFKHVKD\UZLWKSDOPRLOLQEXQFKFRQWHQWRISHUFHQW7KLVLVHTXLYDOHQWWRD\LHOG
RIWRQQHVRLOKD\UH[FOXGLQJWKHSDOPNHUQHORLOZKLFKIDURXWVWULSVDQ\RWKHUVRXUFH
RIHGLEOHRLO)$2
+DUYHVWLQJRI5LSH3DOP)UXLW%XQFKHV
7KHWLPHRLOSDOPIUXLWVVWDUWIORZHULQJWRKDUYHVWLQJLVWRPRQWKV+DUYHVWLQJ
FRPPHQFHVEHWZHHQWR PRQWKVDIWHUILHOGSODQWLQJGHSHQGLQJRQWKHVRLOW\SHDQG
DJURQRPLFDQGPDQDJHPHQWLQSXWV %DU\HK)$27HRK7KHSDOP
IUXLWVRI(JXLQHHQVLV JHWULSHZKHQWKHUHLVFKDQJHLQWKHFRORXURIWKHIUXLWVIURPEOXH
EODFNLQWKHEXQFKWRGDUNUHG8PHULHHWDO,Q*KDQDIDUPHUVQRWLFHZHOOULSH
IUXLWVZKHQIHZSDOPIUXLWVLHWRGURSIURPWKHWUHHEXQFKWRWKHJURXQG
+DUYHVWLQJ RI IUHVK IUXLW EXQFK IURPSDOP WUHH LQYROYHV WKH FXWWLQJ RI ULSH IUXLW
DQGDOORZLQJLWWRIDOO WRWKHJURXQGE\JUDYLW\DQG WKHIUXLWEXQFKHVPD\VXIIHU VRPH
EUXLVLQJ RQ IDOOLQJ WR WKH JURXQG (QGLQNHDX DQG :RRGDUG )$2 7HRK
+DUYHVWLQJ LV GRQH PDQXDOO\ XVLQJ D FXWODVV RU FKLVHO LQ \RXQJ SDOPV DQG D
VLFNOHPRXQWHGRQDEDPERRRU DOXPLQXPSROHLQWDOOHUSDOPV)UXLWVPD\EHGDPDJHG
LQ WKH SURFHVV RI SUXQLQJ SDOP IURQGV WR H[SRVH WKH EXQFK EDVH WR IDFLOLWDWH EXQFK
FXWWLQJ$VWKHEXQFKIDOOVWRWKHJURXQGWKHUHLVLPSDFWZKLFKUHVXOWVLQEUXLVHVRQWKH
IUXLWV7KHGDPDJHPD\UXSWXUHWKHPHPEUDQHVZKLFKOHDGWRWKHOLSDVHJDLQLQJDFFHVV
WRWKHIDWV)$27HRK
9DULRXV V\VWHPV IRU LQILHOGFROOHFWLRQRIIUHVKIUXLW EXQFKDQGWUDQVSRUWDWLRQWR
WKHSDOPRLOPLOODUHDGRSWHG,Q*KDQDIHZVPDOOVFDOHSDOPRLOSURGXFWLRQVIRUKRPH
FRQVXPSWLRQH[LVWDQGDPRQJWKHVHSURFHVVRUVEXQFKHVDUHFRQYH\HGWRWKHLUSURFHVVLQJ
VLWH LQ EDVNHWV FDUULHG RQ WKH KHDG 7R GLVPRXQW WKH ORDG WKH WHQGHQF\ LV WR GXPS
FRQWHQWV RI WKH EDVNHW RQWR WKH JURXQG 7KLV UHVXOWV LQ PRUH EUXLVHV +RZHYHU LQ
PHGLXP DQG ODUJH VFDOH SODQWDWLRQV WUXFNV DQG SXVK FDUWV FRQYH\ IUHVK IUXLW EXQFKHV
IURP WKH IDUP WR WKH SURFHVVLQJ VLWH ZKHUHDV LQ LQGXVWULDO V\VWHPV WUDFWRUPRXQWHG
JUDEEHULVXVHGWRLQFUHDVHZRUNHUSURGXFWLYLW\GXHWRLQFUHDVLQJVKRUWDJHRIZRUNHUV
)$2 7HRK 7KH KDUYHVWHG SDOP IUXLWV DUH QRUPDOO\ OHIW KHDSHG RQ WKH
IDUPRU DORQJ WKHURDGVLGHIRUVHYHUDOKRXUVRU HYHQGD\VEHIRUHEHLQJWUDQVSRUWHGWR
WKH SURFHVVLQJ PLOO $IWHU KDUYHVWLQJ LW LV LPSRUWDQW WKDW WKH IUHVK IUXLW EXQFKHV DUH
SURFHVVHGDVVRRQDVSRVVLEOHWRSUHYHQWUDSLGULVHLQIUHHIDWW\DFLGV))$ZKLFKFRXOG
DGYHUVHO\DIIHFWWKHTXDOLW\RIWKHFUXGHSDOPRLO(QGLQNHDXDQG:RRGDUG7HRK
(IIHFWRI)UXLW%UXLVHVRQ3DOP2LO4XDOLW\
)UXLWVPD\EHGDPDJHGLQWKHSURFHVVRISUXQLQJSDOPIURQGVWRH[SRVHWKHEXQFK
ZHUH DGRSWHG IRU VWDQGDUG FUXGH SDOP RLO &32 $ VWXG\ E\ %HUJHU
UHYHDOHG WKDWLIWKHIUHVKIUXLWEXQFK ))% LV WDNHQVWUDLJKWWRWKHPLOOIURPWKH ILHOG
FRRNHGDQGSUHVVHGLPPHGLDWHO\LWLVSRVVLEOHWRJHWRLOZLWKRQO\))$7KLVPD\
QRW EH SRVVLEOH IRU ODUJH SODQWDWLRQV +RZHYHU VRPH SURGXFHUV XVH WR RIIHU VSHFLDO
TXDOLW\&32DQGWKLVLVDFKLHYHGE\HDUO\KDUYHVWLQJWKHUHE\PLQLPL]LQJRYHUULSHIUXLWV
VLQFH RLO V\QWKHVLV LV YHU\ DFWLYH WRZDUGV WKH HQG RI ULSHQLQJ +DGL HW DO 7R
LPSURYH SDOP RLO TXDOLW\ EUXLVLQJ GXULQJ WUDQVSRUWDWLRQ WR WKH SURFHVVLQJ PLOO LV DOVR
UHGXFHGE\WDNLQJVWHULOL]HUFDJHVWRWKHILHOGIRUORDGLQJDQGVWHULOL]DWLRQLVFDUULHGRXW
LPPHGLDWHO\PDNLQJLWSRVVLEOHWRSURGXFH&32ZLWKPD[LPXP))$RI%XWWKHVH
DUHYHU\H[SHQVLYHWHFKQLTXHV%HUJHU +DGLHWDO
&+$37(57+5((
75$',7,21$/3$/02,/352&(66,1*7(&+12/2*,(6
3DOPRLOSURFHVVLQJ
3URFHVVLQJ RLO SDOP IUXLWV IRU HGLEOH RLO KDV EHHQ SUDFWLFHG LQ $IULFD IRU PDQ\
FHQWXULHV7KHRLOSURGXFHGKDVKLJKO\GHVLUDEOHTXDOLW\FKDUDFWHULVWLFV KLJKO\FRORXUHG
\HOORZ WR UHG DQG IODYRXUHG DQG LW LV DQ HVVHQWLDO LQJUHGLHQW XVHG LQ PDQ\ :HVW
$IULFDQWUDGLWLRQDOIRRGV7KHWUDGLWLRQDOSURFHVVLVVLPSOHEXWWHGLRXVLQHIILFLHQWDQG
LQYROYHV PXFK GUXGJHU\ 7KH WHFKQRORJLHV XVHG IRU WKH SURGXFWLRQ RI SDOP RLOV DUH
PRVWO\ WUDGLWLRQDO LQ IRUP DQG KDYH EHHQ SDVVHG RQ IURP JHQHUDWLRQ WR JHQHUDWLRQ
WKURXJKLQGXFWLRQ7KHVHWHFKQRORJLHVYDU\ZLGHO\DQGDUHGHSHQGHQWRQVHYHUDOIDFWRUV
LQFOXGLQJ SURFHVVRUV NQRZOHGJH FRXQWU\ RI SURGXFWLRQ VFDOH RI SURGXFWLRQ VPDOO
PHGLXPRUODUJHDQGHQGXVHRIWKHSDOPRLOSURGXFWIRRGVRDSRUIXHO
7KUHH PDLQ SURFHVVLQJ WHFKQLTXHV DUH XVHG DFURVV WKH :HVW $IULFDQ VXEUHJLRQ
DQGWKHVHLQFOXGH
L WKHKDQGVSLQGOHSUHVV
LL WKHK\GUDXOLFSUHVVFRPPRQO\XVHGE\PDQ\VPDOOVFDOHSURFHVVRUV
LLL WKHGLJHVWHUVFUHZSUHVVFRPPRQO\XVHGE\UHODWLYHO\VPDOOQXPEHURISURFHVVRUV
ZKRDUHPDLQO\PHGLXPWRODUJHVFDOH
3UHYLRXV VXUYH\ FRQGXFWHGVKRZHGWKDW PDQ\ PHGLXP DQG ODUJHVFDOHSURFHVVRUV XVH
WKHGLJHVWHUVFUHZSUHVVHVDVLWLVPRUHHIILFLHQWEXWH[SHQVLYHFRPSDUHGWRWKHRWKHUWZR
HTXLSPHQWXVHG7DLZRHWDO
7KH WUDGLWLRQDO PHWKRG RI H[WUDFWLRQXVHG E\ SURFHVVRUVLQ VPDOOVFDOH SURGXFHV
ORZJUDGHSDOPRLOZLWKKLJKIUHHIDWW\DFLG))$FRQWHQWDQG DODUJHTXDQWLW\RIGLUW
DQG ZDWHU 7DLZR HW DO +DGL HW DO ,Q *KDQD DQG PRVW :HVW $IULFDQ
FRXQWULHVDERXW RIWKH QDWLRQDO)UHVK)UXLW%XQFKHV))%SURGXFHGLV SURFHVVHG
WKURXJK WKH ODUJH VFDOH LQGXVWULDO PLOOV ZKLOH WKH UHPDLQLQJ LV KDQGOHG XVLQJ
LQHIILFLHQW VPDOO VFDOH SURFHVVLQJ PHWKRGV %DGPXV $OWKRXJK VKRUW GHOD\V RU
VWRUDJH LPSURYH IUXLWUHFRYHU\ ORRVHQLQJ IURP WKH EXQFK WKH\ OHDG WR SURGXFWLRQ RI
SRRUTXDOLW\RLO
)UXLW6WRUDJHDQG3DOP2LO4XDOLW\
7KH SURFHVVLQJ SURFHGXUHV XVHG IRU WKH SURFHVVLQJ RI SDOP RLO LQ :HVW $IULFD
LQYROYHIUXLWVWRUDJHRUIHUPHQWDWLRQ7KLVWHFKQLTXHRIIHUPHQWDWLRQLQYROYHVVWRUDJHRI
SDOPIUXLWVIRURQHRU PRUHGD\VDIWHUKDUYHVWLQJWRDOORZWKHIUXLWVWRORVHRXWRIWKH
EXQFK&OHDUO\WKHEUXLVLQJRIIUXLWVEXQFKHVDQGIXQJDOLQIHFWLRQFRPELQHGZLWKGHOD\V
IRU WR GD\V RU HYHQ ORQJHU EHWZHHQ KDUYHVWLQJ DQG SURFHVVLQJ DUH IDFWRUV WKDW
GHWHUPLQH WKH TXDQWLW\ DQG TXDOLW\ RI RLO 1J DQG 6RXWKZRUWK 2OLH DQG 7MHQJ
3XUVHJORYH+DGLHWDO
7KH KDUYHVWHG EUXLVHGDQGRURYHUULSHIUXLWVPD\EH FRYHUHGZLWK SDOPIURQGV
DQG LQYDGHG E\ PROGV RU PLFURRUJDQLVPV 7KH UHVXOWLQJ RLO ZLOO KDYH D FRQVLGHUDEOH
LQFUHDVHLQIUHHIDWW\DFLGVFRQWHQWDQGSRRUTXDOLW\RLOVDUHFRVWO\WRUHILQH3XUVHJORYH
$OVRWKHRLOFRORXUFKDQJHVZLWKLQFUHDVHGVWRUDJHGD\V$VLWLVZLWKPRVWFURSV
SURGXFHGLQWKHWURSLFVWKHUHLVELRGHWHULRUDWLRQRIIUXLWVZLWKLQDIHZGD\VDIWHUKDUYHVW
EHFDXVH RI UHVSLUDWLRQ 7KH DYHUDJH VKHOIOLIH RI ULSH SDOP IUXLW LV DERXW GD\V 7KH
SUREOHP LV ZRUVW DW WKH PLOOLQJ VWDJH ZKHUH WKH IUXLWV DUH XVXDOO\ SLOHG XS IRU VHYHUDO
GD\VEHIRUHWKH\DUHSURFHVVHG%DU\HK 2UMLDQG0EDWD$OVRWKHFRQGLWLRQ
RI WKH IUXLWV GXULQJ SRVW KDUYHVW VWDJH EHIRUH VWHULOL]DWLRQ DIIHFWV WKH EOHDFKDELOLW\ DQG
WKLV LQFUHDVHV WKH FRVW RI UHILQLQJ DQG ORZHU PLOO HIILFLHQF\ 6LHZ DQG 0RKDPPHG
$EEDVHWDO)LJXUHV EHORZVKRZSLFWXUHVRIRLOSDOPIUXLWVVWRUHGIRU
DQGGD\VUHVSHFWLYHO\
)LJXUH2LOSDOPIUXLWVVWRUHGIRU'D\V
)LJXUH2LOSDOPIUXLWVVWRUHGIRU'D\V
)LJXUH2LOSDOP2LOSDOPIUXLWVVWRUHGIRU'D\V
)LJXUH2LOSDOP2LOSDOPIUXLWVVWRUHGIRU'D\V
3DOP2LO3URFHVVLQJ0HWKRGVDQG3URGXFW4XDOLW\
7KHRLOSDOPSURGXFHVWZRW\SHVRIRLOVSDOPRLOIURPWKHILEURXVPHVRFDUSDQG
ZKRVH ZRUN HIILFLHQF\ GLPLQLVKHV LQ WKH ODWWHU SDUW RI WKH ZRUNGD\ GXH WR WLUHGQHVV
$OWKRXJKWKHRLO \LHOGIURPK\GUDXOLFSUHVVLVUHDVRQDEO\DERYHWKHKDQGVSLQGOHSUHVV
SURFHVVLQJIDFWRUVNQRZQWRDIIHFWRLO\LHOGLQFOXGHVWHULOL]DWLRQWLPHGLJHVWLRQWLPHDQG
DSSOLHGSUHVVXUH%DU\HK2ZRODUDIHHWDO
,Q WKH FDVH RI WKH GLJHVWHUVFUHZ SUHVV )LJXUHV DQG WKH GLJHVWHU DQG
SUHVVLQJXQLWVDUHFRPELQHGLQWRLQDVLQJOHPDFKLQHPDNLQJLWHIILFLHQW7KLVFRPSOHWH
V\VWHPLVXVHGWRFXUWDLOWKHORVVHVLQFXUUHGE\SDOPRLOSURFHVVRUV +RZHYHUGLJHVWHU
VFUHZ SUHVV LV H[SHQVLYH EDVHG RQ LWV LQLWLDO DQG PDLQWHQDQFH FRVW %DU\HK
2ZRODUDIHHWDO
)LJXUH6SLQGOH3UHVV0DQXDO
)LJXUH6SLQGOH3UHVVLQ2SHUDWLRQ
)LJXUH+\GUDXOLF3UHVV
)LJXUH+\GUDXOLF3UHVVLQ2SHUDWLRQ
)LJXUH0RWRUL]HG'LJHVWHU6FUHZ3UHVV)$2
)LJXUH'LJHVWHU6FUHZ3UHVVLQ2SHUDWLRQ
3DOP2LO3URFHVVLQJ6WHSV
7HFKQLTXHVIRUSURFHVVLQJRLOSDOPIUXLWYDU\ZLWKDYDLODEOHWHFKQRORJ\DQGWKLV
LQIOXHQFHVWKHW\SHDQGTXDOLW\RIRLOSURGXFHG7KHH[WUDFWLRQRISDOP RLOIURPIUHVKO\
KDUYHVWHG SDOP IUXLW EXQFK LQYROYHV ILYH RSHUDWLRQV YL] VWHULOL]DWLRQ IUXLW ORRVHQLQJ
GLJHVWLRQ RLO H[SUHVVLRQ DQG FODULILFDWLRQ ,Q VRPH VHPLPHFKDQL]HG DQG VPDOO VFDOH
SDOPRLOSURFHVVLQJWKHUHLVWKHDGGLWLRQRITXDUWHULQJDQGKHDSLQJVWRUDJHRIIUXLWVWR
WKHILYHPDLQXQLWRSHUDWLRQV7DLZRHWDO 2ZRODUDIHHWDO 7HRK
2UMLDQG0EDWD2ZRODUDIHDQG)DERURGH )$2
4XDUWHULQJ
7KLVLVWKHSURFHVVLQZKLFKWKHIUXLWEXQFKLVFXWLQWRVPDOOHUSRUWLRQV7KHD[HLV
WKH FRPPRQ WRROIRUWKLVRSHUDWLRQDOWKRXJKVKDUSFXWODVVPD\DOVREHXVHG7DLZRHW
DO 7HRK2UMLDQG0EDWD )$2,QPRVWRLOSDOPSURFHVVLQJ
WRZQV LQ *KDQD ZKHUH WKH VHPL PHFKDQL]HG DQG VPDOO VFDOH SURFHVVLQJ PHWKRGV DUH
HPSOR\HG WKH TXDUWHULQJ LV SHUIRUPHG RQ EDUH JURXQG )UDJPHQWV VSUHDG DOO RYHU WKH
LPPHGLDWH VXUURXQGLQJ DQG FDQ EH VWHSSHG XSRQ FDXVLQJ LQMXU\ WR WKH RSHUDWRUV
3HUVRQDO &RPPXQLFDWLRQ 7KLV SURFHVVLQJ VWHS LQFUHDVHV WKH EUXLVHV DQG
UXSWXUHV WKH RLO FHOOV DQG DOORZV WKH RLO WR VPHDU RQ WKH EDUH VXUIDFHV )XUWKHUPRUH
EUXLVLQJ DOORZV UHDFWLRQV ZLWKLQ WKH RLO FHOOV WR WDNH SODFH ZKLFK LQFUHDVHV WKH ))$
FRQWHQWDQGORZHUWKHTXDOLW\RIWKHRLO 7DLZRHWDO+DGLHWDO
6WRUDJH )HUPHQWDWLRQ+HDSLQJRI)UXLWV
,Q WKH VHPLPHFKDQL]HG DQG VPDOO VFDOH SURFHVVLQJ SDOP IUXLWV VWRUDJH LV
XQGHUWDNHQWRIDFLOLWDWHHDV\ORRVHQLQJRIIUXLWV6SLNHOHWVDUHVWRUHGIRU GD\VDQG
WKH VWRUHGIUXLWVPD\EHFRYHUHGZLWKSDOPIURQGVMXWHEDJVRUH[SRVHGXQGHUDVKHG
$OVR WKHUH LV UDSLG ELRGHWHULRUDWLRQ RI EUXLVHG IUXLWOHWV IRU ERWK VKHGHG DQG H[SRVHG
VLPSO\WKDWWKH))$XQGHUVKLHOGHGFRQGLWLRQLVKDOIRIWKHH[SRVHG+DGLHWDO
,Q*KDQDSDOPIUXLWVVWRUDJHLQVPDOOVFDOHSURFHVVLQJPLOOVFUDPHUVPD\WDNHXSWR
GD\VEHIRUHSURFHVVLQJGHSHQGLQJRQWKHTXDQWLW\)UXLWVVWRUDJHLVQRWDUHTXLUHPHQW
LQSDOPRLOSURGXFWLRQEHFDXVHLWKDVEHHQIRXQGWRLQFUHDVHWKH))$YDOXHRIWKHRLODQG
DOVR ORZHU WKH H[WUDFWLRQ HIILFLHQF\ 7DLZR HW DO 2UML DQG 0EDWD )$2
)LJXUHV DQG VKRZ IORZ GLDJUDPV IRU SDOP RLO SURFHVVLQJ XVLQJ WKH
WUDGLWLRQDOWHFKQLTXHVDQGWKHLPSURYHGSURFHVVHVUHVSHFWLYHO\
%XQFK UHFHSWLRQ
%XQFK
TXDUWHULQJ
%XQFKVWRUDJH
)UXLWWKUHVKLQJ
)UXLWERLOLQJ
)UXLWGLJHVWLRQ
3XOSSUHVVLQJ
1XWDQG)LEUH
2LOFODULILFDWLRQ
1XW5HFRYHU\
2LOGU\LQJ
2LOSDFNLQJ6WRUDJH
)LJXUH8QLWRSHUDWLRQLQSDOPRLOSURFHVVLQJE\VPDOOVFDOHSURFHVVRUVXVLQJ
WUDGLWLRQDOWHFKQLTXHV
%XQFK UHFHSWLRQ
%XQFK
VWHULOL]DWLRQ
%XQFKWKUHVKLQJ
)UXLWGLJHVWLRQ
3XOSSUHVVLQJ
1XWDQGILEUH
2LOFODULILFDWLRQ
1XWUHFRYHU\
2LOGU\LQJ
2LOSDFNLQJ VWRUDJH
)LJXUH8QLWRSHUDWLRQLQSDOPRLOSURFHVVLQJE\PHGLXPWRODUJHVFDOH
SURFHVVRUV
6WULSSLQJ/RRVHQLQJRI)UXLWV
)UXLWVWULSSLQJRUORRVHQLQJUHIHUVWRWKHVHSDUDWLRQRIIUXLWVIURPWKHEXQFKDQG
VSLNHOHWV7UDGLWLRQDOO\WKLVPHWKRGLQYROYHVWKHXVHRIKDQGWRUHPRYHIUXLWVIURPWKH
VSLNHOHWV RQH E\ RQH $OWKRXJK WKH SURFHVVLV WLPH FRQVXPLQJWKH IUXLWVFROOHFWHGDUH
FOHDQDQGIUHHIURPEUXLVHV7DLZRHWDO2UMLDQG0EDWD,Q VPDOO VFDOH
DQG VHPLPHFKDQL]HG SURFHVVHV IUXLWV ORRVHQLQJ DUH DFKLHYHG E\ KLWWLQJ WKH VWRUHG
VSLNHOHWVZLWK VWLFNV7KHSURFHVVLVIDVWHUWKDQKDQGSLFNLQJ EXW DODUJHSURSRUWLRQRI
WKHIUXLWVDUHEUXLVHGDQGPD\EHFRQWDPLQDWHGZLWKGLUWIURPWKHJURXQG$IWHUKLWWLQJ
WKH VSLNHOHWV DUH VHSDUDWHG E\ ZLQQRZLQJ ZLWK D WUD\ 7DLZR HW DO 2UML DQG
0EDWD ,Q D PHFKDQL]HG V\VWHP LQGXVWULDO D URWDWLQJ GUXP RU IL[HG GUXP
HTXLSSHGZLWKURWDU\EHDWHUEDUVGHWDFKWKHIUXLWIURPWKHEXQFKOHDYLQJWKHVSLNHOHWVRQ
WKHVWHP7KLVSURFHVVRFFXUVLPPHGLDWHO\DIWHUVWHULOL]DWLRQ 7DLZRHWDO7HRK
2UMLDQG0EDWD)$2
6WHULOL]DWLRQRI)UXLWV
6WHULOL]DWLRQRUFRRNLQJLVWKHXVHRIKLJKWHPSHUDWXUHZHWKHDWWUHDWPHQWRIORRVH
IUXLW6WHULOL]DWLRQVHUYHVWZRPDLQSXUSRVHVLWSUHYHQWVIUHHIDWW\DFLGV))$EXLOGXS
LQWKHRLODQGWRVRIWHQWKHSDOPIUXLWRQWKHEXQFKWRIDFLOLWDWHVWULSSLQJ7DLZRHWDO
7DQ HWDO 2UML DQG0EDWD )$27KHKHDWSURGXFHGGXULQJ
VWHULOL]DWLRQGHVWUR\VWKHWKHUPRODELOHOLSDVHRUIUXLWHQ]\PHDQGDUUHVWVK\GURO\VLVDQG
DXWR[LGDWLRQ)XUWKHUPRUHWKHKHDWFRDJXODWHVWKHQLWURJHQRXVDQGPXFLODJLQRXVPDWWHUV
VR DV WR SUHYHQW WKHIRUPDWLRQ RI HPXOVLRQLQ WKH FUXGH RLOGXULQJ SXULILFDWLRQ ,W DOVR
LPSURYHV H[WUDFWLRQ E\ SURSHU VWULSSLQJ RI WKH IUXLWV IURP EXQFKHV DV ZHOO DV WKH
EUHDNLQJ XS RI WKH RLOFDUU\LQJ FHOOV RI WKH PHVRFDUS WR UHOHDVH WKH RLO GXULQJ WKH
GLJHVWLRQSURFHVV7KLVUHDGLO\LPSURYHVWKHRYHUDOOH[WUDFWLRQHIILFLHQF\DQGTXDOLW\RI
WKH RLO DQG NHUQHOV H[WUDFWHG 7DLZR HW DO $EEDV HW DO 2ZRODUDIH DQG
)DERURGH )$2)LJXUH EHORZVKRZVDW\SLFDOIUXLWVWHULOL]HUXVHGE\
SURFHVVRUV
)LJXUH)UXLWVWHULOL]HU&HQWUHGH)RUPDWLRQ7HFKQLTXH%HQLQ
,QVPDOOVFDOHSDOPIUXLWSURFHVVLQJKHDWLQJLVGRQHDUELWUDULO\ZKLFKPD\ODVWIRU
KRXUV GHSHQGLQJ RQ WKH YROXPH RI IUXLWV DQG WKH EXUQLQJ HIILFLHQF\ RI WKH ZRRG
+DUWOH\ 2ZRODUDIHHWDO ,QVRPHVPDOOVFDOHSURFHVVLQJPLOOVLQ*KDQD
SDOPRLOSURFHVVRUVDWVRPHRIWKHPLOOFUDPHUVHYHQOHDYHWKHIUXLWVRQILUHRYHUQLJKW
ZLWK WKH ILUH ZRRGV SDUWO\ UHPRYHG IURP WKH ORFXV WR UHGXFH WKH KHDW ,W KDV EHHQ
HVWDEOLVKHG WKDW ZKHQ IUXLWV DUH XQGHUVWHULOL]HG RU RYHUVWHULOL]HG ILQDO RLO \LHOG LV
ODUJHO\ DIIHFWHG DQGWKLVGHSHQGVRQ WKHYLVFRVLW\ RIWKHRLO IORZUHVLVWDQFHQDWXUHRI
WKHNHUQHOVKHOOOHDGLQJWRQXWEUHDNDQGIORZRIRLOIURPWKHPHVRFDUSFHOO2ZRODUDIH
DQG )DERURGH )XUWKHUPRUH RLO \LHOG KDV DOVR EHHQ REVHUYHG WR LQFUHDVH ZLWK
VWHULOL]DWLRQ WLPH GLJHVWLRQWLPH DQG H[SUHVVLRQ WLPH%DU\HK 2ZRODUDIH HW DO
'LJHVWLRQ
)UXLW GLJHVWLRQ PHDQV VL]H UHGXFWLRQ DQG LW LV D ZHW FRPPXQLWLRQ SURFHVV
LQYROYLQJGHWDFKPHQWRIWKHVWHDPHGRUKHDWZHDNHQHGPHVRFDUSIURPIUXLWQXWV7KLVLV
WREUHDNXSWKHSXOSRIWKHIUXLWDQGOLEHUDWHRLOIURPWKHFHOOVLQZKLFKLWLVFRQWDLQHG
7KHH[WHQWRIWKHGLJHVWLRQRIWKHIUXLWGHWHUPLQHVWKHGHJUHHRIH[SRVXUHRIWKHRLOFHOO
%DEDWXQGH7DLZR HW DO 2ZRODUDIHHW DO 2UML DQG0EDWD
'LJHVWLRQ RI SDOP IUXLW LV FDUULHG RXW LQ D GLJHVWHU 7KHUH DUH WZR W\SHV RI GLJHVWHUV
ZKLFKDUHDYDLODEOHDVKRUL]RQWDODQGYHUWLFDOYHUVLRQVDQGWKHVHPHWKRGVDIIHFWWKH\LHOG
RIRLO7KHYHUWLFDOGLJHVWHUKDVEHHQIRXQGWREHPRUHHIILFLHQWWKDQKRUL]RQWDOGLJHVWHU
7KHPDFHUDWLRQRIIUXLWWRDODUJHH[WHQWGHSHQGVRQ WKHHIIHFWLYHQHVVRIRLOH[WUDFWLRQ
RSHUDWLRQDQGKHQFHWKHRLO\LHOGV%DEDWXQGH7DLZRHWDO 2UMLDQG0EDWD
2ZRODUDIH DQG )DERURGH )$2 7KH PL[WXUH RI ZDWHU DQG RLO
REWDLQHG LV WKHQ FODULILHG 'LJHVWLQJ WKH IUXLWVDWKLJK WHPSHUDWXUH KHOSV WR UHGXFHWKH
YLVFRVLW\ RI WKH RLO GHVWUR\V WKH IUXLWV RXWHU FRYHULQJ H[RFDUS DQG FRPSOHWHV WKH
GLVUXSWLRQRIWKHRLOFHOOVZKLFKDOUHDG\EHJXQLQ WKHVWHULOL]DWLRQSKDVH 7DLZR HWDO
2UMLDQG0EDWD )$2
,Q VPDOO VFDOH SURFHVVLQJ GLJHVWLRQ LV GRQH VHSDUDWHO\ RU WKH GLJHVWLRQ DQG
SUHVVLQJ XQLWV DUH FRPELQHG LQWR D VLQJOH PDFKLQH FDOOHG WKH GLJHVWHU VFUHZ SUHVV
2ZRODUDIHHWDO,QFDVHRIWKHWUDGLWLRQDOPHWKRGGLJHVWLRQLVGRQHHLWKHUZLWK
IRRWPDVKLQJRUSRXQGLQJLQWKHPRUWDU'LJHVWLRQSHULRGLVVXEMHFWLYHDQGEDVHGRQWKH
WH[WXUH RI WKH UHVXOWLQJ PDVK DV SK\VLFDOO\ REVHUYHG DQG IHOW EHWZHHQ ILQJHUV E\ WKH
H[SHULHQFH RI WKH RSHUDWRU RU SURFHVVRU 7KH \LHOG RI RLO LV JUHDWO\ LQIOXHQFHG E\ WKH
PHWKRGRIGLJHVWLRQ$GUXPRIIUXLWVGLJHVWHGPDQXDOO\JLYHVOHVVWKDQOLWUHVRIRLO
ZKLOH DQ HTXDO YROXPH RI IUXLWV GLJHVWHG PHFKDQLFDOO\ ZLOO\LHOG DERXW OLWUHV RI RLO
7DLZRHWDO2ZRODUDIHDQG)DERURGH)$2
6HSDUDWLRQ
2LOVHSDUDWLRQHQWDLOVVHSDUDWLQJWKHFUXGHSDOPRLOIURPWKHPDVK6HSDUDWLRQRI
RLO IURPWKH GLJHVWHGPDVK KDV RQO\ EHHQSDUWLDOO\ PHFKDQL]HG 7KHUHDUH WZRGLVWLQFW
PHWKRGVRIH[WUDFWLQJRLOIURPWKHGLJHVWHGPDWHULDO2QVPDOOVFDOHV\VWHPVHSDUDWLRQLV
DFKLHYHG E\ FRPELQHG GLJHVWHG VFUHZ SUHVV K\GUDXOLF SUHVV DQG KDQG VSLQGOH SUHVV
7KLV SUHVVLQJ SURFHVV LV FDOOHG WKH GU\ PHWKRG 7KH RWKHU V\VWHP FDOOHG WKH ZHW
PHWKRGXVHVKRWZDWHUWROHDFKRXWWKHRLO 7DLZRHWDO 2ZRODUDIHHWDO
2ZRODUDIHDQG)DERURGH,QWKHGU\PHWKRGWKHREMHFWLYHRIWKHH[WUDFWLRQVWDJH
LV WR VTXHH]H WKH RLO RXW RI D PL[WXUH RI RLO PRLVWXUH ILEUH DQG QXWV E\ DSSO\LQJ
PHFKDQLFDOSUHVVXUHRQWKHGLJHVWHGPDVK7KHSUHVVHVPD\EHGHVLJQHGIRUEDWFKVPDOO
DPRXQWVRIPDWHULDORSHUDWHGXSRQIRUDWLPHSHULRGRUFRQWLQXRXVRSHUDWLRQV7DLZRHW
DO2ZRODUDIHHWDO 2ZRODUDIHDQG)DERURGH)$2 6WXGLHV
E\ 2ZRODUDIH HW DO DQG 2ZRODUDIH HW DO UHYHDOHG WKDW WKH FRPELQHG
GLJHVWHU VFUHZ SUHVV LV PRUH HIILFLHQW WKDQ K\GUDXOLFSUHVV DQG WKHQ IROORZHG E\ KDQG
SUHVV ,Q *KDQD KDQG VSLQGOH SUHVV LV FRPPRQ DPRQJ WKH VPDOO VFDOH SURFHVVRUV DV D
UHVXOWRILWVORZLQLWLDODQGPDLQWHQDQFHFRVW
&ODULILFDWLRQDQG'U\LQJRI2LO
7KLVLVWKHODVWSURFHVVLQJVWHSLQWKHSURGXFWLRQRISDOPRLODQGWKHVHSDUDWLRQRI
SXUHRLOIURPWKHVOXGJHLQERLOHUVRUFODULILFDWLRQWDQNV DVVKRZQLQ)LJXUHVDQG
7KHSXUSRVHRIFODULILFDWLRQLVDFKLHYHGPDLQO\E\DVHSDUDWLRQRIRLOIURPWKHZDWHU
DQG RWKHU PDWHULDOV E GHYHORSPHQW RI WKH FKDUDFWHULVWLF SURGXFW IODYRXU DQG F
SXULILFDWLRQRIWKH RLOIURPFRQWDPLQDQWV,Q VPDOOVFDOHSURFHVVLQJ FODULILFDWLRQLV QRW
\HW PHFKDQL]HG DQG WKH SURFHVVRUV HPSOR\ WKH PDQXDO PHWKRG RI ERLOLQJ FUXGH RLO LQ
ORFXVGUXPVEXWLQGXVWULDOPLOOVRLOFODULILFDWLRQLVPHFKDQL]HG7KHRLOLVSRXUHGLQWRD
PHWDOORFXVSODFHGRQWKHILUHSODFHDQGKHDWHG7KHGXUDWLRQRIWKLVSURFHVVLVLQIOXHQFHG
E\WKHTXDQWLW\RIRLOWREHFODULILHGDQGWKHEXUQLQJHIILFLHQF\RIWKHZRRGDQGWKLVLV
XVXDOO\EHWZHHQDQGKRXUV7KHRLOLVHIIHFWLYHO\FODULILHGZKHQWKHUHLVQRZDWHULQ
WKHERLOLQJRLODWWKHWRSOD\HU7KHFODULILHGRLOLVUHPRYHGJUDGXDOO\WLOOWKHUHLVRQO\D
WKLQOD\HURIRLORQWKHZDWHU 7DLZRHWDO2ZRODUDIHHWDO )$2
)LJXUH&ODULILHUWDQNE\)$2
)LJXUH&ODULILHUWDQNE\1RYD7HFKQRORJLHV/WG1LJHULD)$2
2LO6WRUDJH
,QLQGXVWULDOPLOOVWKHSXULILHGDQGGULHGRLOLVWUDQVIHUUHGLQWRDWDQNIRUVWRUDJH
SULRU WR GLVSDWFKIURPWKH PLOO6LQFH WKHUDWH RIR[LGDWLRQRIWKH RLOXVXDOO\LQFUHDVHV
ZLWK WHPSHUDWXUH WKH RLO LV PDLQWDLQHG DURXQG & XVLQJ KRW ZDWHU RU ORZSUHVVXUH
VWHDPKHDWLQJFRLOVWRSUHYHQWVROLGLILFDWLRQDQGIUDFWLRQDWLRQ)$2,Q*KDQD
VPDOOVFDOH PLOOV VLPSO\ SDFN WKH GULHG RLO LQ XVHG SODVWLF GUXPV ZKLFK DUH EOXH RU
\HOORZ LQFRORXU DQG WKHRLOV DUH VWRUHGLQWKHGUXPVDW DPELHQWWHPSHUDWXUH 0HWDOOLF
GUXPVDUHVHOGRPXVHGWRVWRUHWKHRLOZKLFKWKHQFRQWDPLQDWHVWKHRLOLIWKHWDQNLVQRW
OLQHGZLWKDVXLWDEOHSURWHFWLYHFRDWLQJ$OVRLQ*KDQDWKHEOXHDQG\HOORZWDQNVXVHGWR
VWRUHWKHRLOVLQGLFDWHWKHGHVWLQDWLRQRIWKHSDOPRLOV
&+$37(5)285
&+(0,675<$1'48$/,7<&+$5$&7(5,67,&62)3$/02,/
&KDUDFWHULVWLFVRIRLOVIURPRLOSDOP
7KH RLO SDOP SURGXFHV WZR GLVWLQFW NLQGV RI RLOV SDOP RLO IURP WKH ILEURXV
PHVRFDUSDQGODXULFRLOIURPWKHSDOPNHUQHOERWKRIZKLFKDUHLPSRUWDQWLQZRUOGWUDGH
%DU\HK 7HRK 3DOP RLO FRQWHQWLV REWDLQHG IURP WKH IOHVK\ PHVRFDUS RI
ULSHIUXLWVRIRLOSDOPWUHH(ODHLVJXLQHHQVLV-DFTZKLFKLV RLOE\ZHLJKW,W
LVOLJKW\HOORZWRRUDQJHUHGLQFRORXUDQGDOVRDULFKVRXUFHRIFDURWHQH7KHGHSWKRI
FRORXUGHSHQGVRQWKHDPRXQWRIFDURWHQRLGVSUHVHQWZKLFKDUHUHVSRQVLEOHIRUWKHKLJK
YLWDPLQ$FRQWHQW%DU\HK$WLQPRDQG%DNUH+DGLHWDO7DQHWDO
3DOP RLO FRQVLVWV PDLQO\ RI JO\FHULGHV PDGH XS RI D UDQJH RI IDWW\ DFLGV
7ULDF\OJO\FHUROV 7*V DUH WKH PDMRU FRQVWLWXHQWV RI SDOP RLO DV LQ DOO RWKHU RLOV
0RQRDF\OJO\FHUROV 0*V GLDF\OJO\FHUROV '*V DQG IUHH IDWW\ DFLGV ))$V DUH WKH
PDMRUPHWDEROLWHVDQGSURGXFWVRI7*VSDOPRLOIURPHQ]\PHDFWLYLW\7KLVFRPSRVLWLRQ
GHWHUPLQHVWKHRLO
VFKHPLFDODQGSK\VLFDOFKDUDFWHULVWLFV&KHPLFDODQDO\VLVRIWKHIDWW\
DFLGV FRPSRVLWLRQ RI WKH UHG SDOP RLO LQGLFDWHV WKDW LW FRQWDLQV DSSUR[LPDWHO\
VDWXUDWHG IDWV DQG PRQR XQVDWXUDWHG DQG SRO\ XQVDWXUDWHG IDWW\ DFLGV 7KLV
PDNHV WKH RLO VHPLVROLG DW QRUPDO WHPSHUDWXUH 7HRK 6XQGUDP HW DO
8PHULHHWDO1MRNXHWDO+RZHYHUSDOPNHUQHORLOKDVPDLQO\VDWXUDWHG
IDWW\ DFLGV ZKLFK DUH EURDGO\ VLPLODU WR WKH FRPSRVLWLRQ RI FRFRQXW RLO &RPSDUHG WR
VR\D RLO SDOP RLO KDV D KLJKHU DPRXQWRI VDWXUDWHG IDWW\ DFLGV EXW WKLV PDNHV LW PRUH
VWDEOH DQG OHVV SURQHWR R[LGDWLRQ DW KLJK WHPSHUDWXUH 7KH IDWW\ DFLG FRPSRVLWLRQ RI
FUXGHSDOPRLOLVJLYHQLQ7DEOH
7DEOH)DWW\$FLG&RPSRVLWLRQRI3DOP2LO
1DPH
$FLG
0HDQ
/DXULF
&
0\ULVWLF
&
3DOPLWLF
&
6WHDULF
&
2OHLF
&
/LQROHLF
&
2WKHUV
2WKHUV
6RXUFH1MRNXHWDO
0RVWRIWKHPLQRUFRPSRQHQWVIRXQGLQFUXGHSDOPRLODUHFDURWHQRLGVYLWDPLQ(
WRFRSKHUROVDQGWRFRWULHQROVVWHUROVSKRVSKROLSLGVJO\FROLSLGVWHUSHQLFDQGDOLSKDWLF
K\GURFDUERQV DQG RWKHU WUDFH LPSXULWLHV ZKLFK FRQWDLQ DSSUR[LPDWHO\ 7KH\ DUH
DOVREHLQJUHIHUUHGWRDVXQVDSRQLDEOHPDWWHUDQGDUHQRWFKHPLFDOO\UHODWHGWRIDWW\DFLG
7KHPRVWLPSRUWDQWRIDOOWKHVHPLQRUFRPSRQHQWVDUHFDURWHQRLGVDQGYLWDPLQ(ERWK
RI ZKLFK SRVVHVV LPSRUWDQW SK\VLRORJLFDO SURSHUWLHV DQG DGG WR WKH VWDELOLW\ DQG
QXWULWLRQDOYDOXH RI SDOPRLO 6XQGUDP HW DO 8PHULH HWDO 1MRNXHW DO
&DURWHQRLGV
&DURWHQRLGV DUH WKH FODVV RI K\GURFDUERQV ZLGHVSUHDG LQ QDWXUH DQG LPSRUWDQW
SLJPHQWV LQ OLYLQJ RUJDQLVPV 7KH FDURWHQRLG LV GHULYHG IURP WKH FDUURW URRW 'DXFXV
FDURWD 7KH\DUHSUHVHQWLQIRRGVVXFKDVFDUURWVSXPSNLQVVZHHWSRWDWRHVWRPDWRHV
DQG RWKHU GHHS JUHHQ \HOORZ RUDQJH UHG IUXLWV VHD EXFNWKRUQ EHUULHV FRPPRQ
YHJHWDEOHVDQGVRPHQXPHURXVYHJHWDEOHRLOVRIZKLFKSDOPRLODQGSDOPRLOSURGXFWV
DUH WKH JRRG VRXUFHV RI FDURWHQRLGV LQ QDWXUH DQG FRQWDLQV WKH KLJKHVW NQRZQ
FRQFHQWUDWLRQRIFDURWHQRLGV7KHSLJPHQWDWLRQRISDOPIUXLWVLVDVVRFLDWHGWRWKHLUVWDJH
RI PDWXULW\ DQG WKH WZR FODVVHV RI QDWXUDO SLJPHQWV WKDW RFFXU LQ FUXGH SDOP RLO DUH
FDURWHQRLGVDQGFKORURSK\OOV8QLWHG1DWLRQV8QLYHUVLW\3UHVV1MRNXHWDO
6XQGUDPHWDO
7KHPRVWLPSRUWDQWFDURWHQRLGVDUHDOSKDFDURWHQHEHWDFDURWHQH
DQG JDPDFDURWHQH [DQWKRSK\OOV DQG /\FRSHQH 7DEOH
$OSKD DQGEHWD FDURWHQHDUHWKHPDMRUFDURWHQRLGVLQSDOPRLOZKLFKDFFRXQWIRU
RI WKH WRWDO FDURWHQRLGV LQ WKH UDWLR RI $OVR EHWDFDURWHQH DOSKDFDURWHQH
EHWDFU\SWR[DQWKLQDUHFDURWHQHVWKDWDUHFRQYHUWHGLQWRYLWDPLQ$RUUHWLQROLQWKHERG\
7KH\ DUH IRXQG LQ PDQ\ \HOORZ IUXLWV DQG YHJHWDEOHV )XUWKHUPRUH OXWHLQ DQG
]HD[DQWKLQZKLFKDUHIRXQGLQPDQ\\HOORZIUXLWVDQGYHJHWDEOHVDUHVWRUHGLQWKHUHWLQD
RIWKHH\HDQGQRQHRIWKHPLVFRQYHUWHGWRYLWDPLQ$%RWKDUHSRZHUIXODQWLR[LGDQWV
DQGPD\EHYHU\LPSRUWDQWIRUKHDOWK\H\HV
/\FRSHQH LV UHVSRQVLEOH IRU WKH UHG FRORU LQ IUXLWV DQG YHJHWDEOHV LQFOXGLQJ
WRPDWRHVUHGJUDSHVZDWHUPHORQDQGSLQNJUDSHIUXLW8QLWHG1DWLRQV8QLYHUVLW\3UHVV
=HEDQG 0HKPRRG 7KHULFKRUDQJHUHGFRORXU RI FUXGHSDOPRLO LV DVD
UHVXOW RI LWV KLJK FRQWHQW RI FDURWHQH SSP 7DQ HWDO 1MRNX HW DO
6XQGUDP HW DO 7KH PHFKDQLVPV RI UHDFWLRQV WKDW SLJPHQWV LQ SDOP RLO
XQGHUJRDUHDXWR[LGDWLRQSKRWRR[LGDWLRQDQGDQWLR[LGDWLRQZLWKLQWKHSODQW&DURWHQHV
DUH VHQVLWLYH WR R[\JHQ DQG OLJKW 7KH R[LGDWLRQ RI FDURWHQHV LV DFFHOHUDWHG E\
K\GURSHUR[LGHV JHQHUDWHG IURP OLSLG R[LGDWLRQ OHDGLQJ WR GLVFRORUDWLRQ DQG EOHDFKLQJ
6DPEDQWKDPXUWKLHWDO
&DURWHQRLGV DUH KLJKO\ XQVDWXUDWHG FODVV RI K\GURFDUERQV FRQVLVWLQJ RI HLJKW
LVRSUHQRLG XQLWV MRLQHG LQ VXFK D ZD\ WKDW WKH DUUDQJHPHQW RI LVRSUHQRLG XQLWV LV
UHYHUVHGDWWKHFHQWHURIWKHPROHFXOHVRWKDWWKHWZRFHQWUDOPHWK\OJURXSVDUHLQD
SRVLWLRQDO UHODWLRQVKLS DQG WKH UHPDLQLQJ QRQWHUPLQDO PHWK\O JURXSV DUH LQ D
SRVLWLRQDO UHODWLRQVKLS DQG DUH PRUH IDYRXUHG LQ WKH DOOWUDQV VWDWH )LJXUH
&DURWHQRLGVDUHGHILQHGE\WKHLUFKHPLFDOVWUXFWXUHDQGWKHPDMRULW\RIFDURWHQRLGVDUH
GHULYHGIURPDFDUERQSRO\HQHFKDLQZKLFKFRXOGEHFRQVLGHUHGWKHEDFNERQHRIWKH
PROHFXOH 7KH FKDLQ PD\ EH WHUPLQDWHG E\ F\FOLF HQGJURXSV ULQJV DQG PD\ EH
FRPSOHPHQWHG ZLWK R[\JHQFRQWDLQLQJ IXQFWLRQDO JURXSV =HE DQG 0HKPRRG
7KHVHK\GURFDUERQVDUHFRPPRQO\NQRZQDVFDURWHQHVZKLOHR[\JHQDWHGGHULYDWLYHVRI
WKHVHK\GURFDUERQVDUHNQRZQDV[DQWKRSK\OOV
7KH FKDUDFWHULVWLF SDWWHUQ RI DOWHUQDWLQJ VLQJOH DQG GRXEOH ERQGV LQ WKH SRO\HQH
EDFNERQH RI FDURWHQRLGV DOORZV WKHP WR DEVRUE H[FHVV HQHUJ\ IURP RWKHU PROHFXOHV
ZKLOHWKHQDWXUHRIWKHVSHFLILFHQGJURXSVRQFDURWHQRLGVPD\ LQIOXHQFHWKHLUSRODULW\
7KHIRUPHUPD\DFFRXQWIRUWKHDQWLR[LGDQWSURSHUWLHVRIELRORJLFDOFDURWHQRLGVZKLOH
WKH ODWWHU PD\ H[SODLQ WKH GLIIHUHQFHV LQ WKH ZD\V WKDW LQGLYLGXDO FDURWHQRLGV LQWHUDFW
ZLWKELRORJLFDOPHPEUDQHV%ULWWRQ7KHSULPDU\RGRUFRQVWLWXHQWVGHULYHGIURP
FDURWHQRLGVDUH& & & DQG& GHULYDWLYHVIRUPHGYLDHQ]\PDWLFR[LGDWLRQDQG
SKRWRR[LGDWLRQ RI WKH YDULRXV FDURWHQRLGV IRXQG LQ SODQWV IORZHUV DQG IUXLWV :KLOH
RWKHUDURPDFRQVWLWXHQWVVXFKDVHVWHUVWHUSHQHVS\UD]LQHVHWFDUHXVXDOO\DOVRSUHVHQW
WKLV & WR & FRPSRXQGV RIWHQ LV HVVHQWLDO WR WKH RGRU SURILOH =HE DQG 0HKPRRG
)LJXUH6WUXFWXUHVRIFDURWHQRLGV
6WXGLHV FRQGXFWHGE\ <DS HWDO DQG TXRWHG E\ 6XQGUDP HW DO
UHYHDOHGWKDWWKHFDURWHQHSURILOHVRISDOPRLOH[WUDFWHGIURP(ODHLVJXLQHHQVLVLQ 7DEOH
JLYHV WKH OHYHO RI FDURWHQRLGV LQ GXUD DQG WHQHUD W\SHV RI SDOP RLO $OVR DQRWKHU
UHVHDUFKE\1MRNXHWDOHPSKDVL]HGWKHIDFWWKDWWKHFRQFHQWUDWLRQRIFDURWHQRLGV
LQFUXGHSDOPRLOZDVSSP
7DEOH &DURWHQH3URILOHVRI3DOP2LO([WUDFWHGIURP(ODHLVJXLQHHQVLV
&DURWHQHFRPSRVLWLRQ3DOPIUXLWW\SHV
3LVLIHUD
'XUD
7HQHUD
3K\WRHQH
&LVFDURWHQH
3K\WRIOXHQH
FDURWHQH
FDURWHQH
&LV FDURWHQH
FDURWHQH
FDURWHQH
FDURWHQH
1HXURVSRUHQH
]HDFDURWHQH
]HDFDURWHQH
/\FRSHQH
7RWDOFDURWHQHSSP
6RXUFH<DSHWDO
(SLGHPLRORJLFDO ILQGLQJV VXJJHVW WKH KXPDQ ERG\ XVHV FDURWHQRLGV ZKLFK DUH D
SUHFXUVRURIYLWDPLQ$ZKLFKHQKDQFHVH\HKHDOWKSURWHFWVDJDLQVWWKHGHYHORSPHQWRI
KXPDQ FDQFHU HVSHFLDOO\ FDQFHU RI WKH OXQJ 3HWR HW DO 3DJDQLQL+LOO HW DO
$OVR FDURWHQRLG DFWV DV D VRXUFHRI DQ DQWLR[LGDQW WKDW GHVWUR\V VLQJOHW R[\JHQ
DQG IUHH UDGLFDOV LQ WKH ERG\ ,Q WKH SUHVHQFH RI SDOP RLO FDURWHQRLGV QR R[LGDWLRQ
SURGXFWVLQFUHDVHG6XQGUDPHWDO1MRNXHWDO
7RFRSKHUROVDQG7RFRWULHQROV
7RFRSKHUROV DQG WRFRWULHQROV DUH IDWVROXEOH YLWDPLQ ( LVRPHUV DQG WKH PDMRU
DQWLR[LGDQWV RI YHJHWDEOH RLOV 7KH WRFRSKHUROV DUH VWUXFWXUDOO\ FKDUDFWHULVHG E\ D
VDWXUDWHG VLGH FKDLQ ZKHUHDV WKH WRFRWULHQROV SRVVHVV DQ XQVDWXUDWHG VLGH FKDLQ
6XQGUDP HW DO 1MRNX HW DO 7KH YLWDPLQ ( FRQWHQW LQ FUXGH SDOP RLO
FRQWDLQVSSPDQGLVDPL[WXUHRIWRFRSKHUROV DQGWRFRWULHQROV
5HILQLQJUHGXFHVWKHOHYHOGRZQWRSSP6XQGUDPHWDO1MRNX
HW DO %HVLGHV SOD\LQJ DEHQHILFLDOELRORJLFDOUROHDV UDGLFDO TXHQFKHUVLQ YLYR
WRFRSKHUROV DQG WRFRWULHQROV DUH DOVR DQWLR[LGDQWV ZKLFK FRQWULEXWH WR WKH VWDELOLW\ RI
SDOPRLO
7KHVXLWDELOLW\RISDOPRLOLQWKHLQWHUQDWLRQDOPDUNHWLVPRVWO\GHSHQGHQWRQWKH
SK\VLFDO DQG FKHPLFDO SURSHUWLHV RI WKH RLO DW WKH WLPH RI SXUFKDVH 6RPH RI WKH
SURSHUWLHVRUSDUDPHWHUVXVXDOO\FRQVLGHUHGLQFOXGHIUHHIDWW\DFLGV))$LRGLQHYDOXH
,9 SHUR[LGH YDOXH 39 PRLVWXUH FRQWHQW LPSXULWLHV FRQWHQW FRORXU WDVWH DURPD
PHOWLQJSRLQWWRFRSKHQRODQGWRFRWULHQROFRQWHQWV(GHP2UMLDQG0EDWD
,Q JHQHUDO WKH TXDOLW\ RI SDOP RLO LV GHWHUPLQHG E\ WKH SHUFHQWDJH RI IUHH IDWW\ DFLG
PRLVWXUHDQGGLUWFRQWHQW2WKHUSDUDPHWHUVWKDWDUHLQGLUHFWO\UHODWHGWRWKHFRPSRVLWLRQ
RIHGLEOHRLOVLQFOXGHLRGLQHYDOXHDQGVDSRQLILFDWLRQYDOXH5HFHQWO\325$0VWDQGDUG
VSHFLILFDWLRQVIRUSURFHVVHGSDOPRLOLQGLFDWHGDQDGGLWLRQDOSDUDPHWHUGHWHULRUDWLRQRI
EOHDFKDELOLW\LQGH['2%,YDOXHRIPLQLPXPWRPD[LPXP3LQJ
*HQHUDOO\ WKH IUHH IDWW\ DFLG ))$ LV RQH RI WKH PRVW LPSRUWDQW TXDOLW\
SDUDPHWHUVLQSDOPRLOLQGXVWU\DVLWLQGLFDWHVWKHOHYHORIGHWHULRUDWLRQRIRLO7KHIUHH
IDWW\DFLGIRUSDOPRLOUDQJHVIURP PD[LPXP+DGLHWDO $FFRUGLQJWR
325$0 VWDQGDUG VSHFLILFDWLRQV IRU SURFHVVHG SDOP RLO WKH ))$ FRQWHQW RI UHILQHG
8VHVRI3DOP2LO
2LO SDOP IUXLWV ZKHQ SURFHVVHG LQWR SDOP RLO KDYH QXPHURXV GRPHVWLF DQG
LQGXVWULDO DSSOLFDWLRQV 7KH ZDVWHV LQFOXGLQJ SDOP NHUQHO SDOP NHUQHO FDNH SDOP
EXQFKSDOPWUXQNDQGSDOPIURQGDOVRGRKDYHDQXPEHURIERWKGRPHVWLFDQGLQGXVWULDO
XVHV3DOPRLOLVZLGHO\XVHGDQGSUHSDUHGLQDQXPEHURISURFHVVHVZLWKRXWWKHQHHGWR
K\GURJHQLVHLW7KH\DUHXVHGLQWKHSUHSDUDWLRQRIIRRGDQGQRQIRRGSURGXFWVVXFKDV
PDUJDULQHV VKRUWHQLQJV FRPSRXQG FRRNLQJ IDWV VRDS SURGXFWLRQ DQG GHWHUJHQWV
FDQGOHV FRVPHWLFV OXEULFDWLQJ JUHDVHV IRU PDFKLQHU\ XVHG LQ WKH SURGXFWLRQ RI HGLEOH
IRRGV FRQIHFWLRQHU\ IDWV DQG YDQDVSDWL YHJHWDEOH JKHH IU\LQJ IDWV DQG LFH FUHDP
%DU\HK $NSDQDELDWX HW DO 1MRNX HW DO 5HFHQWO\ UHVHDUFK KDV
VKRZQ WKDW FUXGH SDOP RLO FDQ DOVR EH XVHG DV IXHO EOHQG IRU LQWHUQDO FRPEXVWLRQ
HQJLQHV,QWKHSHWUROHXPLQGXVWU\ SDOPRLOKDVEHHQIRXQGWREHDQRQWR[LFDOWHUQDWLYH
WRGLHVHODVDEDVHIRUGULOOLQJPXG %DU\HK 7HRK %HVLGHVWKHLULQGXVWULDO
DSSOLFDWLRQVWKHVHRLOVDUHXVHGORFDOO\DVERG\FUHDPVFRRNLQJRLOVDQGPHGLFLQDOO\
DVDQWLGRWHVIRUSRLVRQLQJDQGDVVXUIDFHSURWHFWDQWVIRUPLQRUZRXQGV$NSDQDELDWXHW
DO
&+$37(5
3$/0.(51(/2,/352&(66,1*7(&+12/2*<
'HVFULSWLRQRIWKHSDOPNHUQHO
7KHSDOPNHUQHOLVDQLPSRUWDQWRLOVHHGIRXQGLQWKHIUXLWRIWKHRLOSDOP(ODHLV
JXLQHHQLV-DFT,WFRQWDLQVDERXWWRSHUFHQWRIRLORQGU\PDWWHUEDVLV$W\SLFDO
FRPSRVLWLRQ LV VKRZQ LQ 7DEOH 6WUXFWXUDOO\ LW FRQVLVWV RI DQ HQGRVSHUP ZKLFK LV
ZKLWH DQG WUDQVOXFHQW ZKHQ IUHVK HQFORVHG LQ OLJKW EURZQ WHVWD 2Q KHDWLQJ ERWK WKH
HQGRVSHUP DQG WHVWD WXUQ GDUN 6WRUN -D\DOHNVKP\ DQG 0DWKHZ 7KH
VKDSHDQGVL]HDUHUHODWHGWRWKHYDULHW\RIWKHSDOPIUXLW7KH\UDQJHIURPVSKHULFDOWR
REORQJDQGVRPHDUHIODWWHQHGDQGLUUHJXODU
7DEOH$W\SLFDOFRPSRVLWLRQRIWKHSDOPNHUQHOSHUFHQWDJHE\ZHLJKW
&RQVWLWXHQW
&RQFHQWUDWLRQ
'U\PDWWHU
&UXGHSURWHLQ1[
2LO(WKHUH[WUDFW
&UXGHILEUH
&DUERK\GUDWH
$VK
6RXUFH&RUQHOLXV
(FRQRPLFLPSRUWDQFHRISDOPNHUQHORLO
7KHSURFHVVLQJRISDOPNHUQHOV\LHOGVWZRLPSRUWDQWSURGXFWV WKHNHUQHORLODQG
WKHNHUQHOFDNHRUPHDO7KHVHWZRSURGXFWVKDYHPDQ\QXWULWLRQDODQGWHFKQLFDOYDOXHV
VXFKWKDWWKHLUSURGXFWLRQFRQVWLWXWHVDQLPSRUWDQWHFRQRPLFYHQWXUHLQ PDQ\FRXQWULHV
7KHRLOLVRQHRIWKHWZRNQRZQODXULFDFLGRLOVWKHRWKHUEHLQJFRFRQXWRLO7KHVHWZR
RLOVFRQWDLQKLJKHUSURSRUWLRQVRIODXULFDFLGDQGRWKHUVKRUWHUFKDLQIDWW\DFLGV7DEOH
7KH\KDYHKLJKHUSURSRUWLRQVRIVDWXUDWHGIDWW\DFLGV
7DEOH)DWW\DFLGFRPSRVLWLRQRISDOPNHUQHORLO
)DWW\$FLG
3HUFHQWDJHFRPSRVLWLRQE\ZHLJKWRIIDWW\DFLG
&DSURLF
&DSU\OLF
&DSULF
&DSUROHLF
/DXULF
0\ULVWLF
3DOPLWLF
6WHDULF
$UDFKLGLF
3DOPLWROHLF
2OHLF
/LQROHLF
6RXUFH:HDVW
3DOP NHUQHO RLO LV XVHG LQ WKH PDQXIDFWXUH RI VRDS DQG GHWHUJHQW DQG DOVR LQ
IRUPXODWLRQRIPDUJDULQHVKRUWHQLQJDQGFRRNLQJRLOV,WLVSDUWLFXODUO\XVHIXOIRUELVFXLW
IDWV FRQIHFWLRQHU\LFH FUHDPDQG ELVFXLW ILOOLQJ FUHDP IDW 3DQW]DULV &RUQHOLXV
KRZHYHUQRWHGWKHIROORZLQJWZRIDFWRUVWKDWOLPLWLWVXVHIRUHGLEOHSXUSRVHVWKH
SURGXFWRILWVK\GURO\VLVKDVDVRDS\WDVWHZKLFKPDNHVLWVUDQFLGLW\UHDGLO\GHWHFWDEOH
DQG WKH RLO IRDPV EDGO\ LQ D PL[WXUH ZLWK RWKHU RLOV LQ IU\LQJ 3DOP NHUQHO RLO ZRXOG
HOHYDWH VHUXP FKROHVWHURO OHYHOV DQG KHQFH SDUWLFLSDWH LQ FRURQDU\ KHDUW GLVHDVH LI
FRQVXPHGLQODUJHTXDQWLWLHV-RQHV
'HVSLWHWKHVHOLPLWDWLRQVWKHRLOLVFRQVLGHUHGDVRQHRIWKH PDMRUHGLEOHRLOVLQ
WKH ZRUOG -RQHV DQG .LQJV 7KH FDNH RU PHDO UHVXOWLQJ IURP WKH H[WUDFWLRQ LV
XVHG LQ WKH IRUPXODWLRQ RI DQLPDO IHHG ,W KDV JRRG TXDOLW\ SURWHLQ DQG IDYRXUDEOH
&DNH
0HDO
'U\PDWWHU
&UXGHSURWHLQ1[
2LO(WKHUH[WUDFW
&UXGH ILEUH
&DUERK\GUDWH
$VK
6RXUFH&RUQHOLXV
3DOPNHUQHOSURFHVVLQJ
3DOP NHUQHO SURFHVVLQJ ZDV GRQH XVLQJ LQGLJHQRXV PHWKRGV LQ WKH :HVW $IULFD
UHJLRQORQJEHIRUHWKHLQWHUQDWLRQDOWUDGHRIWKHRLOVHHGEHJXQ7KHWHFKQRORJ\KRZHYHU
GHYHORSHGUDSLGO\DIWHUWKHLQGXVWULDOUHYROXWLRQLQ(XURSHZKHQWKHGHPDQGIRUSDOP
NHUQHO RLO LQFUHDVHG 0RGHUQ SURFHVVLQJ PHWKRGV IRU ERWK EDWFK DQG FRQWLQXRXV
SURGXFWLRQ ZHUH GHYHORSHG WR IDFLOLWDWH ODUJH VFDOH SURGXFWLRQ &RUQHOLXV
+DPPRQG DQG 6PLWK DQG LPSURYH SURGXFW FKDUDFWHULVWLFV 1HYHUWKHOHVV WKH
LQGLJHQRXVPHWKRGVKDYHSHUVLVWHGXSWRGDWHDQGHYHQDFFRXQWIRUWKHEXONRIWKHNHUQHO
RLO SURGXFHG LQ VRPH RI WKH :HVW $IULFDQ FRXQWULHV 7KH WUDGLWLRQDO SDOP NHUQHO
SURFHVVHV KDYH VLPLODU FKDUDFWHULVWLFV DV WKH WUDGLWLRQDO SDOP RLO SURFHVVHV +RZHYHU
WKH\UHVXOWLQORZH[WUDFWLRQHIILFLHQFLHVDQGSRRUVHQVRU\TXDOLW\FKDUDFWHULVWLFV
7UDGLWLRQDOSDOPNHUQHOSURFHVVLQJ
7KH SUHYDOHQFH RI WUDGLWLRQDO SURFHVVHV LQ YHJHWDEOH RLO SURGXFWLRQ LQ PDQ\
GHYHORSLQJFRXQWULHVPD\EHWKHUHIOHFWLRQRIWKHJHQHUDOWHFKQRORJLFDOGHYHORSPHQWRI
WKHVH FRXQWULHV WKH DJULFXOWXUDO V\VWHPV SUDFWLVHG DQG RWKHU HFRQRPLF IDFWRUV
+RZHYHUFHUWDLQVSHFLILFIDFWRUVDOVRVHHPWREHVSHFLILFIRUSDOPNHUQHOSURFHVVLQJDQG
WKHVH LQFOXGH FRQVXPHUIDPLOLDULW\ ZLWK WKH NHUQHO RLO FKDUDFWHULVWLFV RI WKH WUDGLWLRQDO
SURGXFWDQGWKHUHODWLYHO\ORZFRVWRIFUXGHSDOPNHUQHORLOFRPSDUHGWRWKHUHILQHGRLOV
:LWKWKHFRQWLQXHGSUHYDOHQFHRI WKHVH IDFWRUVWUDGLWLRQDOSDOP NHUQHO SURFHVVLQJZLOO
FRQWLQXHWREHLPSRUWDQWLQPDQ\GHYHORSLQJFRXQWULHV
6LPLODU WR WKH SDOP RLO SURFHVVLQJ WKH TXDOLW\ FKDUDFWHULVWLFVRI SDOP NHUQHO RLO
GHSHQG RQ WKH SURFHVVLQJ WHFKQLTXHV XVHG ZKLFK DUH PRVWO\ WUDGLWLRQDO $V VXFK D
FULWLFDOUHYLHZDQGPRGLILFDWLRQRIWKHSURFHVVHVLQYROYHGZRXOGEHFUXFLDOLQLPSURYLQJ
WKHTXDOLW\FKDUDFWHULVWLFVRIWKHRLODQGZLGHQLWVDSSOLFDWLRQ
7KH
ORZ
H[WUDFWLRQ
HIILFLHQFLHVRIWKHWUDGLWLRQDOSURFHVVHVDUHRIJUHDWFRQFHUQ:KHUHDVSHUFHQWRI
WKHWRWDORLOLQWKHNHUQHOFRXOGEHH[WUDFWHGZLWKWKHPRGHUQPHWKRGV$ERDJ\H
WKHWUDGLWLRQDOSURFHVVHVDUHHVWLPDWHGWRH[WUDFWRQO\DERXWWRSHUFHQWRIWKHWRWDO
81,)(0 :LWK WKH YLHZ WKDW WKH WUDGLWLRQDO PHWKRGV DUH WKH SUHGRPLQDQW
SURFHVVHV XVHG E\ PDQ\ SURFHVVRUV LQ WKH LQGXVWU\ WKHUH LV WKH QHHG WR LPSURYH IRU
PD[LPXPXWLOL]DWLRQRIWKHNHUQHOVSURGXFHG7KHSDOPNHUQHORLOWHFKQRORJ\WKXVKDVD
SURPLVLQJIXWXUH
7UDGLWLRQDOSDOPNHUQHOH[WUDFWLRQPHWKRG
,Q WKH WUDGLWLRQDO PHWKRGV RI H[WUDFWLRQ WKUHH SURFHVVHV DUH GRFXPHQWHG 7KH
PRVWSRSXODULQYROYHVWKHURDVWLQJRIWKHNHUQHOVDQGPLOOLQJ7KHPHDOLVWKHQERLOHGLQ
ZDWHU ZLWK IUHTXHQW VWLUULQJ GXULQJ ZKLFK WKH RLO IORDWV RQ WRS RI WKH ZDWHU DQG LW LV
FROOHFWHG81,)(07KHH[WUDFWLRQUDWHLVHVWLPDWHGWREHEHWZHHQDQG
)LJXUH,QDVHFRQGPHWKRGWKHNHUQHOVDUHURDVWHGDYHU\KLJKWHPSHUDWXUHVXQWLO
WKHRLORR]HVRXW7KLVLVOHVVHIILFLHQWWKDQWKHSUHYLRXVPHWKRG$WKLUGPHWKRGZKLFK
DYRLGVWKHURDVWLQJRSHUDWLRQLVGHVFULEHG )LJXUH7KHNHUQHOVDUHVRDNHGLQZDWHU
RYHUQLJKW7KH\DUHWKHQSRXQGHGLQPRUWDUDQGDJHG ZLWKZDWHU7KHRLOVHSDUDWHVRXW
DVDQHPXOVLRQRQWKHVXUIDFHDQGLVVNLPPHGRIIDQG KHDWHGWR GU\&RUQHOLXV
GHVFULEHGWKH WUDGLWLRQDOPHWKRGVWKDWLQYROYHGZDWHUH[WUDFWLRQ DVZDWHUGLVSODFHPHQW
PHWKRGV
3DOPNHUQHO
5RDVW
6L]HUHGXFWLRQ0LOOLQJ
%RLOLQJ
$JHLQJ
5HVLGXH
2LO\H[WUDFW
%RLO
2LO
2LOSDFNLQJ VWRUDJH
)LJXUH7UDGLWLRQDOSDOPNHUQHORLOSURFHVVLQJXVLQJWKHURDVWHGSURFHVV
3DOPNHUQHO
6RDN
6L]HUHGXFWLRQ0LOOLQJ
%RLOLQJ
$JHLQJ
5HVLGXH
2LO\H[WUDFW
%RLO
2LO
2LOSDFNLQJ VWRUDJH
)LJXUH7UDGLWLRQDOSDOPNHUQHORLOSURFHVVLQJXVLQJWKHXQURDVWHGSURFHVV
.HUQHOSUHWUHDWPHQW
7UHDWPHQW RI NHUQHO SULRU WR SURFHVVLQJ LV FULWLFDO WR WKH TXDOLW\ RI WKH ILQLVKHG
SURGXFW3URSHUNHUQHOSUHWUHDWPHQWLVQHFHVVDU\WRHIILFLHQWO\H[WUDFW WKHRLOIURPWKH
NHUQHOV 'XULQJ WKLVVWDJHWKHNHUQHOVDUHILUVWO\ FOHDQHGRI IRUHLJQPDWHULDOVWKDWPD\
FRQWDPLQDWLRQRIILQLVKHGSURGXFW,QPHFKDQLFDORSHUDWLRQVVRPHPDJQHWLFVHSDUDWRUV
DUH LQVWDOOHG WR UHPRYH PHWDO GHEULV ZKLOH YLEUDWLQJ VFUHHQV DUH XVHG WR VLHYH VDQG
VWRQHVRURWKHUXQGHVLUDEOHPDWHULDOV$KDPPHUPLOOLVWKHQXVHGWREUHDNWKHNHUQHOV
LQWR FRDUVH SDUWLFOHV NQRZQ DV WKH PHDO 7KH PHFKDQLFDO PLOOV XVH KLJK SUHVVXUH
RSHUDWHG H[SHOOHUV 7KLV SURFHVV LQFUHDVHV WKH VXUIDFH DUHD RI WKH NHUQHOV WKXV
IDFLOLWDWLQJ IODNLQJ )$2 7KH NHUQHO IUDJPHQWV VXEVHTXHQWO\ DUH VXEMHFWHG WR
IODNLQJ LQ D UROOHU PLOO $ ODUJH UROOHU PLOO FDQ FRQVLVW RI XS WR ILYH UROOHUV PRXQWHG
YHUWLFDOO\ DERYH RQH DQRWKHU HDFK UHYROYLQJ DW USP 7KH WKLFNQHVV RI NHUQHO
FDNHV LV SURJUHVVLYHO\ UHGXFHG DV LW WUDYHOV IURP WKH WRS UROOHU WR WKH ERWWRP 7KLV
SURJUHVVLYHUROOLQJLQLWLDWHVUXSWXULQJRIFHOOZDOOV7KHIODNHVWKDWOHDYHWKHERWWRPQLS
DUHIURPWRPPWKLFN7KHNHUQHOIODNHVDUHWKHQFRQYH\HGWRDVWDFNFRRNHUIRU
VWHDPFRQGLWLRQLQJWKHSXUSRVHRIZKLFKLVWR
DGMXVWWKHPRLVWXUHFRQWHQWRIWKHPHDOWRDQRSWLPXPOHYHO
UXSWXUHFHOOZDOOVLQLWLDWHGE\UROOLQJ
UHGXFHYLVFRVLW\RIRLO
FRDJXODWH WKH SURWHLQ LQ WKH PHDO WR IDFLOLWDWH VHSDUDWLRQ RI WKH RLO IURP SURWHLQ
PDWHULDOV)$2
7KH PHDO IORZV IURP WKH WRS FRPSDUWPHQW GRZQ WR WKH ILIWK FRPSDUWPHQW LQ
VHULHV$WHDFKVWDJHDPHFKDQLFDOVWLUUHUDJLWDWHVWKHPHDO6WHDPWUD\VKHDWWKHFRRNHUV
DQGOLYHVWHDPPD\EHLQMHFWHGLQWRHDFKFRPSDUWPHQWZKHQQHFHVVDU\7KHLPSRUWDQW
YDULDEOHVDUH WHPSHUDWXUHUHWHQWLRQWLPHDQG PRLVWXUHFRQWHQW ,Q WKHSDOPNHUQHO WKH
PHDOV DUH QRUPDOO\ FRRNHG WR D PRLVWXUH FRQWHQW RI SHUFHQW DW & )$2
6FUHZSUHVVLQJ
7KH SURSHUO\ FRRNHG PHDO LV WKHQ IHG WR WKH VFUHZSUHVV ZKLFK FRQVLVWV RI DQ
LQWHUUXSWHGKHOLFDOWKUHDGZRUPZKLFKUHYROYHVZLWKLQDVWDWLRQDU\SHUIRUDWHGF\OLQGHU
FDOOHG WKH FDJH RU EDUUHO 7KH PHDO LV IRUFHG WKURXJK WKH EDUUHO E\ WKH DFWLRQ RI WKH
UHYROYLQJ ZRUPV 7KH YROXPH D[LDOO\ GLVSODFHG E\ WKH ZRUP GLPLQLVKHV IURP WKH
IHHGLQJ HQG WR WKH GLVFKDUJH HQG WKXV FRPSUHVVLQJ WKH PHDO DV LW SDVVHV WKURXJK WKH
EDUUHO 7KH H[SHOOHG RLO GUDLQV WKURXJK WKH SHUIRUDWLRQ RI WKH OLQLQJ EDUV RI WKH EDUUHO
ZKLOHWKHGHRLOHGFDNHLVGLVFKDUJHGWKURXJKDQDQQXODURULILFH )$2
3DOPNHUQHO
6L]HUHGXFWLRQ
)ODNLQJ
6WHDPFRQGLWLRQLQJ
6FUHZSUHVVLQJ
)UXLWGLJHVWLRQ
&RDUVHVFUHHQILOWHU
)LOWHUSUHVV
3DOPNHUQHO2LO
)LJXUH0HFKDQLFDOH[WUDFWLRQRISDOPNHUQHORLO)$2
,QRUGHUWRSUHYHQWH[WUHPHWHPSHUDWXUHVWKDWFRXOGGDPDJHWKHRLODQGFDNHTXDOLW\WKH
ZRUPVKDIWLVDOZD\VFRROHGZLWKFLUFXODWLQJZDWHUZKLOHWKHEDUUHOLVFRROHGH[WHUQDOO\
E\UHF\FOLQJVRPHFRROHGRLO )$2
2LOFODULILFDWLRQ
7KH H[SHOOHG RLO LQYDULDEO\ FRQWDLQV D FHUWDLQ TXDQWLW\ RI ILQHV DQG IRRWV WKDW
QHHGWREHUHPRYHG7KHRLOIURPWKHSUHVVHVLVGUDLQHGWRDUHVHUYRLU,WLVWKHQHLWKHU
SXPSHG WR D GHFDQWHU RU UHYROYLQJ FRDUVH VFUHHQ WR UHPRYH D ODUJH SDUW RI WKH VROLG
LPSXULWLHV7KHRLOLVWKHQSXPSHGWRDILOWHUSUHVVWRUHPRYH WKHUHPDLQLQJVROLGVDQG
ILQHVLQRUGHUWRSURGXFHFOHDURLOSULRUWRVWRUDJH7KH FDNHVGLVFKDUJHGIURPWKHSUHVVHV
DUH FRQYH\HGIRUEDJJLQJRUEXONVWRUDJH1RWDOOFUXVKHUVXVH WKHVDPHSURFHGXUHIRU
PHFKDQLFDO H[WUDFWLRQ RI NHUQHO RLO 7KHUH DUH WKUHH YDULDWLRQV GLUHFW VFUHZSUHVVLQJ
SDUWLDOSUHWUHDWPHQWDQGFRPSOHWHSUHWUHDWPHQW )$2
'LUHFWVFUHZSUHVVLQJ
6RPH PLOOV FUXVK WKH NHUQHOV GLUHFWO\ LQ WKH SUHVVHV ZLWKRXW DQ\ SUHWUHDWPHQW
'RXEOHSUHVVLQJXVXDOO\LVUHTXLUHGWRHQVXUHHIILFLHQWRLOH[WUDFWLRQ7KHVFUHZSUHVVHV
XVHGQRUPDOO\DUHOHVVWKDQWRQQHVSHUXQLWSHUGD\ )$2
3DUWLDOSUHWUHDWPHQW
7KHNHUQHOVDUHILUVWEURNHQGRZQWRVPDOOHUIUDJPHQWVE\JULQGLQJSULRUWRVFUHZ
SUHVVLQJ ,Q VRPH FDVHV FRRNLQJ LV DOVR FDUULHG RXW &RPSOHWH SUHWUHDWPHQW 7KH IXOO
SUHWUHDWPHQWSURFHVVHVGHVFULEHGHDUOLHUDUHFDUULHGRXWSULRUWRVFUHZSUHVVLQJ3ODQWV
ZLWK ODUJHU FDSDFLWLHV WRQQHV SHU GD\ FKRRVH FRPSOHWH SUHWUHDWPHQW DQG WKH
HTXLSPHQWLVXVXDOO\LPSRUWHG)$2
6ROYHQWH[WUDFWLRQ
6ROYHQWH[WUDFWLRQSURFHVVHVFDQEHGLYLGHGLQWRWKUHHPDLQXQLWRSHUDWLRQVNHUQHO
SUHWUHDWPHQW RLO H[WUDFWLRQ DQG VROYHQW UHFRYHU\ IURP WKH RLO DQG PHDO )RU WKH
SXUSRVHV RI VPDOOVFDOH RSHUDWLRQV LW LV VXIILFLHQW WR PHQWLRQ WKH VROYHQW H[WUDFWLRQ
SURFHVV LV DQ DOWHUQDWLYH IRU KLJK FDSDFLW\ PLOOV +RZHYHU WKH SURFHVV LV QRW
UHFRPPHQGHGIRUVPDOOHQWHUSULVHV)$2
,PSURYHPHQWVLQSDOPNHUQHOSURFHVVLQJPHWKRGV
7KHWUDGLWLRQDOSDOPNHUQHOSURFHVVLQJKDVVHHQVRPHLPSURYHPHQWUHFHQWO\:LWK
WKH LQWURGXFWLRQ RI PHFKDQLFDO HTXLSPHQW RLO H[WUDFWLRQ KDV EHHQ LPSURYHG 7KH
H[WUDFWLRQUDWHRIDERXW81,)(0KDVEHHQDFKLHYHGZLWKPHFKDQLFDODLGV
LQWURGXFHG3ULRUWRWKHLQWURGXFWLRQRIPLOOLQJPDFKLQHNHUQHOVZHUHHLWKHUSRXQGHGLQ
ZRRGHQ PRUWDUV RU QRW PLOOHG DW DOO EXW URDVWHG WLOO WKH\ FKDUUHG IRU RLO WR IORZ RXW
7KHVH\LHOGHGOHVVDQGWKHRLOVZHUHWKXVLQYDULDEO\SRRUHULQTXDOLW\2WKHUHTXLSPHQWV
KDYHDOVRHDVHGWKHSURFHVVHV([DPSOHVDUHHTXLSPHQWIRUQXWFUDFNLQJZKLFKFDQFUDFN
NJRIQXWSHUKRXU81,)(0ZLQQRZLQJURDVWLQJDQGSUHVVLQJ7KHVH
HTXLSPHQWVKRZHYHUGRQRWVROYHDOOWKHWHFKQLFDOSUREOHPV
7KHVWURQJRGRXUDQGWKHGDUNEURZQFRORXUVWLOOSHUVLVW,WLVLPSRUWDQWWKHUHIRUH
WKDW VWXGLHV DUH GRQH WR HVWDEOLVK WKH UHODWLRQVKLSV EHWZHHQ WKH SURFHVV DQG SURGXFW
FKDUDFWHULVWLFV 7KHVH FRXOG KHOS WR VWDQGDUGL]H WKH RSHUDWLRQV WR JLYH EHWWHU UHVXOWV
7KH\ PD\DOVR OHDG WR FKDQJHV RU PRGLILFDWLRQV LQ VRPH RI WKH XQLW RSHUDWLRQV LQ WKH
SURFHVVHVWRIDFLOLWDWHEHWWHUSURGXFWLRQDQGSURGXFWTXDOLW\FKDUDFWHULVWLFV
4XDOLW\FKDUDFWHULVWLFVRISDOPNHUQHORLO
'LIIHUHQFHV LQ WKH TXDOLW\ FKDUDFWHULVWLFV RI SDOP NHUQHO RLO SURFHVVHG XVLQJ
PRGHUQ DQG WUDGLWLRQDO WHFKQLTXHV H[LVW 7KH FKDUDFWHULVWLFV RI VRPH LQGXVWULDO DQG
WUDGLWLRQDOSURGXFWVKDYHEHHQUHSRUWHGDVIROORZV
7DEOH3K\VLFDODQGFKHPLFDOFRQVWDQWVIRUSDOPNHUQHORLO
&KDUDFWHULVWLFV
9DOXH
R
6SHFLILFJUDYLW\DW &
6SHFLILFJUDYLW\DW &
5HIUDFWLYHLQGH[DW &
0HOWLQJSRLQW
R&R&
7LWUHYDOXH
R& R&
,RGLQHYDOXH
6DSRQLILFDWLRQYDOXH
8QVDSRQLILFDWLRQPDWWHUFRQWHQW
)DFWRUVLQIOXHQFLQJTXDOLW\FKDUDFWHULVWLFVRISDOPNHUQHORLO
L(IIHFWRIKHDWWUHDWPHQWVRINHUQHOV
7KHKHDWLQJSURFHVVFDXVHVEURZQLQJRISDOPNHUQHORLOUHVXOWLQJIURP0DOOLDUG
UHDFWLRQ -D\DOHNVKP\ DQG 0DWKHZ +RZHYHU WKH GDUN FRORXU RI WUDGLWLRQDOO\
SURGXFHGSDOPNHUQHORLOLVGXHWRWKHH[WHQVLYHKHDWWUHDWPHQW7KHIODYRXUDQGRGRXU
RIWKHRLOLVDOVRLQWHQVLILHGGXULQJH[WHQVLYHKHDWLQJ
LL(IIHFWRIVWRUDJHRINHUQHOV
7KHFKDUDFWHULVWLFVRINHUQHOVDQGWKHPRGHRIVWRUDJHSULRUWRSURFHVVLQJPLJKW
LQIOXHQFHWKHSURGXFWLRQDQGTXDOLW\FKDUDFWHULVWLFVRISDOPNHUQHORLO:KHQNHUQHOVDUH
VWRUHG IRU ORQJ SHULRGV WKH\ JHQHUDWH KHDW ZLWKLQ ZKLFK DOVR FDXVHV EURZQLQJ RI WKH
HQGRVSHUPZLWKUHVXOWDQWHIIHFWRQWKHSURFHVVHGRLOV6LPPRQV
LLL(IIHFWRIPRLVWXUHFRQWHQW
+LJKHU PRLVWXUH OHYHOV RI NHUQHOV GXULQJ VWRUDJH HQKDQFH GHFRPSRVLWLRQ RI WKH
XQH[WUDFWHG RLO WKURXJK LQFUHDVHG PRXOG DQG HQ]\PHOLSDVH DFWLYLWLHV 7KHVH PRXOGV
FRQWDPLQDWH WKH NHUQHOV GXULQJ WKH LQLWLDO VWDJHV RI GU\LQJ 7KH OLSDVHV KRZHYHU
DFFXPXODWH LQ WKH VHHG GXULQJ WKH ODWWHU SDUW RI WKH NHUQHOV PDWXUDWLRQ /LSDVHV DUH
UHSRUWHGWRUHVLVWVHYHUDOKRXUVRIKHDWLQJDWR&LQSDUWLDOO\GULHGSDOPNHUQHOV
&+$37(56,;
0$7(5,$/6$1'$1$/<7,&$/0(7+2'6
0DWHULDOV
)UHVKO\KDUYHVWHGSDOPIUXLWEXQFKHVIURPWZRSDOPIUXLWW\SHV7HQHUDDQG'XUD
([SHULPHQWDO GHVLJQ IRU 2EMHFWLYH 2QH (IIHFWV RI )UXLW 7\SH DQG
([WUDFWLRQ(TXLSPHQWRQ2LO<LHOGDQG4XDOLW\
$ [ IDFWRULDO H[SHULPHQWDO GHVLJQ ZDV FRQGXFWHG DQG WKH IDFWRUV XVHG ZHUH
([SHULPHQWDO GHVLJQ IRU 2EMHFWLYH 7ZR (IIHFW RI )UXLW 6WRUDJH DQG
([WUDFWLRQ(TXLSPHQWRQ2LO4XDOLW\
$[IDFWRULDOH[SHULPHQWZDVFRQGXFWHGZLWKWKHPDLQIDFWRUVEHLQJWKUHHRLO
H[SHOOHUV WKHGLJHVWHUVFUHZKDQGVSLQGOHDQGK\GUDXOLFSUHVVHVDQGIRXUVWRUDJHWLPHV
DQG GD\V DIWHU IUXLW KDUYHVW $ERXW NJ RI 7HQHUD SDOP IUXLWV ZHUH
GLYLGHGLQWRIRXUEDWFKHVRIDSSUR[LPDWHO\NJHDFKDQGVWRUHGIRUDQG
GD\VUHVSHFWLYHO\)RUHDFKVWRUDJHSHULRGWKHIUXLWVZHUHGLYLGHGLQWRWKUHHEDWFKHVIURP
ZKLFK RLO ZDV H[WUDFWHG XVLQJ WKH WKUHH GLIIHUHQW PHWKRGV 7KUHH VDPSOHV ZHUH WDNHQ
IURPHDFKRIWKHSURFHVVHGRLOIRUFKHPLFDOTXDOLW\DQDO\VHV7KHIROORZLQJSDUDPHWHUV
ZHUH DQDO\]HG IUHH IDWW\ DFLG LRGLQH YDOXH LPSXULWLHV SHUR[LGH YDOXH VDSRQLILFDWLRQ
YDOXHFRORXUDQGPRLVWXUHFRQWHQW$OVRRLO\LHOGH[WUDFWLRQUDWHDQGGLJHVWLRQ SUHVVLQJ
WLPH ZHUH GHWHUPLQHG RQ WKH RLO VDPSOHV 'XSOLFDWH H[SHULPHQWV ZHUH FRQGXFWHG IRU
HDFKVDPSOHWUHDWPHQW7KHSHUFHQWDJHRLO\LHOGDQGH[WUDFWLRQUDWHZHUHFDOFXODWHGDQG
UHSRUWHG
([SHULPHQWDOGHVLJQIRU2EMHFWLYH7KUHH (IIHFWRI3DOP)UXLW$JHRQ<LHOG
DQG4XDOLW\
7HQHUDSDOPIUXLWV IURPWUHHRIIRXUGLIIHUHQW DJHVEHLQJ DQG \HDUV
ZHUHKDUYHVWHG)RUHDFKDJHNJHDFKRIWKHSDOPIUXLWVZHUHZHLJKHGDQGWKHLURLOV
ZHUH H[WUDFWHG XVLQJ WKH GLJHVWHU VFUHZ SUHVV 7KUHH VDPSOHV ZHUH WDNHQ IURP HDFK
H[WUDFWLRQDQGWKHRLOSURGXFHGSODFHGLQWRD VWHULOL]HG VDPSOLQJ ERWWOHDQGVHQWWRWKH
ODERUDWRU\IRUDQDO\VLV7KHRLOVZHUHDQDO\]HGIRUWKHIROORZLQJTXDOLW\SDUDPHWHUVIUHH
IDWW\ DFLG LRGLQH YDOXH SHUR[LGH YDOXH VDSRQLILFDWLRQ YDOXH FRORXU DQG PRLVWXUH
FRQWHQW 2LO \LHOG DQG LQVROXEOH VXEVWDQFHV GLUWV ZHUH DOVR GHWHUPLQHG 7KH
H[SHULPHQWVZHUHFRQGXFWHGLQGXSOLFDWHVDQGWKHPHDQYDOXHUHSRUWHG
([SHULPHQWDOGHVLJQIRU2EMHFWLYH)RXU (IIHFWRI)UXLW6WRUDJHDQG%RLOLQJ
7LPHRQ<LHOGDQG2LO4XDOLW\
$[IDFWRULDOH[SHULPHQWDOGHVLJQZDVXVHGDQGWKHIDFWRUVVWXGLHGZHUHIRXU
GLIIHUHQW WLPH SHULRGV LH PLQV DQG RLOV H[WUDFWHG XVLQJ WKH GLJHVWHU
VFUHZ SUHVV 7KUHH VDPSOHV ZHUH WDNHQ IURP HDFK RI WKH RLO H[WUDFWHG LQWR VWHULOL]HG
VDPSOLQJ ERWWOHV IRU TXDOLW\ DQDO\VLV 3DUDPHWHUV GHWHUPLQHG ZHUH RLO \LHOG IUHH IDWW\
DFLGLRGLQHYDOXHSHUR[LGHYDOXHVDSRQLILFDWLRQYDOXHFRORXULPSXULWLHVDQGPRLVWXUH
FRQWHQW7KHH[SHULPHQWVZHUHFRQGXFWHGLQGXSOLFDWHVDQGWKHPHDQYDOXHVUHSRUWHG
$QDO\WLFDO0HWKRGV
7KH IROORZLQJ FKHPLFDO TXDOLW\ LQGLFHV LQ SDOP RLO ZHUH DQDO\]HG DFFRUGLQJ WR
&RGH[ $OLPHQWDULXV 6WDQGDUG 7KLV LV WKH VWDQGDUG EHLQJ XVHG E\ *KDQD
6WDQGDUGV$XWKRULW\IRUWKHLURLOSDOPTXDOLW\DQDO\VLV
'HWHUPLQDWLRQRIIUHHIDWW\DFLGV
$Q RLOVDPSOHRIJZDVZHLJKHGLQWRPOFRQLFDOIODVNDQGPORI
HWKDQRODQGGLHWKHUHWKHUZDVDGGHG7ZRGURSVRISKHQROSKWKDOHLQZHUHDGGHGDQGWKH
PL[WXUHZDVVKDNHQWRGLVVROYHWKHRLOVDPSOHZKLFKLVWKHQWLWUDWHGZLWK11D2+
VROXWLRQV ZLWK FRQVWDQW VKDNLQJ XQWLO WKH SLQN FRORXUDWLRQ UHPDLQV SHUPDQHQW LH
VHF [ PO 6LPLODU SURFHGXUH ZDV GRQH IRU WKH EODQN E PO 7KH UHVXOWV ZHUH
FDOFXODWHGDQGUHSRUWHGDVROHLFDFLG&RGH[$OLPHQWDULXV6WDQGDUG
'HWHUPLQDWLRQ RILRGLQHYDOXH
$ERXW JRIRLOVDPSOHZDVZHLJKHGLQWRDGU\JODVVVWRSSHUHGERWWOHRI
POFDSDFLW\DQGPORIFDUERQWHWUDFKORULGHZDVDGGHGWRWKHRLO$ERXWPORI:LMV
VROXWLRQZDVWKHQDGGHGDQGDOORZHGWRVWDQGLQWKHGDUNIRUPLQDIWHUZKLFKPO
RI3RWDVVLXP,RGLGHDQGPORIZDWHUZDVDGGHGDQGWKHQWLWUDWHGZLWK1
WKLRVXOSKDWHVROXWLRQXVLQJVWDUFKDVLQGLFDWRUMXVWEHIRUHWKHHQGSRLQWDPO$EODQN
ZDV DOVR SUHSDUHG DORQJVLGH WKH RLO VDPSOHV E PO 7KH UHVXOWV ZHUH FDOFXODWHG DQG
UHSRUWHGDV:LMV&RGH[$OLPHQWDULXV6WDQGDUG
'HWHUPLQDWLRQRISHUR[LGHYDOXH
$QRLOVDPSOHRIJZDVZHLJKHGLQWRDGU\POVWRSSHUHGFRQLFDOIODVNDQG
PODQGPOIFKORURIRUPDQGJODFLDODFHWLFDFLGZHUHDGGHGUHVSHFWLYHO\$OVR
PO IUHVK VDWXUDWHG SRWDVVLXP LRGLGH DTXHRXV VROXWLRQ ZDV DGGHG WR WKH PL[WXUH 7KH
IODVNZDVVWRSSHUHGDQGVKDNHQIRURQHPLQXWHDQGWKHSODFHGLQWKHGDUNIRUIXUWKHURQH
PLQXWH $IWHU WKDW PO RI ZDWHU ZDV DGGHG DQG PL[HG DQG WKHQ WLWUDWHG ZLWK 1
6RGLXP WKLRVXOSKDWH VROXWLRQ XVLQJ VWDUFK DV LQGLFDWRU 9 PO $ EODQN ZDV DOVR
SUHSDUHGDORQJVLGHWKHRLOVDPSOHV9R PO7KHUHVXOWVZHUHFDOFXODWHGDQGUHSRUWHGDV
PHTNJ &RGH[$OLPHQWDULXV6WDQGDUG
'HWHUPLQDWLRQRIVDSRQLILFDWLRQYDOXH
$Q RLOVDPSOH RI J ZDVZHLJKHGLQWRDFRQLFDOIODVNDQG PORIDOFRKROLF
SRWDVVLXPK\GUR[LGHZDVDGGHG7KHVROXWLRQZDVKHDWHGLQERLOLQJZDWHUIRURQHKRXU
DQGPORISKHQROSKWKDOHLQZDVDGGHGDQGWLWUDWHGZLWK 1+\GURFKORULFDFLG
VROXWLRQV D PO $ EODQN ZDV DOVR FDUULHG RXW DORQJVLGH WKH RLO VDPSOHV E PO 7KH
UHVXOWV ZHUH FDOFXODWHG DQG UHSRUWHG DV PJ .2+ J &RGH[ $OLPHQWDULXV 6WDQGDUG
'HWHUPLQDWLRQRILPSXULWLHV
'U\ FRQGLWLRQHG*RRFKFUXFLEOHZDVZHLJKHG7KHSDOPRLO VDPSOH J RIRLO
VDPSOHZDVZHLJKHGLQWRGU\POEHDNHU DQGPORIHWKDQRODQGGLHWKHUHWKHU
ZDVDGGHGWRGLVVROYH7KHPL[WXUH ZDVILOWHUHGWKURXJKDFRQGLWLRQHG*RRFKFUXFLEOH
FRQQHFWHGWRYDFXXPSXPSDQGWKHUHVLGXHZDVZDVKHGVHYHUDOWLPHVZLWKWKHVROYHQW
7KH*RRFKFUXFLEOHDQGWKHFRQWHQWZHUHGULHGLQDQRYHQDWR&IRUPLQXWHVDQG
WKHQSODFHGLQGHVVLFDWRUDQGDOORZFRROLQJ&RGH[$OLPHQWDULXV6WDQGDUG
'HWHUPLQDWLRQRIPRLVWXUHFRQWHQW
7KHGU\KRWDLURYHQZDVFRQGLWLRQHGDWR&DQGPRLVWXUHFDQVZDVSODFHGWKH
RYHQIRUKRXU7KHFDQVZHUHUHPRYHGDQGFRROHGLQDGHVVLFDWRUDQGIXUWKHUZHLJKHG
$ERXWJRIRLOVDPSOHZDVZHLJKHGLQWRWKHPRLVWXUHFDQVDQGSODFHGLQWKHRYHQIRU
KRXUV $IWHU KHDWLQJ WKH FDQ DQG WKH VDPSOH WKHUH ZDV UHZHLJKLQJ WR GHWHUPLQH WKH
ZHLJKWRIWKHVDPSOH&RGH[$OLPHQWDULXV6WDQGDUG
'HWHUPLQDWLRQRISDOPRLOFRORXU
7KH FRORXU RI SDOP RLO VDPSOHV ZDV PHDVXUHG XVLQJ WKH +XQWHU /DE &RORXU
'LIIHUHQFH0HWHU&'00RGHO&50LQROWD&DPHUD&R/WG,QF7RN\R-DSDQ
&RORXU0HDVXUHPHQWVZHUHGHVFULEHGDFFRUGLQJWRWKHIROORZLQJFRRUGLQDWHVOLJKWQHVV
/
UHGQHVVD
UHGJUHHQDQG\HOORZQHVVE
\HOORZEOXH
6WDWLVWLFDO$QDO\VLV
7KHGDWDZDVHQWHUHGLQWR6WDWLVWLFDO3DFNDJHIRU6RFLDO6FLHQWLVW6366YHUVLRQ
&+$37(56(9(1
XVLQJ GLIIHUHQW H[WUDFWLRQ HTXLSPHQW QDPHO\ WKH GLJHVWHU VFUHZ KDQG VSLQGOH DQG
K\GUDXOLFSUHVVHV7KHRLO\LHOGDQGTXDOLW\FKDUDFWHULVWLFVRIWKHRLOVZHUHLQYHVWLJDWHG
3DOP2LO<LHOG
<LHOG RI RLOV SURGXFHG IURP WKH SDOP IUXLW W\SHV XVHG LQ WKLV VWXG\ YDULHG 7KH
UHVXOWVLQGLFDWHGWKDWRLO\LHOGVIURP'XUDIUXLWW\SHZHUHORZHUDQG
IRUGLJHVWHUVFUHZSUHVVKDQGVSLQGOHSUHVV DQGK\GUDXOLFSUHVV UHVSHFWLYHO\
WKDQRLO\LHOGIURP7HQHUDIUXLWW\SHVZLWKYDOXHVRIDQGIRU
GLJHVWHU SUHVV KDQG SUHVV DQG K\GUDXOLF SUHVV UHVSHFWLYHO\ )LJXUH +LJKHU \LHOGV
REWDLQHGIURP7HQHUDZHUHGXHWRLWVKLJKPHVRFDUSFRQWHQW7HRK7KHRLO\LHOGV
IURPWKH 7HQHUD IUXLWW\SH ZDV PRUH WKDQ WZLFH WKDW RI 'XUD DQGWKLV ZDV VWDWLVWLFDOO\
VLJQLILFDQWS
7KH H[WUDFWLRQ HTXLSPHQW XVHG IRU SDOP RLO H[WUDFWLRQ KDG VLJQLILFDQW HIIHFW
S RQ WKH \LHOG IRU ERWK SDOP IUXLW W\SHV (IIHFWLYH RLO \LHOG GHSHQGV RQ WKH
WKRURXJKQHVV RI WKH GLJHVWLRQ RSHUDWLRQ FUXVKLQJ DQG SXOYHULVDWLRQ RI WKH IUXLW LQWR D
SXOS DQG WKH SUHVVLQJ PHWKRG RU HTXLSPHQW XVHG 7KLV GHWHUPLQHV KRZ HDVLO\ RLO LV
UHOHDVHG GXULQJ H[SUHVVLRQ 7KH XVH RI WKH VFUHZ SUHVV LQ WKH GLJHVWHU VFUHZ PDFKLQH
HQKDQFHVWKHVL]HUHGXFWLRQRSHUDWLRQWKXVDOORZLQJIRUEHWWHU H[SRVXUHRIWKHRLOFHOOV
DQGVXEVHTXHQWO\HDVLQJWKHIORZRIRLOIURPWKHFHOOV7KXVWKHKLJKRLO\LHOGREWDLQHG
IURPWKHWZRSDOPIUXLWW\SHV,WZDVREVHUYHGLQWKLVVWXG\WKDWWKHGLJHVWHUVFUHZSUHVV
ZKLFKZDVPHFKDQLFDOO\FRQWUROOHGKDGDKLJKHUH[WUDFWLYHHIILFLHQF\WKDQKDQGVSLQGOH
SUHVVDQGK\GUDXOLFSUHVVHTXLSPHQWZKLFKZHUHPDQXDOO\FRQWUROOHG 7KHVHUHVXOWVDUH
LQ OLQH ZLWK 2ZRODUDIH HW DO ZKR DOVR REVHUYHG WKDW XVLQJ WKH GLJHVWHU VFUHZ
SUHVVKDGDVLJQLILFDQWHIIHFWRQWKHILQDORLO\LHOGDQGH[WUDFWLRQHIILFLHQF\RISDOPIUXLW
)LJXUH(IIHFWVRIIUXLWYDULHW\DQGSURFHVVLQJHTXLSPHQWRQRLO\LHOG
0RLVWXUH&RQWHQWRI3DOP2LO
*HQHUDOO\ WKH VWXG\ UHYHDOHG WKDW PRLVWXUH FRQWHQW IRU RLOV SURGXFHG IURPERWK
)LJXUH(IIHFWVRIIUXLWYDULHW\DQGSURFHVVLQJHTXLSPHQWRQPRLVWXUHFRQWHQW
)UHH)DWW\$FLGV))$
7KHUHZHUHYDU\LQJOHYHOVRI))$SURGXFHGLQRLOVIURPWKHGLIIHUHQWIUXLWW\SHV
SUHVV ZHUH QRW VLJQLILFDQW 7KLV HIIHFW FRXOG EH GXH WR WKH ORZHU FRQFHQWUDWLRQV RI
WRFRSKHUROYLWDPLQ(ZKLFKDFWVDVDVRXUFHRIDQWLR[LGDQWLQUHGXFLQJ))$YDOXHVLQ
SDOPRLO6WXGLHVFRQGXFWHGE\ 6XQGUDPHWDO DQG1MRNXHWDO LQGLFDWHG
WKDW WKH FRQFHQWUDWLRQ RI WRFRSKHURO LQ 'XUD LV DERXW RQH DQG D KDOI IROG KLJKHU WKDQ
7HQHUD
)LJXUH (IIHFWV RI IUXLW YDULHW\ DQG SURFHVVLQJ HTXLSPHQW RQ IUHH IDWW\ DFLGV
FRQWHQW
3HUR[LGH9DOXH39
3HUR[LGH YDOXH GHWHUPLQHV WKH H[WHQW WR ZKLFK WKH RLO KDV XQGHUJRQH UDQFLGLW\
ZKLFKFRXOGEHXVHGDVDQLQGLFDWLRQRIWKHTXDOLW\DQGVWDELOLW\RIRLOV (NSDDQG(NSD
$QKZDQJHHWDO 7KHSHUR[LGHYDOXHVIRUWKHRLOVH[WUDFWHGIURPWKHWZR
SDOPIUXLW W\SHVUDQJHGIURPWRP(TNJZKLFKZHUHDFWXDOO\ORZHUWKDQWKH
VWDQGDUG YDOXH RI P(TNJ &RGH[ $OLPHQWDULXV 3HUR[LGH YDOXHV IURP WKH
VWXG\ VKRZHG VLJQLILFDQW GLIIHUHQFHV S IRU ERWK IUXLW W\SHV DQG H[WUDFWLRQ
HTXLSPHQW)LJXUH7KHSHUR[LGHYDOXHVIRURLOVH[WUDFWHGIURP'XUDIUXLWVXVLQJWKH
H[WUDFWLRQHTXLSPHQWZHUHUHODWLYHO\KLJKHUWKDQRLOVSURGXFHGIURP7HQHUD7KLVHIIHFW
IURPERWKIUXLWW\SHVDQGWKHH[WUDFWLRQHTXLSPHQWPLJKWEHGXHWRR[LGDWLRQLQWKHRLOV
OHDGLQJWRWKHIRUPDWLRQRIK\GURSHUR[LGHVIURPOLJKWRUKHDWDQGPHWDOFDWDO\VLV 2UML
DQG 0EDWD 7KH PHWDOV HJ LURQ FRXOG SUREDEO\ FRPH IURP WKH GLJHVWHU
PDFKLQHVDQGWKHH[SUHVVLRQHTXLSPHQWXVHGDWWKHYDULRXVPLOOLQJVLWHV)XUWKHUPRUH
WKH RLOV ZHUH QRW ZHOO FRROHG EHIRUH ERWWOLQJ DQG WKLV PLJKW UHVXOW LQ VWHDP EHLQJ
FROOHFWHGDWWKHLQQHUWRSRIWKHFRQWDLQHU7KHVWHDPWKHQFRQGHQVHGODWWHUWRLQFUHDVH
WKHPRLVWXUHFRQWHQWRIWKHRLOV+HQFHYDULDWLRQLQSHUR[LGHYDOXHVFRXOGEHGXHWRWKH
QXPEHURIXQVDWXUDWHGIDWW\DFLGFRQWHQWLQYLHZRIWKHIDFWWKDWUDWHRIDXWR[LGDWLRQRI
RLOVDQGIDWVLQFUHDVHVZLWKLQFUHDVLQJOHYHORIXQVDWXUDWLRQ7KHUHIRUHWKHRLOVSURGXFHG
IURPERWKIUXLWW\SHVDQGHTXLSPHQWZDVRIKLJKTXDOLW\DQGVWDEOH
)LJXUH(IIHFWVRIIUXLWYDULHW\DQGSURFHVVLQJHTXLSPHQWRQSHUR[LGHYDOXH
ZDV QR VLJQLILFDQW GLIIHUHQW S! LQ SDOP RLOV IURP ERWK 'XUD DQG 7HQHUD ZKHQ
K\GUDXOLF SUHVV PDFKLQH ZDV XVHG ,Q DGGLWLRQ WKH H[WUDFWLRQ HTXLSPHQW XVHG LQ
H[WUDFWLQJ RLO IURP 7HQHUD IUXLWV KDG UHODWLYHO\ KLJKHU DYHUDJH RI GRXEOH ERQGV KLJK
LRGLQH YDOXHV WKDQ RLOV IURP 'XUD IUXLWV 7KLV PLJKW SUREDEO\ PDNH RLO IURP 7HQHUD
IUXLWVKDYHWKHDELOLW\LQDEVRUELQJR[\JHQRQH[SRVXUHWRDLUWKDQRLOVIURP'XUDIUXLWV
+HQFHWKHRLOIURP7HQHUDLVVXVFHSWLEOHWRR[LGDWLRQ
)LJXUH(IIHFWVRIIUXLWYDULHW\DQGSURFHVVLQJHTXLSPHQWRQLRGLQHYDOXH
6DSRQLILFDWLRQ9DOXH69
7KH VDSRQLILFDWLRQ YDOXHV UDQJHG IURP PJ .2+J IRU WKH WZR
SDOPRLOW\SHVDQGWKHH[WUDFWLRQHTXLSPHQW7KHVHYDOXHVZHUHZLWKLQWKHVSHFLILFDWLRQ
RI &RGH[ $OLPHQWDULXV RI PJ.2+J 6DSRQLILFDWLRQYDOXHV LQGLFDWHG
VLJQLILFDQFHGLIIHUHQFHS IRUERWKIUXLWVW\SHVDQGH[WUDFWLRQ HTXLSPHQW )LJXUH
$OVRWKH OHDVWVLJQLILFDQWGLIIHUHQFH IRUERWK IUXLWVW\SHVDQGHTXLSPHQWLQFUHDVHG
S7KLVPLJKWKDYHUHVXOWHGIURP DYHUDJHPROHFXODUZHLJKW RUHTXLYDOHQWZHLJKW
RIIDWW\DFLGVLQWKHRLOV ZKLFKDIIHFWWKHVROXELOLW\RIWKHLUVRDSVLQZDWHU
)LJXUH (IIHFWV RI IUXLW YDULHW\ DQG SURFHVVLQJ HTXLSPHQW RQ VDSRQLILFDWLRQ
YDOXH
)RU LQVWDQFH RLOV IURP 7HQHUD SDOP IUXLWV KDG LQFUHDVHG DSSUHFLDEO\ LQ VDSRQLILFDWLRQ
YDOXHVFRPSDUHGWRRLOIURP'XUDSDOPIUXLWV7KLVUHVXOWPLJKWSRLQWWRWKHIDFWWKDWWKH
RLOFRQWDLQHGKLJKHUSURSRUWLRQVRIORZPROHFXODUZHLJKWIDWW\DFLGVWKHUHE\PDNLQJWKH
RLOYHU\XVHIXOLQWKHSURGXFWLRQRIOLTXLGVRDS$FFRUGLQJWR5XGDQ7DVLFDQG.ORIXWDU
KLJK VDSRQLILFDWLRQ YDOXH VXJJHVWHGD SUHGRPLQDQFH RI KLJK PROHFXODU ZHLJKW
IDWW\DFLGV+RZHYHURLOIURP'XUDIUXLWVW\SHVKDVUHODWLYHO\ORZVDSRQLILFDWLRQYDOXHV
ZKLFKPLJKWQRWQHFHVVDULO\EHIUHH IURPPRLVWXUHDQGXQVDSRQLILDEOHPDWWHUKHQFHWKLV
PD\DIIHFWWKHTXDOLW\RIVRDSV
,PSXULWLHV
*HQHUDOO\WKHOHYHORILPSXULWLHVLQSDOPRLOVUDQJHGIURP ZKLFK
)LJXUH(IIHFWVRIIUXLWYDULHW\DQGSURFHVVLQJHTXLSPHQWRQOHYHORILPSXULWLHV
7KHGLIIHUHQFHVLQLPSXULWLHVPLJKWSUREDEO\EHGXHWRWKHGLIIHUHQWVWRUDJHVLWHV
FUDPHUVIRUWKHIUXLWVVLQFHWKHVWRUDJHIORRUVLQDOPRVWDOOWKHSDOPRLOPLOOLQJVLWHVDUH
QRW FHPHQWHG +RZHYHU LPSXULWLHV LQ RLOV SURGXFHG IURP 'XUD IUXLWV IURP GLJHVWHU
VFUHZSUHVVDQGKDQGVSLQGOHSUHVVZHUHVLJQLILFDQWO\KLJKHULQUHODWLRQWRGLJHVWHUVFUHZ
SUHVVDQGKDQGVSLQGOHSUHVVIRURLOVH[WUDFWHGIURPWKH7HQHUDIUXLWW\SHV7KLVPLJKWEH
DWWULEXWHGWR WKHGHDGHPSW\VSLNHOHWVEDUH IORRURQ ZKLFKWKHIUXLW DUHVWRUHGDQGWKH
RYHU KHDWLQJRIIUXLWVZKLFKVRIWHQWKHNHUQHOQXWVKHQFHWKHEUHDNGRZQRIQXWVGXULQJ
GLJHVWLRQRSHUDWLRQ,QDGGLWLRQSRRURLOFODULILFDWLRQRSHUDWLRQFRXOGFRQWULEXWHWRWKH
KLJKOHYHORILPSXULWLHVLQRLOVDVVPDOOSODVWLFERZOVZHUHXVHGWRIHWFKWKHRLOV,QWKH
SURFHVVWKHUHZDVDJLWDWLRQRIWKHRLOVZKLFKFRXOGLQWURGXFHVHWWOHGLPSXULWLHVLQWRWKH
RLOV 6WXGLHV FRQGXFWHG LQ *KDQD DQG 1LJHULD DOOXGHG WR WKH IDFW WKDW RYHUKHDWLQJ RI
SDOPIUXLWVDQGEUHDNGRZQRIILEHUVFRQWULEXWHGWRWKHOHYHORILPSXULWLHVLQSDOPRLOV
%DU\HK2ZRODUDIHHWDO
&RORXURI3DOP2LOV3URGXFHG
7KH FRORXU RI SDOP RLOV IURP WKH GLIIHUHQW IUXLW W\SHV ZDV PHDVXUHG 7DEOH
7DEOH3DOPIUXLWW\SHVH[WUDFWLRQHTXLSPHQWRQFRORXURISDOPRLOSURGXFHG
3DOP
([WUDFWLRQ
&RORXU
IUXLWV
(TXLSPHQW
/
'LJHVWHUVFUHZ
D
G
D
F
E
+\GUDXOLFSUHVV
F
G
D
'LJHVWHUVFUHZ
G
E
F
D
F
G
H
F
D
E
W\SHV
'XUD
7HQHUD
SUHVV
SUHVV
+\GUDXOLFSUHVV
&+$37(5(,*+7
RLOVOLNHZLVHWKHH[WUDFWLRQHTXLSPHQW7KLVVHFWLRQVWXGLHGWKHHIIHFWVRI7HQHUDSDOP
IUXLWVWRUDJHDQGWKHH[WUDFWLRQHTXLSPHQWRQWKH\LHOGDQGTXDOLW\FKDUDFWHULVWLFVRIRLO
SURGXFHG
0RLVWXUHFRQWHQWRIRLOVSURGXFHG
*HQHUDOO\ PRLVWXUH FRQWHQW RI RLOV VLJQLILFDQWO\ LQFUHDVHG DV VWRUDJH LQFUHDVHG
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQPRLVWXUHFRQWHQW
7KHGLIIHUHQFHVLQPRLVWXUHFRQWHQWFRXOGSUREDEO\EHGXHWRPDQXDOPHWKRG RI
ERLOLQJ FUXGH RLOV LQ ORFXV GUXPV HPSOR\HG E\ WKH SURFHVVRUV )XUWKHUPRUH WKH
GXUDWLRQ RI KHDWLQJ WKH RLOV ZDV VXEMHFWLYH DW WKH GLJHVWHU VFUHZ PLOOLQJ VLWHV DQG WKLV
PLJKW DOVRDIIHFWWKHPRLVWXUH OHYHOVLQ RLOV +RZHYHU DW WKH PLOOLQJ VLWHVRI WKHKDQG
VSLQGOHDQGK\GUDXOLFSUHVVHVWKHRLOVZHUHVWRUHGDQGQRWFODULILHGDIWHUH[SUHVVLRQ,Q
DGGLWLRQWKHSURFHVVRUVDWWKHGLJHVWHUVFUHZSUHVVPLOOLQJVLWHVGHWHUPLQHGFODULILHGRLOV
ZKHQQRZDWHULVIRXQGRQWRSOD\HURIWKHRLOV7DLZRHWDO 7KHKLJKPRLVWXUH
FRQWHQWVLQWKHRLOVFRXOGLQFUHDVHWKHSHUR[LGHYDOXHDQGUHGXFHLRGLQHYDOXHRIWKHRLOV
GXULQJVWRUDJH7KHUDWHRIGHWHULRUDWLRQRIWKHRLOVFRXOGEHDFFHOHUDWHGKHQFHWKHVKRUW
VKHOIOLIHDQGSRRUTXDOLW\RISDOPRLOV
)UHH)DWW\$FLG))$
)URP WKLV VWXG\LW ZDVREVHUYHGWKDW ))$YDOXHV LQFUHDVHGZLWK LQFUHDVLQJ IUXLW
VWRUDJH GD\V IRU WKH GLIIHUHQW H[WUDFWLRQ HTXLSPHQW )LJXUH 7KH LQFUHPHQWV ZHUH
VLJQLILFDQW S 7KH LQFUHDVHV PLJKW EH GXH WR WKH GHJUHH RI ULSHQHVV DQG WKH
EUXLVHV RI WKH SDOP IUXLWV EHIRUH H[WUDFWLRQ 7KHVH IDFWRUV DFFHOHUDWH DXWROLSRO\WLF
HQ]\PHV ZKLFK VSOLW WKH IUXLW RLO WR IDWW\ DFLG DQG JO\FHURO 6WXGLHV FRQGXFWHG LQ
0DOD\VLD DQG 1LJHULD LQGLFDWHG VLPLODU DVVHUWLRQ WKDW DW ORQJHU VWRUDJH SHULRGV WKH
GHJUHHRIEUXLVHVDQGULSHQHVVKDGHIIHFWRQ))$YDOXHV2UML+DGLHWDO
)RU LQVWDQFHLQFUHDVHG))$YDOXHV ZHUHUHFRUGHGIRUKDQG VFUHZ
SUHVVDQGK\GUDXOLFSUHVVPDFKLQHVUHVSHFWLYHO\GXULQJWKHGD\VWKHIUXLWVZHUHVWRUH
:KHUHDV))$IRUGLJHVWHUSUHVVPDFKLQHZDV7KHHIIHFWPLJKWEHDWWULEXWHGWRWKH
SURFHVVLQJRSHUDWLRQVDWWKHYDULRXVPLOOLQJVLWHV$OWKRXJKWKHIUXLWVZHUHVWRUHGXQGHU
VKHGVUDLQZDWHUJRWLQWRFRQWDFWZLWKWKHIUXLWVZKLFKFUHDWHGIDYRXUDEOHFRQGLWLRQVIRU
OLSDVH WR VSHHG XS WKH EUHDNGRZQ RI IUXLW RLOV WULDF\OJO\FHULGHV WR IDWW\ DFLGV DQG
JO\FHUROV
$VWKHVWRUDJHGD\VRIWKHIUXLWVLQFUHDVHGPRUHIXQJLJUHZRQWKHIUXLWV$VVXFK
PRUH))$VZHUHSURGXFHG IURPOLSDVH DFWLYLWLHVDQGWKHRLOVH[WUDFWHGEHFDPH UDQFLG
6XFKUDQFLGRLOVFDQQRWEHXVHGIRUIRRGRLOEXWUDWKHUIRULQGXVWULDOSXUSRVHV(YHQZLWK
VXFKRLOVWKHLQGXVWULHVZRXOGKDYHWRUHILQHWKHRLOVEHIRUHXVH7KLVPLJKWLQFUHDVHWKH
FRVWRISURGXFWLRQLQWKRVHLQGXVWULHV)XUWKHUPRUH SDOPRLOVH[WUDFWHGIURPIUXLWVWRUHG
IRU WKUHH GD\V XVLQJ GLJHVWHU VFUHZ SUHVV KDQG VSLQGOH SUHVV DQG K\GUDXOLF SUHVV
PDFKLQHVKDYH))$YDOXHVDVDQGUHVSHFWLYHO\7KLVHIIHFWPLJKW
EHGXHWRIHZHUEUXLVHVRQWKHIUXLWVDVWKH\ZHUHUHPRYHGIURPVSLNHOHWVE\KDQGVDQG
WKLV UHDOO\ VORZVGRZQ WKH OLSRO\WLFDFWLYLWLHV7KHRLOV H[WUDFWHGIURPIUXLWV VWRUHGIRU
WKUHH GD\V DUH KLJKO\ SUHIHUUHG E\ FRQVXPHUV DQG WKRVH ZKR XVH WKH RLO IRU LQGXVWULDO
SXUSRVHV7KLVLVEHFDXVHWKHLU))$YDOXHVZHUHEHORZWKH))$UHFRPPHQGHGDV
WKHPD[LPXPIRUQRQUDQFLGRLOV&RGH[$OLPHQWDULXV6DYDJHHWDO
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQIUHHIDWW\DFLGV
3HUR[LGH9DOXH39
*HQHUDOO\LWZDVREVHUYHGWKDWSHUR[LGHYDOXHVIRUSDOPRLOVH[WUDFWHGIURPIUXLWV
VWRUHG IRU GLIIHUHQW GD\V XVLQJ KDQG VSLQGOH SUHVV DQG K\GUDXOLF SUHVV PDFKLQHV ZHUH
KLJKHUWKDQSHUR[LGHYDOXHVIRURLOVSURGXFHGXVLQJGLJHVWHUVFUHZSUHVVPDFKLQH7KH
GLIIHUHQFHV LQ SHUR[LGH YDOXHV ZHUH DFWXDOO\ DWWULEXWHG WR D ODUJH H[WHQW WKH QRQ
FODULILFDWLRQ RI WKH H[WUDFWHGRLOV IURPERWK KDQG VSLQGOH DQG K\GUDXOLF SUHVVHV EHIRUH
ERWWOLQJ)XUWKHUPRUHLQFUHDVHLQWKHPRLVWXUHFRQWHQWVDVREVHUYHGLQWKHRLOVH[WUDFWHG
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQSHUR[LGHYDOXH
+RZHYHU OHDVW VLJQLILFDQW GLIIHUHQFH /6' LQGLFDWHG WKDW WKHUH ZDV QR VLJQLILFDQW
GLIIHUHQFHS!LQSHUR[LGHYDOXHVRIRLOVSURGXFHGIURPSDOPIUXLWVVWRUHGIRUDQG
GD\V 7KH HIIHFW RI WKH LQFUHDVH LQ SHUR[LGH YDOXHV PLJKW EH GXH WR WKH RLOV EHLQJ
H[SRVHG WR DWPRVSKHULF DLU ,KHNRURQ\H DQG 1JRGG\ 2QZXND DQG $NDHUXH
,W ZDVREVHUYHG IURPWKH VWXG\ WKDW WKHSHUR[LGHYDOXHV REWDLQHG IRU WKHVHRLOV
ZHUHDOOEHORZP(TNJ&RGH[$OLPHQWDLUXV+HQFHWKHRLOVSURGXFHGPLJKW
KDYHQRUDQFLGLW\SUREOHPVDQGORQJHUVKHOIOLIH
6DSRQLILFDWLRQ9DOXH69
7KHUHZHUHVLJQLILFDQWGLIIHUHQFHVSLQWKHVDSRQLILFDWLRQYDOXHVIRUERWK
WKH IUXLW VWRUDJH GD\V DQG H[WUDFWLRQ HTXLSPHQW LQ WKH RLOV H[WUDFWHG )LJXUH 7KH
VDSRQLILFDWLRQYDOXHVPLJKWLQGLFDWHWKHQXPEHURIIDWW\DFLGVDQGWKHW\SHRIIDWW\DFLG
FKDLQVWKDWZHUHEURNHQGRZQLQWKHIUXLWRLOGXULQJVWRUDJHE\OLSLGHQ]\PHV7KHUHIRUH
WKHORQJHUWKHIUXLWV DUHVWRUHGWKHPRUHIUHHIDWW\DFLGVSURGXFHGLQWKHRLO +RZHYHU
WKH H[WUDFWLRQ HTXLSPHQW PLJKW QRW QHFHVVDULO\ KDYH KDG D SURQRXQFHG HIIHFW RQ WKH
VDSRQLILFDWLRQYDOXHV)RULQVWDQFHWKHVDSRQLILFDWLRQYDOXHVIRUSDOPRLOSURGXFHGIURP
IUXLWV XVLQJ GLJHVWHU VFUHZ SUHVV PDFKLQH LQFUHDVHG VWHDGLO\ ZLWK WKH LQFUHDVLQJ IUXLW
VWRUDJH GD\V 7KLV HIIHFW PLJKW SUREDEO\ EH GXH WR ODUJHU SURSRUWLRQ RI IDWW\ DFLGV
SURGXFHG LQ RLOV RI ORZ PROHFXODU ZHLJKWV +LJK VDSRQLILFDWLRQ YDOXH REVHUYHG LQ RLO
H[WUDFWHG IURP IUXLWV VWRUHG IRU GD\V IRU KDQG VSLQGOH SUHVV PDFKLQH VXJJHVWHG D
SUHYDOHQFHRIKLJKPROHFXODUZHLJKWIDWW\DFLGV5XGDQ7DVLFDQG.ORIXWDU%HOOR
HWDO 7KHVDSRQLILFDWLRQYDOXHVUDQJHGIURP PJ.2+J7KHVH
YDOXHVDUHZLWKLQWKHVSHFLILHGVWDQGDUGRI&RGH[$OLPHQWDULXV RI PJ
.2+J
)LJXUH (IIHFWV RI SURFHVVLQJ HTXLSPHQW DQG VWRUDJH WLPH RQ VDSRQLILFDWLRQ
YDOXH
,RGLQH9DOXH,9
,RGLQHYDOXHLVDPHDVXUHRIWKHGHJUHHRIXQVDWXUDWLRQLQWKHRLO VDPSOHV&RGH[
$OLPHQWDULXV /RZ LRGLQH YDOXHV LQ RLO DUH LQGLFDWLRQ RI WKH GRXEOH ERQGV
DEVRUELQJR[\JHQ IURP WKH DWPRVSKHUHUHVXOWLQJLQ UDQFLGLW\RI WKH RLO ,RGLQHYDOXHV
UDQJHG IURP :LMV IRU WKH YDULRXV VWRUDJH GD\V DQG WKH H[WUDFWLRQ
HTXLSPHQW )LJXUH 6LJQLILFDQW GLIIHUHQFHV S ZHUH REVHUYHG LQ WKH LRGLQH
YDOXHV IRU ERWK WKH VWRUDJH GD\V DQG H[WUDFWLRQ HTXLSPHQW 7KLV FRXOG EH GXH WR WKH
DYHUDJHQXPEHURIGRXEOHERQGVLQWKHLQGLYLGXDOIDWW\DFLGVRIWKHRLOVH[WUDFWHG )RU
LQVWDQFHLRGLQHYDOXHVIRURLOVH[WUDFWHGIURPSDOPIUXLWVVWRUHGIRU DQGGD\VIRU
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQSHUR[LGHYDOXH
,PSXULWLHV
*HQHUDOO\ WKHUH ZHUH VLJQLILFDQW YDULDWLRQV S LQ LPSXULWLHV LQ SDOP RLOV
H[WUDFWHGIRUWKHYDULRXVVWRUDJHSHULRGVDQGWKHGLIIHUHQWH[WUDFWLRQHTXLSPHQW)LJXUH
+RZHYHUOHDVWVLJQLILFDQWGLIIHUHQFH/6'LQGLFDWHGWKDWWKHUHZDVQRVLJQLILFDQW
GLIIHUHQFHS!LQLPSXULWLHVRIRLOVSURGXFHGIURPSDOPIUXLWVVWRUHGIRUDQG
GD\V IRU GLJHVWHU SUHVV DQG UHVSHFWLYHO\ 6LPLODUO\ LPSXULWLHV LQ RLO
SURGXFHG IRU DQG GD\V IRU KDQG SUHVV ZHUH DQG UHVSHFWLYHO\ ,Q
DGGLWLRQ SDOP IUXLWV VWRUHG IRU DQG GD\V XVLQJ K\GUDXOLF SUHVV PDFKLQH KDG WKHLU
LPSXULWLHV DV DQG UHVSHFWLYHO\ 7KH LQFUHDVHV PLJKW EH GXH WR RYHU
KHDWLQJ RI IUXLWV ZKLFK DFWXDOO\ ZHDNHQ WKH NHUQHO VKHOO OHDGLQJ WR QXW EUHDNLQJ VDQG
SDUWLFOHVIURPEDUHVWRUDJHJURXQGDQGGHDGPDWHULDOVIURPSDOPIUXLWEXQFKHVWKDWDUH
LQFOXGHGGXULQJWKHSURFHVVLQJPHWKRGV%DU\HK2ZRODUDIHHWDO
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQOHYHORILPSXULWLHV
)XUWKHUPRUH LW ZDV REVHUYHG WKDW WKH LPSXULWLHV YDOXHV LQ SDOP RLOV H[WUDFWHG IURP
GLIIHUHQWVWRUHGSDOPIUXLWVXVLQJGLJHVWHUVFUHZSUHVVDQG
IRUDQGGD\VUHVSHFWLYHO\ZHUHORZHUUHODWLYHWRRLOVH[WUDFWHGXVLQJKDQG
VSLQGOHDQGIRUDQGGD\VUHVSHFWLYHO\DQG
K\GUDXOLF SUHVVHV DQG IRU DQG GD\V
UHVSHFWLYHO\7KHORZHULPSXULWLHVYDOXHVUHFRUGHG LQGLJHVWHUVFUHZSUHVVPLJKWEHGXH
WRWKHFODULILFDWLRQSURFHVVZKHUHZDWHUZDVDGGHGWRWKHERLOHGRLOLQWKHERLOHUIRUWKH
LPSXULWLHV WR VHWWOH ZKLOHV WKH RLO IORDWV RQ ZDWHU ,Q DGGLWLRQ RLO FODULILFDWLRQ SURFHVV
IURP WKLV SDOP RLO ZDV LQHIILFLHQW +RZHYHU WKH KLJK LPSXULWLHV REVHUYHG LQ SDOP RLO
XVLQJ ERWK KDQG VSLQGOH DQG K\GUDXOLF SUHVVHV IRU RLOV H[WUDFWHG FRXOG EH GXH WR QRQ
FODULILFDWLRQ RI WKH SDOP RLO 7KH OHYHOV RI LPSXULWLHV LQ SDOP RLOV IURP WKH YDULRXV
VWRUDJH GD\V ZHUH KLJKHU WKDQ WKH VWDQGDUG RI LQ &RGH[ $OLPHQWDULXV
7KLVLVDQLQGLFDWLRQWKDWWKHRLOVZHUHFRQWDPLQDWHGDQGRIORZTXDOLW\
2LO<LHOGV
)RU DOO WKH H[WUDFWLRQSUHVVHV XVHG WKH RLO \LHOG LQFUHDVHG XS WR GD\V RI IUXLW
VWRUDJHDQGWKHQGHFUHDVHGDERXWVLJQLILFDQWO\)LJXUH*HQHUDOO\WKHGLJHVWHUVFUHZ
SUHVVKDVDKLJKHUSHUFHQWDJHRLO\LHOGLHDQGIRU
DQG VWRUDJHGD\VUHVSHFWLYHO\UHODWLYHWRKDQG VSLQGOHSUHVV DQGK\GUDXOLF
SUHVVPDFKLQHV7KLVZDVEHFDXVHRIWKHHIILFLHQWFRPELQHGGLJHVWLRQDQGRLOH[SUHVVLRQ
V\VWHPZLWKLQWKHGLJHVWHUVFUHZSUHVVPDFKLQHZKLFKLQHIIHFWFDXVHGWKHGLVLQWHJUDWLRQ
RIWKHFHOOFRQWHQWRIWKHSDOPIUXLWV)XUWKHUPRUHLWZDVREVHUYHGWKDWKLJKHUSDOPRLOV
\LHOG IRU GLJHVWHU VFUHZ SUHVV KDQG VSLQGOH SUHVV DQG
K\GUDXOLF SUHVV HTXLSPHQW UHVSHFWLYHO\ZHUHREWDLQHG DW GD\V VWRUDJH SHULRG7KLV
PLJKW EH GXH WR FRPSOHWH UHOHDVH RI RLOV IURP WKH SDOP IUXLWV ILEHU DV D UHVXOW RI
FRPSOHWH OLSRO\WLF DFWLYLW\ ,QIRUPDO LQWHUYLHZ ZLWK SURGXFHUV LQ WKH YDULRXV SDOP RLO
SURGXFLQJFRPPXQLWLHVDOZD\VZDQWWRVWRUHSDOPIUXLWVIRUORQJHUSHULRGVIRUKLJKHURLO
\LHOGHVSHFLDOO\XSWRGD\V7KHLUIRFXVZDVQRWRQWKHTXDOLW\RIWKHRLOV2ZRODUDIH
HW DO LQGLFDWHGWKDWIRU H[WUDFWLRQHTXLSPHQWXVHG WRH[WUDFWSDOPRLO GLJHVWHU
SUHVVPDFKLQHKDVKLJKHURLO\LHOGIROORZHGE\K\GUDXOLFVSUHVVDQGKDQGVSLQGOHSUHVV
)LJXUH(IIHFWVRISURFHVVLQJHTXLSPHQWDQGVWRUDJHWLPHRQRLO\LHOG
&RORXURIRLOVSURGXFHG
*HQHUDOO\WKHFRORXURISDOPRLOVSURGXFHGFKDQJHGZLWKLQFUHDVLQJVWRUDJHGD\V
K\GURSHUR[LGHV JHQHUDWHG IURP OLSLG R[LGDWLRQ OHDGLQJ WR GLVFRORUDWLRQ DQG EOHDFKLQJ
6DPEDQWKDPXUWKL HWDO 7KXVWKHSDOP IUXLWVEHFRPHGDUNHU IRUVXFKD ORQJHU
SHULRG 7KHUH ZDV ELRGHWHULRUDWLRQ RI IUXLWV DIWHU KDUYHVW EHFDXVH RI UHVSLUDWLRQ DQG
EUXLVLQJ RI IUXLWV EXQFKHV DQG IXQJDO LQIHFWLRQ 1J DQG 6RXWKZRUWK 2UML DQG
0EDWD,QDGGLWLRQPRVWRIWKHPRLVWXUHFRQWHQWVRISDOPRLOVZHUHDFWXDOO\DERYH
WKH VWDQGDUG VSHFLILFDWLRQ RI &RGH[ $OLPHQWDULXV PDNLQJ WKH RLO OLDEOH WR
R[LGDWLRQ7KLVPLJKWSUREDEO\EHGXHWRWKHSURFHVVLQJPHWKRGV
&RORXU
E
F
E
F
I
J
K
L
I
J
H
+\GUDXOLFSUHVV
'LJHVWHUVFUHZSUHVV
N
+DQGVSLQGOHSUHVV
+\GUDXOLFSUHVV
O
G
'LJHVWHUVFUHZSUHVV
M
+\GUDXOLFSUHVV
+DQGVSLQGOHSUHVV
+DQGVSLQGOHSUHVV
G
G
'LJHVWHUVFUHZSUHVV
H
D
D
D
/
+\GUDXOLFSUHVV
+DQGVSLQGOHSUHVV
'LJHVWHUVFUHZSUHVV
([WUDFWLRQHTXLSPHQW
N
M
L
K
H
J
I
H
G
F
E
D
E
)LJXUHV LQ EUDFNHWV DUH VWDQGDUGGHYLDWLRQV Q 0HDQV ZLWK WKH VDPH VXSHUVFULSWV LQ WKH VDPH FROXPQ DUH QRW VLJQLILFDQWO\ GLIIHUHQW
3!IRUWKHGLIIHUHQWVWRUDJHGD\VIRUWKHVDPHSURFHVVLQJHTXLSPHQW
GD\V
6WRUDJHWLPH
7DEOH (IIHFWRIIUXLWVWRUDJHRQFRORXURISDOPRLOSURGXFHGXVLQJWKUHHGLIIHUHQWW\SHVRISUHVVHV
)UXLW<LHOGRI/RRVHG3DOP)UXLWVRQ2LO<LHOG
*HQHUDOO\ LW ZDV REVHUYHG WKDW WKHUH ZDV VLJQLILFDQW LQFUHDVH S LQ WKH
DPRXQW RI IUXLWV ORRVHQHG IURP EXQFKHV DV VWRUDJH GD\V LQFUHDVHG )LJXUH 7KLV
HIIHFWPLJKWEHGXHWRWKHJUDGXDOZHDNHQLQJRIWKHERQGVKROGLQJWKHSDOPIUXLWVDWLWV
SRLQWRIDWWDFKPHQW7KHUHZDVQRVLJQLILFDQWLQFUHDVHLQZHLJKWRIORRVHGIUXLWVDIWHU
DQGGD\VLQVWRUDJHDVDOOWKHSDOPIUXLWVFDPHRXWRISDOPEXQFKHV,QFDVHRIIUXLWV
VWRUHG IRU GD\VWKH\KDG WR EH UHPRYHGE\ KDQGVIURPEXQFKHV DQGLW ZDV GLIILFXOW
UHPRYLQJWKHPDOWKRXJKWKHSDOPIUXLWVUHPRYHGKDGIHZHUEUXLVHVOHVVLPSXULWLHVDQG
ZHUHQHDW
)LJXUH(IIHFWRIVWRUDJHWLPHRQSDOPIUXLWV\LHOG
)RU WKH UHVW RI WKH VWRUDJH GD\V VKRUW VWLFNV ZHUH DFWXDOO\ XVHG WR UHPRYH WKH IUXLWV
+HQFH D ORW RI EUXLVHG IUXLWV ZLWK PDQ\ LPSXULWLHV ZHUH LQWURGXFHG LQ WKH SURFHVV
)XUWKHUPRUHWKHZHLJKWRIORRVHGSDOPIUXLWVIRUVWRUDJHGD\VUHGXFHG7KLVPLJKWEH
GXH WR ORVV RI ZDWHU IURP WKH IUXLWV WKURXJK UHVSLUDWLRQ DQG WUDQVSLUDWLRQ 7KH IUXLW
ZHLJKWV IRU DQG VWRUDJH GD\V ZHUH NJ NJ NJ DQG NJ
UHVSHFWLYHO\/LNHZLVHRLO\LHOGLQFUHDVHGXSWRVWRUDJHGD\VDQGGHFUHDVHGRQWKH
GD\V
([WUDFWLRQ (TXLSPHQW 4XDOLW\ &KDUDFWHULVWLFV DQG RLO \LHOG UHTXLUHPHQW LQ
H[WUDFWLRQRISDOPIUXLWV
7KH UHVXOWV VKRZ WKDW WKHUH ZHUH VLJQLILFDQW GLIIHUHQFHV S DPRQJ WKH
GLJHVWLRQ SUHVVWLPHRLO\LHOGDQGH[WUDFWLRQUDWHIRUGLJHVWHUVFUHZSUHVVKDQGVSLQGOH
SUHVV DQG K\GUDXOLF SUHVV 7DEOH 7KHVH HIIHFWV ZHUH GXH WR WKH HIILFLHQF\ RI WKH
H[WUDFWLRQ HTXLSPHQW ZKLFK LQFUHDVHV WKH VL]H UHGXFWLRQ SURFHVV WKXV HQDEOLQJ EHWWHU
H[SRVXUHRIWKH RLOPHVRFDUSFHOOVDQG VXEVHTXHQWO\DOORZLQJWKH IORZ RIRLO IURPWKH
FHOOV'LJHVWHUVFUHZSUHVVPDFKLQHJDYHDORZHUWKURXJKSXWRIGLJHVWLRQSUHVVWLPHV
PLQVHFPLQVHFPLQVHFDQGPLQVHFIRUDQGVWRUDJH
GD\VUHVSHFWLYHO\ZKLFKLQFUHDVHGWZRIROGZKHQFRPSDUHGZLWKKDQGVSLQGOHSUHVVDQG
K\GUDXOLF SUHVV )XUWKHUPRUH WKH RLO \LHOGV IURP WKH WKUHH H[WUDFWLRQ HTXLSPHQW
LQGLFDWHGWKDWWKHGLJHVWHUVFUHZSUHVVKDGKLJKHURLO\LHOGLH
DQGIRUDQGVWRUDJHGD\VUHVSHFWLYHO\IROORZHGE\K\GUDXOLFSUHVV
DQGWKHQKDQGVSLQGOHSUHVV7KHVHUHVXOWVREWDLQHGZHUHLQOLQHZLWKDVWXG\FRQGXFWHG
E\2ZRODUDIHHWDOWKDWRLOH[WUDFWHGXVLQJGLJHVWHUVFUHZSUHVVKDGDKLJKHURLO
\LHOGIROORZHGE\K\GUDXOLFSUHVVDQGKDQGVSLQGOHSUHVV
2LO<LHOG
'LJHVWHUVFUHZSUHVV
'LJHVWHUVFUHZSUHVV
+\GUDXOLFSUHVV
+\GUDXOLFSUHVV
+DQGVSLQGOHSUHVV
'LJHVWHUVFUHZSUHVV
+DQGVSLQGOHSUHVV
+\GUDXOLFSUHVV
([WUDFWLRQ(TXLSPHQW
WLPH +DQGVSLQGOHSUHVV
([WUDFWLRQUDWHIRU))%
PLQ
'LJHVWLRQSUHVVLQJ
4XDOLW\&KDUDFWHULVWLFV
IUXLWVEXQFKHV
6WRUDJHWLPH'D\V
7DEOH ([WUDFWLRQ (TXLSPHQW 4XDOLW\ FKDUDFWHULVWLFV DQG RLO \LHOG UHTXLUHPHQW LQ SURFHVVLQJ NJ SDOP
&+$37(51,1(
())(&7 2) 3$/0 75(( $*( 21 2,/ <,(/' $1' 3$/0 2,/
48$/,7<
&DURWHQRLGFRQWHQWLQRLOSDOPIUXLWVLQFUHDVHVZLWK DJHRISDOPWUHHDQGWKLVPD\
RIRLOIUHHIURPPRLVWXUHDQGXQVDSRQLILDEOHPDWWHUWKHPRUHVROXEOHWKHVRDSWKDWFDQ
EHPDGHIURPLW7KHVWXGLHVFRQGXFWHGE\.QRWKHDQG.\ULDNLGLVDQG.DWVLORXOLV
LQGLFDWHGWKDWKLJKHULRGLQHYDOXHREWDLQHGLQRLOVWKHKLJKHUXQVDWXUDWLRQRIIDWV
DQG RLOV 7KH LRGLQH YDOXHV IRU WKH SDOP RLOV SURGXFHG IRU WKH YDULRXV SDOP WUHH DJHV
ZHUH ORZ DQG ZLWKLQ WKH VWDQGDUG VSHFLILFDWLRQ RI &RGH[ $OLPHQWDULXV 7KLV
HIIHFW PLJKW EH GXH WR WKH XQVDWXUDWHG GRXEOH ERQGV DEVRUELQJ DWPRVSKHULF R[\JHQ
KHQFHLQFUHDVHLQ))$FRQWHQWVDQGSHUR[LGHYDOXHVRIWKHRLOV
+RZHYHU WKHLU PRLVWXUH FRQWHQWV DQG LPSXULWLHV YDOXHV RI WKH SDOP WUHH DJHV
H[FHHGHGWKHVDPHVWDQGDUGVSHFLILFDWLRQRI7KHVHPLJKWEHGXHWRGHDGHPSW\
SDOP IUXLW VSLNHOHWV DQG RYHU VWHULOL]DWLRQ RI ZKLFK ZHDNHQV NHUQHO VKHOOV WKDW ZHUH
EURNHQ GRZQ GXULQJ GLJHVWLRQ DQG H[SUHVVLRQ ,Q DGGLWLRQ SRRU RLO FODULILFDWLRQ
RSHUDWLRQFRXOGFRQWULEXWHWRWKHKLJKOHYHORILPSXULWLHVLQRLOVDVVPDOOSODVWLFERZOV
DUH XVHG WR IHWFK WKH RLOV ,Q WKH SURFHVV WKHUH ZDV DJLWDWLRQ RI WKH RLOV ZKLFK FRXOG
LQWURGXFH VHWWOHG LPSXULWLHV LQWR WKH RLOV 6WXGLHV FRQGXFWHG LQ *KDQD DQG 1LJHULD
DOOXGHGWRWKHIDFWWKDWRYHUKHDWLQJRISDOPIUXLWVDQGEUHDNGRZQRIILEHUVFRQWULEXWHG
WRWKHOHYHORILPSXULWLHVLQSDOPRLOV%DU\HK2ZRODUDIHHWDO)URPWKH
VWXG\WKHOHYHORILPSXULWLHVLQSDOPRLOVSURGXFHGIRUSDOPWUHHDJHVZHUH
DQGIRUDQG\HDUVUHVSHFWLYHO\ 7KHVHYDOXHVZHUHKLJKHU
WKDQWKHVSHFLILFDWLRQRIIURP&RGH[$OLPHQWDULXV+HQFHWKHSDOPRLOV
SURGXFHGDUHRISRRUVWDQGDUG
)XUWKHUPRUHLWZDVQRWHGWKDWRLO\LHOGVIRUWKHGLIIHUHQWDJHVRISDOPWUHHVDUH
QHDUO\WKHVDPHLHDQGIRUDQG\HDUV
UHVSHFWLYHO\ 7KHVH HIIHFWLYH RLO \LHOGV GHSHQG RQ WKH WKRURXJKQHVV RI WKH GLJHVWLRQ
RSHUDWLRQDQGWKHSUHVVLQJPHWKRGRUHTXLSPHQWXVHG7KLVGHWHUPLQHVKRZHDVLO\RLOLV
UHOHDVHG GXULQJ H[SUHVVLRQ +LJKHU \LHOGV REWDLQHG ZHUH GXH WR LWV KLJK PHVRFDUS
FRQWHQWIURPWKHSDOPIUXLWV
P(TNJ
D
E
D
F
ROHLFDFLG
D
D
E
F
E
F
E
D
:LMV
G
F
E
D
,PSXULWLHV
EF
D
EF
D
<LHOG
DF
F
E
D
&RQWHQW
0RLVWXUH
GLIIHUHQW3!
G
F
E
D
PJ.2+J
,9
<HDUV
69
))$
SDOPWUHH
39
4XDOLW\3DUDPHWHUV
$JHRI
7DEOH3DOP7UHH$JHDQG2LO<LHOGRQ3DOP2LO4XDOLW\
&DURWHQRLGVDUHGHILQHGE\WKHLUFKHPLFDOVWUXFWXUHDQGWKHPDMRULW\RIFDURWHQRLGVDUH
GHULYHGIURPDFDUERQSRO\HQHFKDLQZKLFKFRXOGEHFRQVLGHUHGWKHEDFNERQHRIWKH
PROHFXOH 7KH FKDLQ PD\ EH WHUPLQDWHG E\ F\FOLF HQGJURXSV ULQJV DQG PD\ EH
FRPSOHPHQWHGZLWKR[\JHQFRQWDLQLQJIXQFWLRQDOJURXSV=HEDQG0HKPRRG,W
ZDVREVHUYHGWKDWLQFUHDVHLQDJHRISDOPWUHHLQFUHDVHVWKHUHGQHVVRIWKHFRORXURIRLOV
SURGXFHG7DEOH7KLVLPSOLHVWKDWFDURWHQRLGFRQWHQWLQIUXLWVZKLFKLVUHVSRQVLEOH
IRU RUDQJH UHG FRORXU LQ SDOP RLOV LQFUHDVHV ZLWK DJH RI SDOP WUHH )XUWKHUPRUH WKH
LQFUHDVHLQFDURWHQRLGFRXOGSUREDEO\LQIOXHQFHWKHORZIUHHIDWW\DFLGVYDOXHVREWDLQHG
EHFDXVHFDURWHQRLGVDFWDVVRXUFHRIDQWLR[LGDQWLQRLOV
7DEOH (IIHFWRISDOPWUHHDJHRQFRORXURIRLOSURGXFHG
$JHRISDOPWUHH
&RORXU,QGLFHV
<HDUV
/
D
D
E
D
D
E
E
E
F
F
F
G
F
G
&+$37(57(1
())(&76 2) %2,/,1* 7,0( $1' )58,7 6725$*( 21 48$/,7<
&+$5$&7(5,67,&62)3$/02,/
)UXLW ERLOLQJ WLPH DQG VWRUDJH GD\V DUH NQRZQ WR DIIHFW SDOP RLO \LHOG 7KLV
GHYHORSPHQWDOVWXG\FRQFHQWUDWHG RQZKDWKDSSHQVLQVPDOOVFDOHLQGXVWULHVZKHUHODUJH
TXDQWLWLHVRISDOPIUXLWVDUHVWRUHGDQGERLOHG7RGHWHUPLQHWKHRSWLPXPSRLQWVIRURLO
\LHOGDQGTXDOLW\SDUDPHWHUVUHVSRQVHVXUIDFHPHWKRGRORJ\ZDVHPSOR\HGWRVWXG\WKH
LPSDFW RI IUXLW VWRUDJH GD\V DQG ERLOLQJ WLPH RQ TXDOLW\ SDUDPHWHUV UHVSRQVHV 7KH
UHJUHVVLRQPRGHOLVWRGHWHUPLQHWKHYDOXHVRISDUDPHWHUVIRUDIXQFWLRQWKDWFDXVHWKH
IXQFWLRQWREHVWILWDVHWRIGDWDREVHUYDWLRQVWKDWRQHSURYLGHV7DEOH VKRZVUHVXOWV
REWDLQHGIRUWKHUHJUHVVLRQFRHIILFLHQWVFRHIILFLHQWRIGHWHUPLQDWLRQ5RQ\LHOGIUHH
IDWW\ DFLG SHUR[LGH YDOXH VDSRQLILFDWLRQ YDOXH LRGLQH YDOXH LPSXULWLHV FRORXU DQG
PRLVWXUH FRQWHQW 5HVSRQVH VXUIDFH DQG FRQWRXU SORWV ZHUH SORWWHG WR YLVXDOL]H WKH
FRPELQHGHIIHFWVRIIDFWRUVVWRUDJHGD\VDQGERLOLQJWLPHRQWKHUHVSRQVHV
5
.2+NJ
HV
:LMV
YDOXH
6LJQLILFDQWDW;&RQVWDQW;6WRUDJH7LPH;%RLOLQJ7LPH
;
;
;;
;
;
;
LRQYDOXH
&RQWHQW
H
P(TNJ PJ
HYDOXH
3HUR[LG
IDWW\
DFLG
Q
)UHH
&RHIILFLHQ
<LHOG
5HJUHVVLR
PRGHOVILWWHGIRUTXDOLW\SDUDPHWHUVDWUHVSRQVHVXUIDFHPHWKRG
&RORXU
7DEOH 5HJUHVVLRQ FRHIILFLHQWV FRHIILFLHQW RI GHWHUPLQDWLRQ 5 DQG DQDO\VLV RI YDULDQFH IRU UHJUHVVLRQ
<LHOGRISDOPRLOSURGXFHG
*HQHUDOO\LWZDVREVHUYHGWKDW\LHOGRISDOPRLOVLQFUHDVHVZLWKIUXLWVWRUDJHGD\V
DQGIUXLWERLOLQJWLPH7KHUHVSRQVHVXUIDFHSORWIRURLO\LHOG)LJXUHVKRZHGERWK
TXDGUDWLF DQG OLQHDU HIIHFW RI VWRUDJH GD\V DQG ERLOLQJ WLPH +RZHYHU WKH SORW ZDV
VKLIWHG PRUH WR TXDGUDWLFWKDQOLQHDU)URPWKH UHVSRQVHVXUIDFHSORW)LJXUHDDQG
FRQWRXU SORW )LJXUH E WKHUH ZHUH VLJQLILFDQW LQFUHDVHG S LQ RLO \LHOG DV
VWRUDJH GD\V LQFUHDVH IRU RLO SDOP IUXLWV )XUWKHUPRUH WKH KLJKHVW RLO \LHOG IURP WKH
UHVSRQVH VXUIDFH SORWZDV REVHUYHG EHWZHHQ WR VWRUDJH GD\V RI RLO SDOP IUXLWVDW
IUXLWERLOLQJWLPHEHWZHHQ PLQV WRPLQV)LJXUH E7KHUHJUHVVLRQPRGHOIRU
FRHIILFLHQWRIGHWHUPLQDWLRQ5 ZDVVLJQLILFDQW7KHRLO\LHOGLQFUHDVHGIRU
DQGVWRUDJHGD\VDQGUHVSHFWLYHO\DQGWKHQGHFUHDVHGWR
GD\V7KLVDVVHUWLRQZDVUHIOHFWHGLQWKHUHVSRQVHVXUIDFHSORW,QWKLVVWXG\
ERLOLQJ WLPH KDG UHODWLYH HIIHFW RQ RLO \LHOG 7KURXJKRXW WKH ERLOLQJ WLPH RI WKH IUXLWV
QRUPDODWPRVSKHULFSUHVVXUHYDULHV
7KH HIIHFWLQ JUDGXDO LQFUHDVH RI \LHOG PLJKW EH GXH WR FRPSOHWH UHOHDVHRI RLOV
IURPWKHSDOPIUXLWVILEHUVDVDUHVXOWRIFRPSOHWHOLSRO\WLFDFWLYLW\DQGWKHHIILFLHQF\RI
WKH GLJHVWHU SUHVVLQJ PDFKLQH $OVR WKH FHOO ILEHU WLVVXHV RI SDOP IUXLWV JHW VRIWHQHG
ZKHQ VWRUDJHGD\VLQFUHDVHG,QWKLV VWXG\WKHKHDWLQJWLPH ZKLFK ZDVDUELWUDULO\WRRN
DERXW PLQXWHVEHIRUHERLOLQJ,Q HIIHFW VWHULOL]DWLRQ WLPHWRRNDOPRVW KRXU
PLQXWHV IRU PLQXWHV ERLOLQJ WLPH +RZHYHU WKH UHODWLYH HIIHFW RI ERLOLQJ WLPH RQ
\LHOGPLJKWEHLQFUHDVHGLQWKHPHOWLQJRIRLOJOREXOHVDVZHOODVWKHGLVLQWHJUDWLRQRIWKH
FHOOFRQWHQWVDQGWKLVHQKDQFHVWKHIORZRIRLOVGXULQJH[SUHVVLRQ6WXGLHVFRQGXFWHGLQ
*KDQDDQG1LJHULDVXJJHVWHGWKDWRLO\LHOGLQFUHDVHVZLWKLQFUHDVLQJVWHULOL]DWLRQWLPHXS
WRPLQXWHV2ZRODUDIHHWDO %DU\HK
2LO <LHOG
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQSDOPRLO\LHOG
< LH OG
!
%RLOLQJ 7LPHPLQV
6WR UD JH 'D \ V
)LJXUH E &RQWRXUHG SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
SDOPRLO\LHOG
)UHH)DWW\$FLG
7KH VXUIDFHUHVSRQVHSORW IRU IUHHIDWW\ DFLG ))$IRUSDOPRLOV H[WUDFWHG ZHUH
OLQHDU ZKLFK LQGLFDWHG WKDW ))$ YDOXH RI SDOP RLO LQFUHDVHV ZLWK SDOP IUXLWV VWRUDJH
GD\V 7KHILWWHGUHJUHVVLRQPRGHO5 KDGWKHOLQHDUHIIHFWVRIVWRUDJHGD\V
EHLQJWKHRQO\VLJQLILFDQWWHUPV7DEOH$OVRWKH))$YDOXHVRISDOPRLOVREWDLQHG
IRU WKH YDULRXV VWRUDJH GD\V GLIIHU VLJQLILFDQWO\ S EHFDXVH RI WKH OLSRO\WLF
DFWLYLWLHV SUHVHQW LQ WKH SDOP IUXLW PHVRFDUS WLVVXH )LJXUH 7KH LQFUHDVH LQ ))$
YDOXHVPLJKWDOVRUHVXOWIURPVWRUDJHSHULRGVEUXLVHVGXHWRKDUYHVWLQJWUDQVSRUWDWLRQ
ORDGLQJ DQGRIIORDGLQJDQGTXDUWHULQJRISDOP IUXLWV1J DQG6RXWKZRUWK2OLH
DQG7MHQJ+DGLHWDO
,QFUHDVHVLQ))$YDOXHVRISDOPRLOVSURGXFHGIURPIUXLWVVWRUHGIURP GD\V
ZHUHVXLWDEOHIRUVRDSSURGXFWLRQ+RZHYHUIURPWKHUHVSRQVHVXUIDFHSORW)LJXUHD
DQGWKHFRQWRXUSORW)LJXUHEERLOLQJWLPHKDGQRVLJQLILFDQWLQFUHDVH S!RQ
))$YDOXHVRISDOPRLOVREWDLQHG7KHERLOLQJWLPHVWHULOL]DWLRQDFWXDOO\LQDFWLYDWHVWKH
OLSRO\WLF HQ]\PHV SUHVHQW LQ WKH SDOP IUXLW PHVRFDUS WLVVXHV 6WHULOL]DWLRQ VHUYHV WZR
PDLQSXUSRVHVLWSUHYHQWVIUHHIDWW\DFLGV))$EXLOGXSLQWKHRLODQGSDOPIUXLWRQ
WKHEXQFKDUHVRIWHQWRIDFLOLWDWHVWULSSLQJ7DLZRHWDO 7DQHWDO 2UMLDQG
0EDWD )$2 6WXGLHV GRQH LQ 1LJHULD GHPRQVWUDWHG WKDW LQFUHDVH LQ
VWHULOL]DWLRQWLPHEULQJLQJ DERXWLQFUHDVHLQKHDWWUHDWPHQWDQGPRLVWXUHFRQGLWLRQLQJ
KDVEHHQIRXQGWRLQFUHDVHRLO\LHOGIURPSDOPIUXLWV%DEDWXQGH2ZRODUDIHHWDO
)UHH )DWW\ $ FLG
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQIUHHIDWW\DFLGV
) U HH
) DWW\
$ F LG
!
6 W R U D J H 7LPH 'D \ V
)LJXUHE&RQWRXUSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPHRQ))$
YDOXHVRQSDOPRLOV
0RLVWXUH&RQWHQW
*HQHUDOO\ WKH VXUIDFH UHVSRQVH DQG FRQWRXU SORWV IRU PRLVWXUH FRQWHQW RI SDOP
RLOVLQGLFDWHGDTXDGUDWLFQDWXUH)LJXUHDDQGE7KHUHJUHVVLRQPRGHO5
ZDVLQVLJQLILFDQWS!IRUERWKVWRUDJHGD\VDQGWKHERLOLQJWLPH+RZHYHUWKH
UHVSRQVHVXUIDFHSORWGHPRQVWUDWHGVOLJKWLQFUHDVHLQPRLVWXUHFRQWHQWVDVVWRUDJHGD\V
LQFUHDVHG7KHHIIHFWFRXOGEHGXHWRWKHPDQXDOPHWKRGRIERLOLQJFUXGHRLOVLQORFXV
HPSOR\HGE\WKHSURFHVVRUV)XUWKHUPRUHWKHGXUDWLRQRIKHDWLQJWKHRLOVZDVVXEMHFWLYH
DWWKHPLOOLQJVLWHVDQGWKLVPLJKWDOVRDIIHFWWKHPRLVWXUHOHYHOVLQRLOV
,QDGGLWLRQWKHSURFHVVRUVSRXUHGZDWHULQWRWKHERLOHGRLOWRDOORZWKHRLOWRIORDW
EHIRUHFODULILFDWLRQ7KHSURGXFHUVGHWHUPLQHGFODULILHGRLOVZKHQQRZDWHULVIRXQGRQ
WRSOD\HURIWKHRLOV+RZHYHUSODVWLFERZOVDQGEXFNHWVZKLFKZHUHXVHGWRFODULI\WKH
RLOV FDXVHG DJLWDWLRQ WKHUHE\ LQWURGXFLQJ ZDWHU DQG LPSXULWLHV LQWR WKH RLO 7KH KLJK
PRLVWXUHFRQWHQWVLQWKHRLOVFRXOGLQFUHDVHWKHUDWHRIGHWHULRUDWLRQKHQFHVKRUWHQWKH
VKHOIOLIHDQGJLYHSRRUTXDOLW\SDOPRLOV7KLVPLJKWLQFUHDVHWKHSHUR[LGHYDOXHRIWKH
RLOV GXULQJ VWRUDJH $OVR VWXGLHV FRQGXFWHG E\ 2UML DQG 0EDWD UHYHDOHG WKDW
PRLVWXUHFRQWHQWVLQSDOPRLOLVHQWLUHO\FDXVHGE\PDQRIWHQUHVXOWLQJIURPSURFHVVLQJ
PHWKRGV )XUWKHUPRUH WKH SUHVHQFH RI PHWDO SDUWLFOHV LQ SDOP RLOV PLJKW FDWDO\]H WKH
IRUPDWLRQRISHUR[LGHLQWKHRLOV
0RLVWXUH &RQWHQW
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQPRLVWXUHFRQWHQWRISDOPRLO
0 R LVWX U H
& R Q WH Q W
!
6 W R U D J H 7LP H ' D \ V
)LJXUH E &RQWRXU SORWV VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
PRLVWXUHFRQWHQWRISDOPRLOV
3HUR[LGH9DOXHV39
7KH UHVSRQVH VXUIDFH DQG FRQWRXU SORWV IRU SHUR[LGH YDOXHV ZHUH OLQHDU DQG
VKRZHGQRVLJQLILFDQWLQFUHDVH S!LQSDOPRLOVIRUERWKVWRUDJHGD\VDQGERLOLQJ
WLPH IDFWRUV 7DEOH 7KH ILWWHG UHJUHVVLRQ PRGHO IRU UHVSRQVH VXUIDFH SORW IRU WKH
FRHIILFLHQW RI GHWHUPLQDWLRQ 5 +RZHYHU WKH HIIHFW RI WKH LQFUHPHQW LQ
SHUR[LGHYDOXHVZLWKVWRUDJHGD\VIURPWKHSORWPLJKWEHGXHWRWKHRLOVEHHQH[SRVHGWR
DWPRVSKHULFDLUDQGWKHOHYHORI PRLVWXUHFRQWHQWLQ WKHRLOV)LJXUH )XUWKHUPRUH
LQFUHDVH LQ SHUR[LGH YDOXHV PLJKW DOVR SUREDEO\ EH GXH WR LQFUHDVH LQ WKH PRLVWXUH
FRQWHQWVDQGWKLVPLJKWUHGXFHWKHLRGLQHYDOXHVRIWKRVHRLOVDVDUHVXOWRIR[LGDWLRQRI
WKH XQVDWXUDWHG ERQGV ,Q DGGLWLRQ KLJK SHUR[LGH YDOXH LQGLFDWHV WKH LQGXFWLRQ RI
SULPDU\ R[LGDWLRQ GXH WR OLSLG GHJUDGLQJ HQ]\PHV OLNH SHUR[LGDVH DQG OLSR[\JHQDVH
2Q\HNDHWDO
)URPWKHUHVSRQVHVXUIDFHSORWSHUR[LGHYDOXHVZLWKOHVVWKDQILYHGD\VRIVWRUDJH
DQGOHVVWKDQPLQVRIIUXLWVERLOLQJWLPH$OVRVWXGLHVFRQGXFWHGLQ1LJHULDE\2UML
DQG0EDWDUHYHDOHGWKDWWKHIRUPDWLRQRISHUR[LGHVLQSDOPRLOLVHQWLUHO\FDXVHG
E\ PDQ RIWHQ UHVXOWLQJ IURP SURFHVVLQJ PHWKRGV DQG WKH SURFHVV LV FDWDO\]HG E\ WKH
SUHVHQFHRIFHUWDLQPHWDOVHJLURQDQGVWHDP+HQFHLQFUHDVHLQWKHUDQFLGLW\RIWKH
RLOV,WZDVREVHUYHGIURPWKHVWXG\WKDWWKHSHUR[LGHYDOXHVREWDLQHGIRUWKHVHRLOVDUH
DOO EHORZ PHTNJ &RGH[$OLPHQWDLUXV .LUNDQG 6DZ\HU+HQFHWKH
RLOVSURGXFHGPLJKWKDYHQRUDQFLGLW\SUREOHPVDQGORQJHUVKHOIOLIH
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLW VWRUDJHDQGERLOLQJWLPH
RQSHUR[LGHYDOXHVRISDOPRLO
3 H U R [ LG H
9 D OX H
P HT N J
!
6 W R U D J H 7LP H ' D \ V
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
SHUR[LGHYDOXHVRQSDOPRLOV
6DSRQLILFDWLRQ9DOXH69
*HQHUDOO\WKHUHZHUHQR VLJQLILFDQWGLIIHUHQFHV S!LQ VDSRQLILFDWLRQYDOXH
IRUERWKVWRUDJHGD\VDQGERLOLQJWLPH7DEOH7KHUHVSRQVHVXUIDFHSORWDQGFRQWRXU
SORWIRUVDSRQLILFDWLRQYDOXHIRUSDOPRLOVSURGXFHGIURPERWKVWRUDJHGD\VDQGERLOLQJ
WLPH ZHUH OLQHDU )LJXUH )URP WKH UHVSRQVH VXUIDFH SORW WKHUH ZDV QR VLJQLILFDQW
SLQWHUDFWLRQEHWZHHQWKHSDOPIUXLWVVWRUDJHGD\VDQGERLOLQJWLPHLQWKHILWWHG
UHJUHVVLRQ PRGHO 5
PROHFXODU ZHLJKW RU HTXLYDOHQW ZHLJKW RI IDWW\ PDWHULDOV LQ WKH RLO 5XGDQ7DVLF DQG
.ORIXWDU
6DSRQLILFDWLRQYDOXHLVXVHGWRGHWHUPLQHWKHDFLGLW\DQGVDSRQLILFDWLRQQXPEHURI
IDWV RU RLOV ,W LV WKHUHIRUH DQ LGHQWLW\ FKDUDFWHULVWLF RI SDOP RLO 7KH VDSRQLILFDWLRQ
QXPEHU LV WKH QXPEHU RI PLOOLJUDPV RI SRWDVVLXP K\GUR[LGH UHTXLUHG WR FRQYHUW RQH
JUDP RI WKH IDW FRPSOHWHO\ LQWR JO\FHULQ DQG SRWDVVLXP VRDS ,W JLYHV LQIRUPDWLRQ
FRQFHUQLQJ WKH FKDUDFWHURI WKHIDWW\ DFLGV RI WKH IDWDQG LQSDUWLFXODUWKHVROXELOLW\RI
WKHLU VRDSV LQ ZDWHU 7KH LQIRUPDWLRQ LV RI VSHFLDO LPSRUWDQFH WR VRDS PDNHUV 7KH
VDSRQLILFDWLRQ YDOXHV UDQJHG IURP PJ .2+ J DQG ZHUH ZLWKLQ WKH
VSHFLILFDWLRQRI PJ.2+J&RGH[$OLPHQWDULXV
69 PJ .2+J
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQVDSRQLILFDWLRQYDOXHVRQSDOPRLOV
6 9 PJ
.2 + J
!
6WRUDJH 7LPH 'D\ V
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
VDSRQLILFDWLRQYDOXHVRQSDOPRLOV
,RGLQH9DOXH,9
7KHLRGLQHYDOXHLVDPHDVXUHRIWKHXQVDWXUDWLRQRIIDWVDQGRLOV+LJKHULRGLQH
YDOXHLQGLFDWHGWKDWKLJKHUXQVDWXUDWLRQRIIDWVDQGRLOV.QRWKH.\ULDNLGLVDQG
.DWVLORXOLV 7KH PDLQ HIIHFW RI VWRUDJH GD\V DQG ERLOLQJ WLPH IRU UHVSRQVH
VXUIDFHSORWIRULRGLQHYDOXHVIRUSDOPRLOVSURGXFHGZDVTXDGUDWLFHIIHFWDQGWKHWHUPV
ZHUHDOOQRWVLJQLILFDQWLQILWWHGUHJUHVVLRQPRGHO5
)XUWKHUPRUH LRGLQH YDOXH GHFUHDVHG LH IURP WR ZLMV ZLWK
LQFUHDVLQJ IUXLWVWRUDJH WLPH DV ZHOO DV LQFUHDVH LQ IUXLWERLOLQJ WLPH)LJXUH 7KLV
HIIHFW PLJKW EH GXH WR WKH XQVDWXUDWHG GRXEOH ERQGV DEVRUELQJ DWPRVSKHULF R[\JHQ
KHQFHGHFUHDVHGLQLRGLQHYDOXHVRIWKHRLOV$OVRWKLVPLJKWLQFUHDVHWKH ))$FRQWHQWV
DQG SHUR[LGH YDOXHV RI WKH SDOP RLOV 8QVDWXUDWHG IDWW\ DFLGV RI RLOV KDYH OLPLWDWLRQ
ZKLFKPLJKWUHVXOWLQSRO\PHUL]DWLRQRIJO\FHULGHVGXHWRKHDWLQJ 0LWWHOEDFK
,RGLQH 9DOXH
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQLRGLQHYDOXHVRQSDOPRLOV
, R G LQ H 9 DOX H
!
6 W R U D J H 7LPH 'D \ V
)LJXUHE&RQWRXUSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPHRQLRGLQH
YDOXHVRISDOPRLOV
,PSXULWLHV
7KHHIIHFWRIVWRUDJH GD\VKDGVLJQLILFDQWHIIHFW SRQLPSXULWLHVDVVKRZQ
LQ WKH VXUIDFH UHVSRQVH SORW ZKLFK ZDV TXDGUDWLF LQ QDWXUH 7KH ERLOLQJ WLPH ZDV
UHODWLYHO\ FRQVWDQW DQG QRW VLJQLILFDQW S )LJXUH )URP 7DEOH WKH
FRHIILFLHQW GHWHUPLQDWLRQ ZDV VLJQLILFDQWIRU WKH UHJUHVVLRQ PRGHO 5 7KH
HIIHFWVPLJKWEHGXHWRRYHUKHDWLQJRIIUXLWVZKLFKOHGWRWKHVRIWHQLQJRINHUQHOQXWV
DQG VXEVHTXHQWO\ EURNHQ GXULQJ GLJHVWLRQ $OVR LQFUHDVHG VWRUDJH GD\V VRIWHQHG WKH
SDOP IUXLW ILEHUV GXULQJ WKH OLSRO\WLF DFWLYLW\ DQG GHDG OHDYHV VSLNHOHWV IURP IUXLW
EXQFKHV DQG GLJHVWHGSDOP IUXLW ILEHUV LQFUHDVHG WKH LPSXULW\FRQWHQW LQ WKH SDOP RLOV
%DU\HK2ZRODUDIHHWDO
,QDGGLWLRQRLOFODULILFDWLRQIURPWKHH[WUDFWHGSDOPRLOZDVLQHIILFLHQW7KHUHIRUH
WKHOHYHOVRILPSXULWLHVLQSDOPRLOVIURPWKHYDULRXVVWRUDJHGD\VZHUHKLJKHUWKDQWKH
VSHFLILFDWLRQ LQ &RGH[ $OLPHQWDULXV 7KLV LV DQ LQGLFDWLRQ WKDW WKH RLOV DUH
FRQWDPLQDWHGDQGWKHLUTXDOLW\LVORZ
,PSXULWLHV
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQLPSXULWLHVRISDOPRLOV
, P S X U LWLHV
!
6 W R U D J H 7LP H ' D \ V
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
LPSXULWLHVRISDOPRLOV
&RORXURIRLOSURGXFHG
7KH+XQWHU/DE&RORXU'LIIHUHQFH0HWHULVRQHRIWKHVWDQGDUGLQVWUXPHQWVXVHG
WR PHDVXUH FRORXU RI IRRGV 7KH IROORZLQJ FRRUGLQDWHV DUH QRUPDOO\ XVHG LQ FRORXU
PHDVXUHPHQWV OLJKWQHVV /
OLJKW EODFN UHGQHVV D
UHGJUHHQ DQG
\HOORZQHVVE
\HOORZEOXH7KH+XQWHU/DEFRORXUPHWHUZDVWKXVXVHGWRPHDVXUH
WKHFRORXUFRRUGLQDWHV/DDQGEYDOXHVRISDOPRLO
/LJKWQHVV/YDOXH
7KH UHVSRQVH VXUIDFH SORW DQG FRQWRXU SORW IRU WKH OLJKWQHVV FRORXU RI SDOP RLO
LQGLFDWHG WKDW WKHUH ZDV JUDGXDO GHFUHDVH LQ WKH FKHPLFDO FRPSRQHQWV UHVSRQVLEOH IRU
OLJKWQHVV ZKHQ WKH SDOP IUXLWV ZHUH VWRUHG IRU GLIIHUHQW SHULRGV %RWK SORWV VKRZHG D
VLJQLILFDQWGHFUHDVHSLQWKHOLJKWQHVVFRORXURISDOPRLOZLWKLQFUHDVLQJVWRUDJH
GD\V LH /
DQG IRU DQG VWRUDJH GD\V
UHVSHFWLYHO\)LJXUHDDQGE+RZHYHUERLOLQJWLPHKDGPDUJLQDO LQIOXHQFHS!
RQWKHOLJKWQHVVFRORXURISDOPRLOH[WUDFWHG7KHFKDQJHLQFRORXUIRUSDOPRLOOLJKWQHVV
FRXOGEHREVHUYHGLQWKHSK\VLRORJLFDOVWDWHRIWKHSDOPIUXLWVIRUGLIIHUHQWVWRUDJHGD\V
DVWKHSLJPHQWVDUHWHPSHUDWXUHVHQVLWLYH6DPEDQWKDPXUWKLHWDO7KHHIIHFWRI
VWRUDJHGD\VDQGERLOLQJWLPHIRUUHVSRQVHVXUIDFHSORWIRUOLJKWQHVVFRORXUIRUSDOPRLOV
SURGXFHGZDVOLQHDUDQGWKHWHUPVZHUHVLJQLILFDQWIRUFRHIILFLHQWGHWHUPLQDWLRQIRUWKH
UHJUHVVLRQPRGHO5 7DEOH
&RORXU/
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQOLJKWQHVVRISDOPRLOV
& RORXU/
!
6WRUDJH7LPHGD\V
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
OLJKWQHVVRISDOPRLOV
5HGQHVVDYDOXH
7KHRUDQJHUHGFRORXURIFUXGHSDOPRLOLVDVDUHVXOWRIWKHKLJKFDURWHQHFRQWHQWV
SUHVHQWLQWKHIUXLWV 6XQGUDPHWDO7KHUHVSRQVHVXUIDFHSORWIRUUHGQHVVFRORXU
IRUSDOPRLOGHPRQVWUDWHGWKDWWKHUHGQHVVRIRLOSDOPIUXLWVLQFUHDVHGIURPWRGD\V
RIVWRUDJH)LJXUHD+RZHYHUWKHUHZDVDGHFUHDVHLQWKHUHGQHVVFRORXURIWKHRLO
DIWHUWKHIUXLWVZHUHVWRUHGEH\RQGGD\VDQGWKLVZDVREVHUYHGLQWKHUHVSRQVHVXUIDFH
SORW DQG FRQWRXU SORW )LJXUH E 7KH UHJUHVVLRQ FRHIILFLHQW RI GHWHUPLQDWLRQ 5
ILWWHGIRUWKHUHGQHVVPRGHOZDVVLJQLILFDQWSDQG TXDGUDWLFLQQDWXUH
IRUWKHGLIIHUHQWVWRUDJHGD\V7DEOH+RZHYHUERLOLQJWLPHKDGOLWWOHLQIOXHQFHRQ
WKHUHGQHVVFRORXURIWKHRLO7KHLQFUHDVHLQUHGQHVVIRUWKHRLOIRUWRGD\VRIIUXLWV
VWRUDJHPLJKWEHGXHWRLQFUHDVHULSHQHVVWKDWKDGRFFXUUHGLQWKHIUXLWVGXULQJVWRUDJH
7KHUHGQHVVRIWKHRLOSDOPIUXLWVVWDUWHGGHJUDGLQJDIWHUWKH GD\VRIVWRUDJH
7KHGHFUHDVHGLQUHGQHVVFRORXURIWKHIUXLWVZKLFKDIIHFWHGWKHRLOFRORXUFRXOGEHGXH
WRWKHGHJUDGDWLRQRIFDURWHQHUHVXOWLQJIURPVWRUDJHRIIUXLWVXQGHUGLIIHUHQWFRQGLWLRQV
6LHZ DQG 0RKDPPHG 7KHUH ZDV ELRGHWHULRUDWLRQ RI IUXLWV DIWHU KDUYHVW
EHFDXVH RI UHVSLUDWLRQ DQG EUXLVLQJ RI IUXLWV EXQFKHV DQG IXQJDO LQIHFWLRQ 1J DQG
6RXWKZRUWK2UMLDQG0EDWD)XUWKHUPRUHWKHR[LGDWLRQRI FDURWHQHVZDV
DFFHOHUDWHGE\ K\GURSHUR[LGHVJHQHUDWHGIURPOLSLG R[LGDWLRQOHDGLQJWR GLVFRORUDWLRQ
DQGEOHDFKLQJ6DPEDQWKDPXULWKLHWDO+HQFHWKHORQJHUWKHVWRUDJHSHULRGVWKH
GDUNHU WKH SDOP IUXLWVJHW )RUSURGXFHUV WR KDYH TXDOLW\ SDOP RLOV ZLWK KLJK FDURWHQH
FRQWHQWV ZKLFK KDYH KHDOWK EHQHILWV WKH IUXLWV VWRUDJH SHULRGV VKRXOG QRW H[FHHG ILYH
GD\V
&RORXUD
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQUHGQHVVDYDOXHRISDOPRLOV
& RORXU
D
!
6WRUDJH7LPHGD\V
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
UHGQHVVRIFRORXURISDOPRLOV
<HOORZQHVVEYDOXH
7KH \HOORZQHVV LV RQH RI WKH FULWHULDXVHG WR GHWHUPLQHWKH FRORXU RI SDOP RLOV
7KH FRPSRQHQW RI FDURWHQH WKDW FDXVHV \HOORZQHVV LQ IUXLWV LV /XWHLQ DQG ]HD[DQWKLQ
1MRNXHWDO )URPWKHVWXG\LWZDVREVHUYHGWKDWWKH\HOORZQHVVYDOXHVE
DQGIRUDQGVWRUDJHGD\VUHVSHFWLYHO\IRUSDOPRLO
FRORXUGHFUHDVHGVLJQLILFDQWO\S7KHGHFUHDVHLQ\HOORZQHVVRIFRORXUIRURLOZDV
GHPRQVWUDWHGLQERWKWKHVXUIDFHUHVSRQVHSORWDQGWKHFRQWRXUSORW)LJXUHVDDQGE
7KH UHJUHVVLRQ FRHIILFLHQW RI GHWHUPLQDWLRQ 5 ILWWHG IRU WKH \HOORZQHVV
PRGHOZDVVLJQLILFDQWSDQGOLQHDULQQDWXUHIRUWKHGLIIHUHQWVWRUDJHGD\V7DEOH
)XUWKHUPRUHWKHJUDGXDOGHFUHDVHLQ\HOORZQHVVFRORXURIRLOVFRXOGEHSUREDEO\
GXHWRWKHGHVWUXFWLRQRIFDURWHQRLGVLQSDOPIUXLWVFDXVHGE\K\GURO\VLVDQGR[LGDWLRQ
7KHUHZDVELRGHWHULRUDWLRQRIIUXLWVDIWHUKDUYHVWEHFDXVHRIUHVSLUDWLRQDQGEUXLVLQJRI
IUXLWVEXQFKHVDQGIXQJDOLQIHFWLRQ1JDQG6RXWKZRUWK2UMLDQG0EDWD
+RZHYHU ERLOLQJ WLPH KDG QR VLJQLILFDQW LQIOXHQFH S! RQ \HOORZQHVV FRORXU RI
SDOPRLOH[WUDFWHG
&RORXUE
%RLOLQJ7LPHPLQV
6WRUDJH7LPHGD\V
)LJXUHD5HVSRQVHVXUIDFHSORWVKRZLQJHIIHFWVRIIUXLWVWRUDJHDQGERLOLQJWLPH
RQ\HOORZQHVVEYDOXHRISDOPRLOV
& RORXU
E
!
6WRUDJH7LPHGD\V
)LJXUH E &RQWRXU SORW VKRZLQJ HIIHFWV RI IUXLW VWRUDJH DQG ERLOLQJ WLPH RQ
\HOORZQHVVEYDOXHRISDOPRLOV
&+$37(5(/(9(1
&21&/86,216
$1'
5(&200(1'$7,216
21
3$/0
2,/
5(6($5&+
&21&/86,216
:LGHYDULDWLRQVH[LVWLQRLO\LHOGVIURP'XUDDQG7HQHUDIUXLWV2LO\LHOGXVLQJWKH
WKUHHH[WUDFWLRQHTXLSPHQWWKHGLJHVWHUVFUHZKDQGVSLQGOHDQGK\GUDXOLFSUHVVHVDOVR
YDULHG7KH7HQHUDW\SHRIRLOSDOPSURGXFHVPRUHWKDQWZLFHWKHTXDQWLW\RIRLO\LHOGDV
FRPSDUHGWRWKDWRIWKH'XUDW\SH7KLVZDVGXHWRWKHWKLFNPHVRFDUSRI7HQHUDIUXLW
W\SH FRPSDUHG WR 'XUD IUXLWW\SH $YHUDJHO\ RLO \LHOG SURGXFHG IURPERWK IUXLWW\SHV
XVLQJGLJHVWHUVFUHZSUHVVZDVUHODWLYHO\KLJKHUWKDQWKRVHRIWKHKDQGVSLQGOHSUHVVDQG
K\GUDXOLF SUHVV 7KH ))$ YDOXHV REWDLQHG IRU RLOV SURGXFHG IURP WKH H[WUDFWLRQ
HTXLSPHQWIRUERWK'XUDDQG7HQHUDIUXLWW\SHVZHUHDERYHWKH&2'(;VWDQGDUGRI
)XUWKHUPRUH VLJQLILFDQW GLIIHUHQFHV ZHUH DOVR UHFRUGHG LQ ERWK PRLVWXUH FRQWHQWV
DQGLPSXULWLHVIRURLOSURGXFHGIURPERWKIUXLWW\SHVDVZHOODVWKHH[WUDFWLRQHTXLSPHQW
3HUR[LGH LRGLQH DQG VDSRQLILFDWLRQ YDOXHV UHFRUGHG IRU RLOV SURGXFHG ZHUH ORZ DQG
ZLWKLQWKHDFFHSWHG&2'(;VWDQGDUG
7KHTXDOLW\RISDOPRLOVH[WUDFWHGXVLQJDOOWKHGLIIHUHQWH[WUDFWLRQHTXLSPHQWLH
GLJHVWHUVFUHZSUHVVKDQGVSLQGOHSUHVVDQGK\GUDXOLFSUHVVZDVVLPLODUEXWGHSHQGHQW
RQ WKH IUXLW WUHDWPHQW DQG FRQGLWLRQ DIWHU KDUYHVWLQJ 6WRUDJH RI SDOP IUXLWV KDG
VLJQLILFDQW HIIHFW RQ DOO WKH TXDOLW\ FKDUDFWHULVWLFV IUHH IDWW\ DFLGV SHUR[LGH YDOXH
LRGLQH YDOXH DQG LPSXULWLHV RI SDOP RLOV SURGXFHG LUUHVSHFWLYH RI WKH H[WUDFWLRQ
HTXLSPHQW XVHG 7KH RSWLPXP VWRUDJH WLPH RI SDOP IUXLW WKDW SURGXFHV DFFHSWDEOH RLO
TXDOLW\LVILYHGD\V7KLVLVEHFDXVHRLOVH[WUDFWHGIURPSDOPIUXLWVWRUHGIRUPRUHWKDQ
GD\VKDYH))$YDOXHVDERYH+RZHYHUIUXLWVWRUDJHIRUXSWRGD\VSURGXFHVWKH
PD[LPXPRLO\LHOG7KLVFRXOGEHGXHWRFRPSOHWHUHOHDVHRIRLOVIURPWKHSDOPIUXLWV
ILEHU DV D UHVXOW RI FRPSOHWH OLSRO\WLF DFWLYLW\ 7KH FRORXU RI SDOP RLOV LH OLJKWQHVV
UHGQHVV DQG \HOORZQHVV GHFUHDVHG ZLWK LQFUHDVLQJ IUXLW VWRUDJH WLPH *HQHUDOO\ WKH
GLJHVWHUVFUHZSUHVVKDGDORZHU GLJHVWLRQSUHVVLQJWLPHKLJKH[WUDFWLRQUDWHDQGKLJK
RLO\LHOGWKDQWKHKDQGVSLQGOHSUHVVDQGK\GUDXOLFSUHVV$GGLWLRQDOO\WKHDJHRISDOP
WUHH KDG VLJQLILFDQW LQIOXHQFH RQ WKH RLO \LHOG )UXLWV IURP \HDU ROG WUHHV JDYH WKH
PD[LPXPRLO\LHOG+RZHYHUSDOPIUXLWDJHKDGRQO\PDUJLQDODQGLQVLJQLILFDQWHIIHFW
RQDOOWKHTXDOLW\FKDUDFWHULVWLFVRIWKHRLO
)UXLWVWRUDJHGD\VLHDQGGD\VKDGDVLJQLILFDQWHIIHFWRQRLO\LHOG
))$SHUR[LGHYDOXHDQGLPSXULWLHVEXWQRWRQWKHVDSRQLIFDWLRQYDOXHLRGLQHYDOXHDQG
PRLVWXUHFRQWHQWZHUHQRWVLJQLILFDQW+RZHYHURSWLPXP))$YDOXHVIRURLOVH[WUDFWHG
ZHUHREVHUYHGIRUSDOPIUXLWVVWRUHGIRUGD\V VKRZQIURPWKH UHVSRQVHVXUIDFHSORW
7KH LQWHUDFWLRQ EHWZHHQWKH IUXLWVWRUDJHWLPHDQG WKH ERLOLQJ WLPHXVLQJ WKH UHVSRQVH
VXUIDFH KDG D SRVLWLYH HIIHFW RQ IUHH IDWW\ DFLG LPSXULWLHV SHUR[LGH YDOXHV RLO \LHOG
OLJKWQHVV /
FRORXU UHGQHVV D
FRORXU DQG \HOORZQHVV E
FRORXU RI SDOP RLOV
SURGXFHG IURP VWRUHG SDOP IUXLWV 7KLV VXJJHVWV WKH GHSHQGDELOLW\ RI WKH REVHUYHG
HIIHFWV +RZHYHU IUXLW ERLOLQJ WLPH KDG RQO\ PDUJLQDO HIIHFW RQ WKH TXDOLW\
FKDUDFWHULVWLFV RI RLOV SURGXFHG *HQHUDOO\ LW ZDV REVHUYHG WKDW IUXLWV ERLOHG IRU
PLQXWHVKDGKLJKHVWRLO\LHOGIRUDOOWKHGLIIHUHQWVWRUDJH GD\V7KHRSWLPDOIUXLWVWRUDJH
DQG ERLOLQJ WLPHV WKDW SURGXFHG WKH PD[LPXP RLO \LHOG DQG WKH PRVW DFFHSWDEOH RLO
TXDOLW\ ))$ZHUHQRWHGWREH GD\VRIIUXLWVWRUDJHDQG PLQXWHVRIERLOLQJ
WLPHV 7KXV WKH VWXG\ UHYHDOHG WKDW SDOP RLOV SURGXFHG IURP WKHVH VPDOO VFDOH
SURFHVVRUV FDQ EH RI JRRG TXDOLW\ PHHWLQJ &2'(; 4XDOLW\ 6WDQGDUG ZKHQ WKH IUXLW
FRQGLWLRQDQGH[WUDFWLRQHTXLSPHQWLVZHOOPDQDJHG
5(&200(1'$7,216
%DVHGRQ WKHILQGLQJV IURPWKH VWXG\WKHIROORZLQJUHFRPPHQGDWLRQVDUH EHLQJ
PDGHWRLPSURYHWKHTXDOLW\RISDOPRLOVSURGXFHGE\VPDOOVFDOHSURFHVVRUVZLWKLQWKH
RLOSDOPLQGXVWU\
L
)DUPHUVDQGSURFHVVRUVVKRXOGEHGLVFRXUDJHGIURPSURGXFLQJWKH'XUDYDULHW\DV
LWJLYHVYHU\ORZRLO\LHOGZKLOHSURGXFWLRQDQGSURFHVVLQJRIWKH7HQHUDYDULHW\
VKRXOG EH HQFRXUDJHG 6LPLODUO\ WKH XVH RI WKH GLJHVWHU VFUHZ SUHVV VKRXOG EH
HQFRXUDJHGDVLWJLYHVWKHKLJKHVWRLO\LHOG
LL
2LOSDOPSURFHVVRUVVKRXOGEHHQFRXUDJHWRVWRUHWKHLUIUXLWVIRUXSWRILYHGD\VVR
DVWRDFKLHYHJRRGTXDOLW\SDOPRLOVZLWKIUHHIDWW\DFLGVYDOXHOHVVWKDQWKDW
PHHWWKHLQWHUQDWLRQDOSDOPRLOVWDQGDUGV
LLL
3UHPLXPSULFHV VKRXOG EH SODFHG RQ SDOPRLO TXDOLW\ WR HQFRXUDJHSURGXFHUV WR
SURGXFHKLJKTXDOLW\RLOVWRDWWUDFWERWKLQGXVWULDODQGLQWHUQDWLRQDOPDUNHWV
LY
Y
7KH DFWLYLWLHV RI WKH RLO SURGXFHUV VKRXOG EH PRQLWRUHG DQG FRQWUROOHG XQGHU D
UHJXODWRU\ERG\VXFKDV)RRGDQG'UXJV%RDUG)'%1DWLRQDO%RDUGIRU6PDOO
6FDOH,QGXVWULHV1%66,(QYLURQPHQWDO3URWHFWLRQ$JHQF\(3$ DQG6WDQGDUG
$XWKRULWLHV
$SDUW IURP WKH UHFRPPHQGDWLRQ PDGH IRU LPSURYHPHQW LQ RLO TXDOLW\ DQG \LHOG WKH
IROORZLQJUHFRPPHQGDWLRQVDUHDOVREHLQJPDGHIRUIXUWKHUUHVHDUFKVWXGLHV
L
6WRUDJH FKDUDFWHULVWLFV DQG TXDOLW\ HYDOXDWLRQV VKRXOG EH FRQGXFWHG RQ WKH RLOV
SURGXFHG IURP ERWK WKH 'XUD DQG 7HQHUD YDULHWLHV WR LQYHVWLJDWH WKHLU UHODWLYH
VWRUDJHVWDELOLWLHV
LL
LLL
7KH HIIHFW RI ERLOLQJ WLPHV DQG IUXLW VWRUDJH RQ WKH VWRUDJH VWDELOLWLHV RI WKHLU
GHULYHGRLOVVKRXOGEHHVWDEOLVKHG
5()(5(1&(6
$EEDV6$$OL60RKG+DOLP6,)DNKUXO5D]L$<XQXV5DQG&KRRQJ76<
(IIHFWRIWKHUPDOVRIWHQLQJRQWKHWH[WXUDOSURSHUWLHVRISDOPRLOIUXLWOHWV
-RXUQDORI)RRG(QJLQHHULQJ
$NSDQDELDWX 0, (NSD 2' 0DXUR $ 5L]]R 5 1XWULHQW FRPSRVLWLRQ RI
1LJHULDQ SDOP NHUQHO IURP WKH GXUD DQG WHQHUD YDULHWLHV RI WKH RLO SDOP (ODHLV
JXLQHHQVLV)RRG&KHPLVWU\-RXUQDOSS
$QKZDQJH % $ ,N\HQJH %$ 1\LDWDJKHU '7 DQG $JHK -7 &KHPLFDO
$QDO\VLV RI &LWUXOOXV /DQDWXV 7KXQE &XFXPHURSVLV 0DQQLL 1DXG DQG
7HOIDLULD 2FFLGHQWDOLV +RRN ) 6HHGV 2LOV -RXUQDO RI $SSOLHG 6FLHQFHV
5HVHDUFK
$2&6 6DPSOLQJ DQG $QDO\VLV RI &RPPHUFLDO )DWV DQG RLOV $PHULFDQ 2LO
&KHPLVWV6RFLHW\2IILFLDO0HWKRGV&G&J&&HJ&GED
$2&63UHVV&KDPSDLJQ,OOLQRLV86$
$WLQPR7%DNUH$73DOPIUXLWLQWUDGLWLRQDO$IULFDQIRRGFXOWXUH$VLD3DF
-&OLQ1XWUSS
%DEDWXQGH 2 2 6WHULOLVDWLRQ DQG PHFKDQLFDO GLJHVWLRQ RI RLO SDOP IUXLW
8QSXEOLVKHG 3K' WKHVLV RI WKH 'HSDUWPHQW RI $JULFXOWXUDO (QJLQHHULQJ
8QLYHUVLW\RI,IH,OHLIH1LJHULD
%DGPXV *$ 1,)25 DXWRPDWHG VPDOO VFDOH RLO SDOP IUXLW SURFHVVLQJ
HTXLSPHQWLWVQHHGGHYHORSPHQWDQGFRVWHIIHFWLYHQHVV,Q325,0,QWO3DOP
2LO&RQIHUHQFH&KHPLVWU\DQG7HFKQRORJ\SS
%DU\HK ( $ (IIHFWV RI SDOP RLO SURFHVVLQJ SDUDPHWHUV RQ \LHOG -RXUQDO RI
)RRG(QJLQHHULQJSS
%HUJHU.*8QGHUVWDQGLQJRLOVDQGIDWV*OREDO2LO)DW%XV0DJ
%ULWWRQ * 6WUXFWXUH DQG SURSHUWLHV RI FDURWHQRLGV LQ UHODWLRQ WR IXQFWLRQ
)$6(% - &RUOH\ 5+9 DQG 7LQNHU 3% 7KH RLO SDOP
86$%ODFNZHOOSS
&OHJJ $- $Q $QDO\VLV RI 'DPDJH ,QFXUUHG E\ 2LO 3DOP %XQFKHV 'XULQJ
+DQGOLQJDQG7UDQVSRUW,Q$GYDQFHVLQ2LO3DOP&XOWLYDWLRQ7KH ,QFRUSRUDWHG
6RFLHW\RI3ODQWHUV.XDOD/XPSXU
&RGH[ $OLPHQWDLUXV &RPPLVVLRQ *UDLVVHV HW KXLOHV YpJpWDOHV 'LYLVLRQ
YHUVLRQDEUpJpH)$2:+2&RGH[6WDQGDUGV
&RUOH\5+9 7LQNHU3%7KHRLOSDOP86$%ODFNZHOOSS
(GHP'23DOPRLO%LRFKHPLFDO3K\VLRORJLFDOQXWULWLRQDOKHPDWRORJLFDODQG
WR[LFRORJLFDODVSHFWV$UHYLHZ3ODQW)RRGV+XP1XWU
(NSD 2 ' %LRLQRUJDQLF FRQVWLWXHQWV DQG SRVVLEOH XVHV RI WKH IHPDOH
LQIORUHVFHQFH RI WKH RLO SDOP IUXLW (ODHLV JXLQHHQVLV :HVW $IULFDQ -RXUQDO RI
%LRORJLFDODQG$SSOLHG&KHPLVWU\
(NSD 2' DQG (NSD 8- &RPSDULVRQ RI WKH &KDUDFWHULVWLF SDUDPHWHUV DQG
GHWHULRUDWLRQSURSHUWLHVRIRLOVIURPWKH7HQHUDDQG'XUDYDULHW\RIWKHRLOSDOP
1LJHULDQ-RXUQDORIFKHPLFDOUHVHDUFK
(NZX ) & DQG 1ZDJX $ (IIHFW RI SURFHVVLQJ RQ WKH TXDOLW\ RI FDVKHZ QXW
RLOV-RXUQDORI6FLHQFHDQG$JULFXOWXUH)RRG 7HFKQRORJ\DQG(QYLURQPHQW
(QGLQNHDX . DQG :RRGZDUG 7: 3UHVHUYDWLRQ RI 2LO 3DOP )UXLWV
1RQR[LGDWLYH(IIHFWV RI ,RQL]LQJ 5DGLDWLRQ RQ 3DOP 2OHLQ DQG &UXGH 3DOP2LO
3HUWDQLND
)$26PDOOVFDOHSDOPRLOSURFHVVLQJLQ$IULFD$JULFXOWXUDO6HUYLFHV%XOOHWLQ
5RPH,WDO\
*RSDO-7KH'HYHORSPHQWRI0DOD\VLDV3DOP2LO5HILQLQJ,QGXVWU\
2EVWDFOHV3ROLF\ DQG3HUIRUPFH3K'7KHVLVRIWKH8QLYHUVLW\RI/RQGRQDQG
'LSORPDRI,PSHULDO &ROOHJH(QJODQG
www.get-morebooks.com
Kaufen Sie Ihre Bcher schnell und unkompliziert online auf einer
der am schnellsten wachsenden Buchhandelsplattformen weltweit!
Dank Print-On-Demand umwelt- und ressourcenschonend produziert.
www.morebooks.de
VDM Verlagsservicegesellschaft mbH
Heinrich-Bcking-Str. 6-8
D - 66121 Saarbrcken
info@vdm-vsg.de
www.vdm-vsg.de