• No se han encontrado resultados

Arreglos para cuarteto típico colombiano

N/A
N/A
Protected

Academic year: 2020

Share "Arreglos para cuarteto típico colombiano"

Copied!
182
0
0

Texto completo

(1)$55(*/263$5$&8$57(727Ì3,&2&2/20%,$12       1(/621$8*8672%2+Ð548(=&$6752         81,9(56,'$'7(&12/2*,&$'(3(5(,5$ )$&8/7$''(%(//$6$57(6<+80$1,'$'(6 (6&8(/$'(0Ô6,&$ 3(5(,5$ .  . . . .

(2) $55(*/263$5$&8$57(727Ì&2&2/20%,$12       1(/621$8*8672%2+Ð548(=&$6752   . Trabajo Presentado Como. . Requisito Para Optar al Título de. . Licenciado en Música. . Director:. . BENJAMIN CARDONA OSUNA.  81,9(56,'$'7(&12/2*,&$'(3(5(,5$ )$&8/7$''(%(//$6$57(6<+80$1,'$'(6 (6&8(/$'(0Ô6,&$ 3(5(,5$ .  . . . .

(3)  Nota de Aceptación.                       3HUHLUD0D\RGH.  . . . .

(4) ,1',&(  ,1752'8&&,21 . . . . . . . .  '(),1,&,21'(/352<(&72 . . . . .  -867,),&$&,21. . . . . . . .  2%-(7,926 . . . . . . . . . *HQHUDO. . . . . . . . . (VSHFtILFRV. . . . . . .  0$5&2'(5()(5(1&,$. . . . . . . $QWHFHGHQWHV. . . . . . . . 0DUFR7HyULFR. . . . . . . . (VWUXFWXUDVDUPyQLFDVIUHFXHQWHVGHQWURGH. ODSURSXHVWD . . . . . . . 3URSXHVWDV DFWXDOHV HQ OD 0~VLFD &RORPELDQD. \HO&XDUWHWR7tSLFR&RORPELDQR. . .  (6758&785$'(/$81,'$''($1$/,6,6. . .  ',6(f20(72'2/2*,&2. . . . . . . . . . $QiOLVLVGHODVREUDV . . . . . (OHFFLyQGHWRQDOLGDGHV. . . . . . . (ODERUDFLyQGHDUUHJORV. . PRQWDMH. . . . . . . . . . . . . . . . . . ,QVWUXPHQWRVTXHORFRQIRUPDQ . .  '(6$552//2 . (O&XDUWHWR7tSLFR&RORPELDQR. .  (O7LSOH&RORPELDQR . . . .  /D*XLWDUUD. . . . . . . . . .  /D%DQGROD$QGLQD&RORPELDQD .  . $QiOLVLVPXVLFDOGHODVREUDV. . . . L.

(5) . %XQGH. . . . . . . (O9DOVGHO$GLyV. . . . . . $WHUUL]DQGR. . . . . . &DQFLyQVLQ3DODEUDV . . . . . (O$ODFUiQ . . . . . . . (O&XFDUUyQ. . . . . . . $QD(OLVD . . . . . . . *XDELQD2EYLD . . . . . . 0L&DSULFKR. . . . . . . $QJpOLFD . . . . . . . /XF\. . . . . . . . )HVWLYDO. . . . . . . 5LWPRV8WLOL]DGRVHQHO3UR\HFWR . . . . . . . *XDELQD . . . . . . . %DPEXFR . . . . . . . 3DVLOOR. . . . . . . . 2QH6WHS . . . . . . . 7DQJR. . . . . . . . 3ROND. . . . . . . . %XQGH. . . . . . . . 9DOV . . . . . . . . . . . . . . . . . &RPSRVLWRUHV.  &21&/86,21(6<5(&20(1'$&,21(6 . &RQFOXVLRQHV. . 5HFRPHQGDFLRQHV.  $1(;26. . . . . . . . . . . . . . . . . . . . . $UUHJORV . . . . . . . . )RWRV. . . . . . . . . 3(5621$648(3$57,&,3$1(1(/352<(&72. . . */26$5,2. .  . . . . . . . . . LL.

(6) . 5(&85626',6321,%/(6. . . . . . . &5212*5$0$ . . . . . . . . %%/,2*5$),$. . . . . . &/;;,9. . . .  . . . . . LLL.

(7) ,1752'8&&,21  /DUHDOL]DFLyQGHXQWUDEDMRFUHDWLYRFRQUHVSHFWRGHOGHVDUUROORGH OD QXHYD P~VLFD &RORPELDQD \ KDEODQGR PiV FRQFUHWDPHQWH GHO FDPSR GH ORV DUUHJORV  FRPSUHQGH XQD ODERU GH LQYHVWLJDFLyQ HVWLOtVWLFDGHFRQWH[WRGHIRUPDVPXVLFDOHVHQWUHRWUDV$GHPiV LPSOLFD HO DQiOLVLV PXVLFDO H[KDXVWLYR GH OD IRUPD PXVLFDO  HO HVWLOR DUPyQLFR  HO HVWLOR PHOyGLFR \ ODV IRUPXODV UtWPLFDV HV WDPELpQ QHFHVDULR HO FRQRFLPLHQWR GH ORV LQVWUXPHQWRV PXVLFDOHV SDUDORVFXDOHVVHYDDHVFULELU  $Vt PLVPR  \ SDUD GDU DO SUR\HFWR PD\RUHV DOFDQFHV IXHUD GH ORV PHUDPHQWH PXVLFDOHV  GHEH WHQHUVH HQ FXHQWD HO QLYHO GH HMHFXFLyQSDUDHOFXDOVHYDDHVFULELUSRUTXHVHWUDWDGHSURSLFLDU OD LQWHUDFFLyQ GH ORV HVWXGLDQWHV FRQ ODV QXHYDV WHQGHQFLDV  \ GH UHFRJHU ODV GLIHUHQWHV H[SHULHQFLDV FRQ HO ILQ GH IDYRUHFHU HO HQULTXHFLPLHQWR GHO SURFHVR SHGDJyJLFR \ DUWtVWLFR \  HQ RWUR VHQWLGRGHFRQWULEXLUFRQODGRFXPHQWDFLyQHLGHQWLILFDFLyQGHORV SURFHVRVGHFUHDFLyQPXVLFDOHQODUHJLyQ      .  . . . .

(8)  '(),1,&,21'(/352<(&72  'HQWURGHODSUiFWLFDGHFRQMXQWRFXHUGDVWtSLFDVGHOD(VFXHODGH 0~VLFDGHOD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUDKD\XQLQWHUpVHQ ODDPSOLDFLyQGHOUHSHUWRULRHVWXGLDQWLO\GHFRQFXUVRSDUDFXDUWHWR WtSLFR FRORPELDQR  DGHPiV  KD\ XQ SRWHQFLDO KXPDQR \ PXVLFDO FX\DV FDUDFWHUtVWLFDV SXHGHQ VHU FRPSOHPHQWDGDV FRQ XQ UHSHUWRULRTXHRIUH]FDRWUDVSRVLELOLGDGHVWpFQLFDV\PXVLFDOHV  (O PDWHULDO GHO TXH VH GLVSRQH SDUWLWXUDV  DFWXDOPHQWH SDUD HVWH WLSR GH DJUXSDFLyQ HV VXVFHSWLEOH GH VHU FRPSOHPHQWDGR FRQ OD LQWHQFLyQ GH HQUXWDU ODV FDSDFLGDGHV WpFQLFRPXVLFDOHV KDFLD XQ UHSHUWRULR FRQ QXHYDV H[LJHQFLDV SDUD ORV VHPHVWUHV DYDQ]DGRV GH ODSUiFWLFDGHFRQMXQWRFXHUGDVWtSLFDV  &RQ HVWH WUDEDMR VH SUHWHQGH JHQHUDU XQ SDTXHWH GH  DUUHJORV TXHVHDGHF~HQDODVFDSDFLGDGHV\QHFHVLGDGHVWpFQLFRPXVLFDOHV GHORVHVWXGLDQWHVGHORVVHPHVWUHVDYDQ]DGRVGHODPRGDOLGDGGH FXHUGDV WtSLFDV \ TXH WHQJDQ DGHPiV XQD HVWUXFWXUD UtWPLFR DUPyQLFD GH FDUiFWHU PRGHUQR TXH  FRPSOHPHQWH HO UHSHUWRULR H[LVWHQWHSDUDHOWUDEDMRGHOiUHD    .  . . . .

(9)  -867,),&$&,Ð1  /RV MyYHQHV LQWHJUDQWHV GHO pQIDVLV GH FXHUGDV WtSLFDV GH OD /LFHQFLDWXUD HQ 0~VLFD GH OD 8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD HQVXDIiQGHPRGHUQL]DUVXUHSHUWRULRFRQREUDVGHFRPSRVLWRUHV FRQWHPSRUiQHRVRSWDQSRULQFOXLUHQVXUHSHUWRULRPXVLFDOSLH]DV TXHHVWiQPDVDOOiGHVXVFDSDFLGDGHVWpFQLFDVHQHOLQVWUXPHQWR \ GH VX LQWHUSUHWDFLyQ PXVLFDO FRPR JUXSR  KDFLHQGR TXH VH GHVPRWLYHQ R LQFOXVR VH KDJDQ GDxR ItVLFDPHQWH SRU LQWHQWDU FRQVHJXLUXQUHVXOWDGRPXVLFDOTXHDXQQROHVKDVLGRSUHVHQWDGR HQVXFODVHGHSUiFWLFDGHFRQMXQWRRHQVXFODVHGHLQVWUXPHQWR  3RU HVWR VH SUHVHQWD FRPR SURSXHVWD XQ UHSHUWRULR PXVLFDO SDUD FXDUWHWRWtSLFRFRORPELDQRTXHVHSXHGDDMXVWDUDORVJUXSRVGHORV QLYHOHV DYDQ]DGRV GH OD PRGDOLGDG GH FXHUGDV WtSLFDV GH OD 8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD TXH WLHQH FRPR REMHWLYR SULQFLSDOHQULTXHFHUHOUHSHUWRULRPXVLFDOGHOpQIDVLVFRQREUDVGH FRQXQFRORUPiVPRGHUQR\FRQQXHYRVUHWRVHQHOLQVWUXPHQWR\ FRPRFRQMXQWR  6DEHPRV TXH HQ OD FiWHGUD GH FXHUGDV WtSLFDV VH KD WUDEDMDGR GHVGH KDFH \D YDULRV DxRV FRQ REUDV GHO UHSHUWRULR WUDGLFLRQDO FRORPELDQRHVWDVREUDVDXQTXHELHQVRQXQSDWULPRQLRPXVLFDO QR VDWLVIDFHQ ODV DPELFLRQHV GH ORV HVWXGLDQWHV TXH TXLHUHQ WHQHU XQUHSHUWRULRGLIHUHQWHFRQREUDVTXHWHQJDQXQOHQJXDMHDUPyQLFR PiV PRGHUQR TXH HO GH ODV REUDV TXH KDQ WUDEDMDGR D OR ODUJR GH VXFDUUHUD  . . . .

(10) ´'HQWURGHODP~VLFDDQGLQD&RORPELDQDHOFRQWUDSXQWRDOJRGH YDULDFLyQODH[SDQVLyQDUPyQLFDGHQWURGHODDUPRQtDWUDGLFLRQDO XQSRFRGHSROLIRQtDGHQWURGHODWH[WXUDKRPRIyQLFD\PDV UHFLHQWHPHQWHHOHPSOHRGHDPDOJDPDVVXSHUSRVLFLRQHVPpWULFDV FDPELRVPRPHQWiQHRVGHFRPSiV\ODJUDQYDULHGDGGHPDWLFHV DJyJLFRVVRQHOHPHQWRVTXHVHKDQDGKHULGRDODVXOWLPDV SURSXHVWDVLQWHUSUHWDWLYDV DOJXQRVGHHVWRVHOHPHQWRVVLQVHU DGRSWDGRVIRUPDOPHQWH \TXHUHVXOWDQPX\LPSRUWDQWHVDODKRUD GHHODERUDUDUUHJORVGH0~VLFD&RORPELDQDµ  'HELGR D HVWR VH PXHVWUDQ ORV MyYHQHV HVWXGLDQWHV iYLGRV GH DXPHQWDU VX UHSHUWRULR FRQ ODV QXHYDV SURSXHVWDV UtWPLFDV DUPyQLFDVPHOyGLFDV\GHHIHFWRV7HQLHQGRHVWRHQFXHQWDOD HVWUXFWXUDFLyQGHORVDUUHJORVVHGLVHxDUiFRQEDVHHQHOGHVDUUROOR GH HVWDV QXHYDV WHQGHQFLDV GH OD P~VLFD FRORPELDQD \ HQ ODV KDELOLGDGHV. WpFQLFDVLQVWUXPHQWDOHV. \. PXVLFDOHV. TXH. VH. GHVDUUROODQDWUDYpVGHOSURJUDPD  (Q HO FRQWH[WR QDFLRQDO  HO FXDUWHWR WtSLFR FRORPELDQR KD SHUGLGR DGHSWRV SRU OD LGHD JHQHUDOL]DGD GH H[SHULPHQWDU FRQ GLIHUHQWHV FRORUHV\HVSRUHVRTXHKR\HQGtDHQORVFRQFXUVRVQDFLRQDOHVGH  (OFRQWUDSXQWRVHKDDGRSWDGRGHVSXpVGHELHQHVWDEOHFLGDODKRPRIRQtDHQ. ODP~VLFD&RORPELDQDLQLFLDQGRFRQPDHVWURVDFDGpPLFRVFRPR/XLV$&DOYR \ QR DFDGpPLFRV FRPR ÉOYDUR 5RPHUR ORV FXDOHV VRQ SLH]DV LPSRUWDQWHV HQ OD HODERUDFLyQGHXQHVWLORQDFLRQDOLVWD /D 9DULDFLyQ HV XWLOL]DGD QR FRPR IRUPD PXVLFDO VLQR FRPR IUDJPHQWRV GH ODV REUDVEULQGDQGRQXHYDVVRQRULGDGHVHMHPSORGHVXXWLOL]DFLyQVRQHOPDHVWUR /XLV )HUQDQGR /HyQ HQ DUUHJORV GH REUDV FRPR +XPRULVPR YHUVLyQ HODERUDGD SDUD 1RJDO  \ 5XEpQ 'DUtR *yPH] 3UDGD FRQ 6HSWyIRQR \ HQ VXV DUUHJORV SDUD EDQGDPXVLFDO /D 3ROLIRQtD SHUR ODV GLIHUHQWHV YRFHV UHVXOWDQ HQ RFDVLRQHV PX\ FRQWUDSXQWtVWLFDV GHMDQGR SRU XQ PRPHQWR D XQ ODGR OD KRPRIRQtD WDQ FRQVWDQWHHQODP~VLFD&RORPELDQD.  . . . .

(11) P~VLFDFRORPELDQDHVFRP~QHQFRQWUDUVHFRQHQVDPEOHVFRPRHO TXLQWHWR GH FODULQHWHV  HO TXLQWHWR GH EURQFHV  WUtRV LQVWUXPHQWDOHVFRQIRUPDGRVSRUSLDQREDMRHOpFWULFR\EDQGRODR IODXWDWUDYHUVDFXDWUROODQHUR\FRQWUDEDMR\RWUDVFRPELQDFLRQHV TXH DEUHQ SDVR D GLIHUHQWHV WH[WXUDFLRQHV  OOHYDQGR D ORV QXHYRV FRPSRVLWRUHV \ DUUHJOLVWDV D HVWXGLDU WRGDV HVWDV QXHYDV SRVLELOLGDGHVGHMDQGRLQFRQVFLHQWHHLQLQWHQFLRQDOPHQWHGHODGRHO FXDUWHWRWtSLFRFRORPELDQR  (O &XDUWHWR 7tSLFR &RORPELDQR HV XQ IRUPDWR LQVWUXPHQWDO TXH UHTXLHUH VHU FRQVLGHUDGR D  LJXDO QLYHO TXH ORV IRUPDWRV LQVWUXPHQWDOHVTXHKDQORJUDGRXQDPD\RUSRSXODULGDGHQHOSDtV DWUDYpVGHODVXOWLPDVGpFDGDVDVtPLVPRUHTXLHUHGHXQHVWXGLR WpFQLFR\HODERUDGRTXHVHDGDSWHDOQXHYRFRQWH[WRPXVLFDOHQHO FXDO VH GHVHQYXHOYH \ TXH EULQGH D ORV LQWpUSUHWHV H[SHULHQFLDV DO HQWUDUHQFRQWDFWRFRQRWURVDLUHVPXVLFDOHVLQWHUQDFLRQDOHVHVWR WHQLHQGR HQ FXHQWD TXH DGHPiV GHO DYDQFH  WpFQLFR LQVWUXPHQWDO VH GHVDUUROOD XQ LQGLYLGXR FRQ XQ FRQRFLPLHQWR JHQHUDO GH OD P~VLFDSDUDORTXHVHKDFHQHFHVDULRYLYHQFLDU\UHYLYLUGLVWLQWDV pSRFDV\IRUPDVPXVLFDOHVFRQHOSDUWLFXODUFRORUGHOHQVDPEOH  7RPDQGR FRPR UHIHUHQFLD OR DQWHULRU VH UHDOL]D HVWD SURSXHVWD GH DUUHJORVGHREUDVPXVLFDOHVFRQSURSXHVWDVGHLQWHUSUHWDFLyQ\ XQD H[SORUDFLyQ WtPEULFD  DUPyQLFD \ UtWPLFD DSURYHFKDQGR ODV FDUDFWHUtVWLFDV GH FDGD LQVWUXPHQWR TXH LQWHJUD HO IRUPDWR \ ODV SURSLDVFDUDFWHUtVWLFDVRUTXHVWDOHVHOIRUPDWRHQVL(QHVWDVREUDV VH EXVFD DPSOLDU HO JUDGR GH VHQVLELOLGDG PXVLFDO  \ GH LQWHUSUHWDFLyQ GH ORV LQVWUXPHQWLVWDV PHGLDQWH HO HPSOHR GH.  . . . .

(12) QXHYRV FRORUHV DUPyQLFRV \ GH FRPELQDFLRQHV UtWPLFDV LQXVXDOHV D OD YH] TXH VH HQULTXHFH HO UHSHUWRULR SDUD &XDUWHWR 7tSLFR &RORPELDQR                  .  . . . .

(13)  2%-(7,926  . *HQHUDO.  5HDOL]DU  DUUHJORV GH REUDV PXVLFDOHV SDUD IRUPDWR GH FXDUWHWR WtSLFRFRORPELDQRTXHVHDFRKHUHQWHFRQODVKDELOLGDGHVPXVLFDOHV TXHVHGHVDUUROODQHQFDGDVHPHVWUHGHOD/LFHQFLDWXUDHQ0~VLFD GHOD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD  . (VSHFtILFRV.  •. (VFRJHU HO UHSHUWRULR DGHFXDGR GH DFXHUGR FRQ ODV FDSDFLGDGHV GH ORV HVWXGLDQWHV GH OD SUiFWLFD GH FRQMXQWR &XHUGDV7tSLFDV.  •. (VFULELUORVDUUHJORVFRQODVFDUDFWHUtVWLFDVPXVLFDOHVGHORV HVWXGLDQWHV GH ORV VHPHVWUHV DYDQ]DGRV GH OD SUDFWLFD GH FRQMXQWR&XHUGDV7tSLFDV . •. 5HDOL]DU XQ DQiOLVLV VLVWHPiWLFR GH FDGD REUD GRQGH VH VXVWHQWHQORVHOHPHQWRVPXVLFDOHVWpFQLFRVHLQWHUSUHWDWLYRV HPSOHDGRVHQORVDUUHJORV.  •. 3RQHUHQHVFHQDHOPRQWDMHUHDOL]DGR . .  . . . .

(14)  0$5&2'(5()(5(1&,$  /RV GLIHUHQWHV pQIDVLV PXVLFDOHV TXH RIUHFH HO SURJUDPD GH /LFHQFLDWXUD HQ 0~VLFD GH OD 8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD KDQOOHYDGRDORVHVWXGLDQWHVGHODHVFXHODGHP~VLFDDGHVDUUROODU FRPSHWHQFLDV LQVWUXPHQWDOHV GH FDGD YH] PHMRU FDOLGDG DGHPiV GHO GHVDUUROOR PXVLFDO  HO HVWXGLR GH OD SHGDJRJtD OHV SHUPLWLUi D ORV IXWXURV SURIHVLRQDOHV GHVHQYROYHUVH FRQ GHVWUH]D HQ VX YLGD ODERUDO  (VWRV SURFHVRV GH IRUPDFLyQ  EXVFDQ FRQWULEXLU DO GHVDUUROOR FXOWXUDO GH OD UHJLyQ D WUDYpV GH ODV GLIHUHQWHV DFWLYLGDGHVTXHGHVGHDOOtVHJHQHUDQ  (O iUHD GH FXHUGDV WtSLFDV KD EDVDGR VXV SURFHVRV IRUPDWLYRV D WUDYpV GHO DSR\R HQ OD FRQIRUPDFLyQ GH JUXSRV TXH VH GHVDUUROODQ HQ KRUDULRV H[WUD FODVH \ HQ ORV FXDOHV ORV MyYHQHV H[SORUDQ VXV LQVWUXPHQWRVHQE~VTXHGDGHXQVRQLGRFDUDFWHUtVWLFRDSR\iQGRVH HQODDVHVRUtDWpFQLFDGHVXVPDHVWURVGHLQVWUXPHQWR(OIRUPDWR GHFXDUWHWRWtSLFRMXQWRDOGHWUtRWtSLFR\ODHVWXGLDQWLQDVRQSXHV ORVJUXSRVLQVWUXPHQWDOHVVREUHORVTXHORVHVWXGLDQWHVWLHQHQPiV SRVLELOLGDGHV GH H[SORUDU SRU OD ULTXH]D DUPyQLFD FRQ OD TXH VH FXHQWD  (O FXDUWHWR WtSLFR FRQIRUPDGR SRU GRV EDQGRODV XQ WLSOH \ XQD JXLWDUUD HV OD RSFLyQ SRU OD TXH PiV VH LQFOLQDQ ORV HVWXGLDQWHV SRUTXH HQ HVWH IRUPDWR LQVWUXPHQWDO SRGHPRV HQFRQWUDU XQ HTXLOLEULR HQWUH HO SHVR DUPyQLFR TXH WLHQH XQD HVWXGLDQWLQD \ OD YHUVDWLOLGDG GH XQ WUtR  (V DGHPiV XQR GH ORV PHMRUHV IRUPDWRV  . . . .

(15) SDUD HO HVWXGLR GH ORV DLUHV PXVLFDOHV GH OD UHJLyQ DQGLQD FRORPELDQD  /D HVWLPXODFLyQ GH OD FUHDFLyQ GH QXHYDV SURSXHVWDV PXVLFDOHV FRPRODGHO&XDUWHWR[GHOD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD KDLQFHQWLYDGRDRWURVHVWXGLDQWHVGHOpQIDVLVDWUDEDMDUHQSURGH ODIRUPDFLyQGHQXHYDVDJUXSDFLRQHVTXHORVLPSXOVHHQHOiPELWR DFDGpPLFR \ ODERUDO EXVFDQGR FRQWLQXDU FRQ OD ODERU FXOWXUDO GH VHPEUDUYDORUHVSDWULyWLFRVKDFLDODVPDQLIHVWDFLRQHVSURSLDVGHOD UHJLyQ  /D HODERUDFLyQ GH XQ DUUHJOR HV XQ SURFHGLPLHQWR HQ HO FXDO HO DUUHJOLVWDGHEHLGHQWLILFDUVHGHODPDQHUDPiVYLYHQFLDOSRVLEOHFRQ OD REUD D OD FXDO SUHWHQGH KDFHU XQ DSRUWH LJXDOPHQWH  GHEH FRQRFHU VX FRPSRVLWRU VLWXiQGRVH HQ VX FRQWH[WR PXVLFDO H LGHQWLILFDUHOHVWLORHQTXHGHVHyPRGHODUVXVLGHDVSDUDJHQHUDU OD REUD FRPR SODQWHD HO /LFHQFLDGR HQ 0~VLFD *HUPiQ $OEHLUR 3RVDGDDOFLWDUDOPDHVWUR$DURQ&RSODQG´$QDOL]DUODKLVWRULDGHO SDVDGRGHODP~VLFDHQFRPSDUDFLyQFRQHOSUHVHQWHµ$GHPiVGHO FRQRFLPLHQWR GHO FRPSRVLWRU \ VX REUD  HV LPSUHVFLQGLEOH TXH HO DUUHJOLVWD WHQJD XQD FRPSUHQVLyQ DPSOLD  HQ HO FDPSR GH OD VHQVLELOLGDG \ OD LQWHUSUHWDFLyQ PXVLFDO DO LJXDO TXH HQ HO GH OD WpFQLFD GH ORV LQVWUXPHQWRV TXH KDQ GH LQWHUSUHWDUOD ´/D DGDSWDFLyQ \ HO DUUHJOR UHTXLHUHQ GH XQ FRQRFLPLHQWR WpFQLFR GHO  3RVDGD(VWUDGD*HUPiQ$OEHLUR/D%DQGROD$QGLQD&RORPELDQD([SORUDFLyQ. GH 5HFXUVRV \ 3RVLELOLGDGHV 7pFQLFDV H ,QWHUSUHWDWLYDV $SOLFDGRV HQ  2EUDV 0XVLFDOHV8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD.  . . . .

(16) LQVWUXPHQWR SDUD HO FXDO KDQ GH UHDOL]DUVH DVt FRPR GH ODV WRQDOLGDGHV FX\D GLJLWDFLyQ SHUPLWH OD SURGXFFLyQ FyPRGD \ GH FDOLGDG GH XQ JUDQ Q~PHUR GH DFRUGHV HIHFWRV \ VRQRULGDGHV HVSHFtILFRVµ DVLPLVPR HQ HO GH OD DUPRQtD \ OD FRPSRVLFLyQ SXHV HV VROR GH HVWD IRUPD TXH HO DUUHJOLVWD WLHQH HO FULWHULR \ OD DXWRULGDGSDUDPDWHULDOL]DUVXVLGHDVDFHUFDGHXQDLQWHUSUHWDFLyQ DSURSLDGD GH OD REUD GHMDQGR HQ FDGD IUDVH PXVLFDO XQ WRTXH SHUVRQDO TXH GHILQD HO HVWLOR SURSLR VLQ DOWHUDU HO VHQWLGR GH OD PLVPD  (O DQiOLVLV PXVLFDO  DERUGDGR GHVGH OD VHQVLELOLGDG \ OD FUHDFLyQ LQWHOHFWXDO  HV GH FDSLWDO LPSRUWDQFLD HQ HO PRPHQWR GH HVWUXFWXUDUXQDUUHJORSDUDORJUDUXQEXHQUHVXOWDGRVHUHTXLHUH GH XQ SUHFRQFHSWR IUHQWH DO PDWHULDO VRQRUR HOHPHQWR TXH $DURQ &RSODQG VXJLHUH HQ VX WH[WR ´&yPR (VFXFKDU OD 0~VLFDµ GRQGH DQDOL]DQGRSRUVHSDUDGRORVHOHPHQWRVFRQVWLWXWLYRVGHODP~VLFD LQVWUX\H\JXtDDOOHFWRUKDFLDXQDDXGLFLyQWRWDOPHQWHDFWLYD\DO P~VLFR DUUHJOLVWD D DJXGL]DU VX VHQWLGR DXGLWLYR GH WDO PDQHUD TXH FRQWULEX\D D PHMRUDU VX FDSDFLGDG GH DQiOLVLV ORJUDQGR OD FRPSUHQVLyQVREUHODXWLOL]DFLyQGHORVHOHPHQWRVGHODP~VLFD(O DUUHJOLVWDGHVGHXQSXQWRGHYLVWDPX\SHUVRQDOGHEHGRPLQDUHO VROIHR D OD SHUIHFFLyQ SXHV HO KDFHU XQD OHFWXUD VROIHDGD GH XQD REUD D\XGD D LQWHULRUL]DU \ D VHQWLU OD LQWHQFLyQ GHO FRPSRVLWRU GHEH DGHPiV WHQHU P~OWLSOHV H[SHULHQFLDV DXGLWLYDV R YLVXDOHV GH GLIHUHQWHV YHUVLRQHV IRUPDWRV \ FRQWH[WRV GH ODV REUDV TXH SUHWHQGDDERUGDU\ GHRWUDVTXHSXHGDQDSRUWDUDOJRHQFXDQWRD HVWLORVHUHILHUH .  . . . .

(17) . $QWHFHGHQWHV.  (Q OD GpFDGD GH  HO FRPSRVLWRU +pFWRU )DELR 7RUUHV &DUGRQD FRQIRUPDUtDXQFXDUWHWRWtSLFRFRQHOiQLPRGHGHVSOHJDUVXVLGHDV \ DEVWUDFFLRQHV GH OD P~VLFD DQGLQD FRORPELDQD  (O UHVXOWDGR VH OODPy´(QVDPEOHµpVWDDJUXSDFLyQTXHHVWiFRPSXHVWDSRUFLQFR LQWHJUDQWHV VH FDUDFWHUL]y SRU OD IXHU]D GH VXV LQWHUSUHWDFLRQHV +DQ VLGR JDQDGRUHV GH ORV IHVWLYDOHV +DWR 9LHMR &RWUDID %HOOR ² $QWLRTXLD \ 1DFLRQDO GHO 3DVLOOR +HUPDQRV +HUQiQGH] DJXDGDV &DOGDV+DQGDGRFRQFLHUWRVHQODVPiVLPSRUWDQWHVVDODVGHOSDtV FRPROD/XtVÉQJHO$UDQJRHO7HDWUR$PLUDGHOD5RVD$XGLWRULRV GHO %DQFR GH OD 5HS~EOLFD GHO SDtV \ 7HDWUR &ROyQ HQWUH RWURV *LUDVLQWHUQDFLRQDOHVHQ(VSDxD\(VWDGRV8QLGRV  3DUD (QVDPEOH  +pFWRU )DELR 7RUUHV GHVDUUROOy XQD VHULH GH FRPSRVLFLRQHV TXH H[SORUD ODV VRQRULGDGHV FRQWUDVWDQWHV \ XQD JUDQ ULTXH]D UtWPLFD  4XL]iV HO SXQWR F~VSLGH HQ VX H[SORUDFLyQ GHHVWHIRUPDWRKD\DVLGRODREUD´&RQFLHUWRSDUD&XDUWHWR7tSLFR\ RUTXHVWD GH FXHUGDVµ  HQ HO FXDO HO PDHVWUR +pFWRU )DELR ORJUD OD KRPRJHQHLGDGHQWUHHO&XDUWHWRWtSLFRTXHDFW~DFRPRVROLVWD\OD RUTXHVWDGHFXHUGDV  (VWD REUD MXQWR FRQ OD DFWLYLGDG GH YDULDV HQWLGDGHV FRPR OD IXQGDFLyQ %$7 GH &RORPELD  PDUFDQ OD SDXWD HQ OD WUDQVIRUPDFLyQ GH ODV P~VLFDV WUDGLFLRQDOHV ´/D QXHYD P~VLFD FRORPELDQD HV DTXHOOD TXH UHVXOWD GH OD H[SORUDFLyQ  E~VTXHGD SURIXQGL]DFLyQ H LQQRYDFLyQ GH ORV HOHPHQWRV TXH FRQIRUPDQ HO  . . . .

(18) SDWULPRQLR GH ODV P~VLFDV SRSXODUHV  PHGLDQWH XQD DPSOLDFLyQ X GHVDUUROORGHVXOHQJXDMHµ  . 0DUFR7HyULFR.  +DFLD OD SULPHUD PLWDG GHO VLJOR ;;  OD FDQWLGDG GH P~VLFRV TXH FRPHQ]DURQ D HVWXGLDU OD WHRUtD PXVLFDO IXH HQ DXPHQWR GHELGR D TXH OD DFDGHPLD HVWDED \D SDUD HVD pSRFD SHUPHDQGR HO HVWLOR GH FRPSRVLFLyQ GH OD P~VLFD DQGLQD FRORPELDQD  /RV QXHYRV FRPSRVLWRUHVHVWDEDQXVDQGRXQHVWLORFRPSRVLWLYRIXQGDPHQWDGR HQ ORV FRQFHSWRV HVWpWLFRV  WHyULFRV \ SUiFWLFRV GH OD HVFXHOD HXURSHD  /D FUHDFLyQ GHO FXDUWHWR WtSLFR FRORPELDQR YLHQH GHO LQWHUpV GH VHPHMDU D ORV FXDUWHWRV GH FXHUGD HXURSHRV D OD YH] TXH FUHD XQ HTXLOLEULR HQWUH ODV FDSDFLGDGHV VRQRUDV \ DUPyQLFDV GH OD HVWXGLDQWLQD\HOSURWDJRQLVPR\YLUWXRVLVPRGHOWUtRWtSLFRFRPROR GLFHHQODWHVLVGHJUDGRGHOFXDUWHWR[´3URSXHVWDLQWHUSUHWDWLYD GH OD P~VLFD DQGLQD FRORPELDQD HQ IRUPDWR GH FXDUWHWR WtSLFR FRORPELDQRµ  ´/RVDUUHJORVSDUDFXDUWHWRWtSLFRHQXQSULQFLSLRHUDQPX\VLPLODUHV DORVDUUHJORVSDUDWUtRVRORTXHODPHORGtDHVWDEDDUPRQL]DGDD GRVYRFHVTXHVHJXtDQOtQHDVSDUDOHODVOXHJRVHIXHSURIXQGL]DQGR  3ULPHU)HVWLYDO1DFLRQDO%$7GHODQXHYDP~VLFD&RORPELDQD.  . . . .

(19) HQODVFRPSRVLFLRQHV\DUUHJORVSDUDHVWHIRUPDWRGDQGRSDVRD REUDVULFDVHQFRQWUDSXQWR\DUPRQtDHQWUHODDJUXSDFLyQGDQGR XQDSURIXQGLGDGPD\RU\XQDFRPSOHMLGDGRUTXHVWDOµ  . (VWUXFWXUDVDUPyQLFDVIUHFXHQWHVGHQWURGH. ODSURSXHVWD  /DV HVWUXFWXUDV DUPyQLFDV XWLOL]DGDV HQ HVWD SURSXHVWD GH DUUHJORV  SHUWHQHFHQ HQ VX PD\RUtD D OD QXHYD H[SUHVLyQ GH OD 0~VLFD$QGLQD&RORPELDQDODFXDOWRPDJUDQSDUWHGHVXGLVFXUVR DUPyQLFR GHO UHSHUWRULR GH DFRUGHV GHO MD]]  SRU RWUR ODGR  VXUJH XQ LQWHUpV HQ ODV REUDV GH XQ QLYHO PiV DYDQ]DGR GH H[SORUDU HQODFHV DUPyQLFRV PiV DUULHVJDGRV HQ OD TXH KD\ XQD GHILQLFLyQ PDVKRUL]RQWDOTXHYHUWLFDO3DUDODFUHDFLyQGHFRORUHV\WH[WXUDV WXYR JUDQ UHOHYDQFLD OD WHRUtD GH ORV DUPyQLFRV  VXSHULRUHV TXH H[SRQHHQVX´7UDWDGRGH$UPRQtDµ$UQROG6KRHQEHUJGHHVWDVH ORJUD XQD PHMRU FRPSUHQVLyQ VREUH OD QDWXUDOH]D GHO VRQLGR  GH ORV DFRUGHV \ GH FXDOHV VRQ ODV SRVLFLRQHV \ HVWDGRV PiV FRQYHQLHQWHVSDUDWDORFXDOSURSyVLWR    .  &HEDOORV/ySH]/XLV&DUORV5tRV=XOXDJD2VFDU'DYLG7RYDU5LYHUD-XDQ &DUORV3URSXHVWDLQWHUSUHWDWLYDGHODP~VLFDDQGLQDFRORPELDQDHQIRUPDWRGH FXDUWHWRWtSLFRFRORPELDQR7HVLVGHJUDGR.  . . . .

(20) . 3URSXHVWDVDFWXDOHVHQOD0~VLFD&RORPELDQD. \HO&XDUWHWR7tSLFR&RORPELDQR  (O WUDWDPLHQWR TXH VH OH KD GDGR DO FXDUWHWR WtSLFR GHQWUR GH OD QXHYD H[SUHVLyQ GH OD P~VLFD DQGLQD &RORPELDQD  KD VLGR WUDEDMDGRHQVXPD\RUtDSRUHOPDHVWUR+pFWRU)DELR7RUUHVHQVX OLEUR&XHUGDV7tSLFDV&RORPELDQDVHQHOFXDOORJUDDSDUWLUGHXQ HVWXGLR \ XQD H[SORUDFLyQ GH HIHFWRV  LQWHJUDU DVSHFWRV GH WLSR RUTXHVWDO  GDQGR DO IRUPDWR OD UHOHYDQFLD TXH FRQ HO GHYHQLU GHO WLHPSRVHKDGHVFXLGDGRGHELGRDODH[SHULPHQWDFLyQFRQWLPEUHV H[yWLFRV  (QODXOWLPDGpFDGDODH[SORUDFLyQWtPEULFD\GHHIHFWRVKDQVLGR HOHPHQWRV FRQVWDQWHV HQ ORV DUUHJORV HODERUDGRV SRU HO 0DHVWUR /XtV )HUQDQGR /HyQ 5HQJLIR VREUH WRGR HQ DTXHOORV FRQVLJQDGRV HQ ´/D 0~VLFD ,QVWUXPHQWDO $QGLQD &RORPELDQD   µ GRQGHXWLOL]DORVDUPyQLFRVHOFRORUPHWiOLFR\RFDVLRQDOPHQWHHO SL]]LFDWR HVWRV HIHFWRV GDQ YLGD D OD LQWHUSUHWDFLyQ GH ODV REUDV\ SRUHVWRVRQGHLPSRUWDQFLDHQODHODERUDFLyQGHORVDUUHJORV  (Q OR UHIHUHQWH D OD H[SORUDFLyQ UtWPLFD HQ OD P~VLFD &RORPELDQD ODLPDJHQPiVUHOHYDQWHGHODDFWXDOLGDGHV5XEpQ'DUtR*yPH] 3UDGDTXLHQHQVXVDUUHJORV\FRPSRVLFLRQHVRULJLQDOHVSDUDEDQGD \ FRQ ORV FXDOHV KD VLGR JDODUGRQDGR HQ YDULRV FRQFXUVRV QDFLRQDOHV SRU VX ULTXH]D HQ YDULDFLRQHV UtWPLFDV QRYHGRVDV $GHPiV  FRPR DUUHJOLVWD \ GLUHFWRU GHO JUXSR 6HSWyIRQR  *yPH] 3UDGD UHDOL]D YDULDFLRQHV UtWPLFDV WUDQVLWRULDV VREUH ODV IRUPDV.  . . . .

(21) PXVLFDOHV EiVLFDV WUDGLFLRQDOHV  DVLPLVPR  FDPELRV GH PHGLGD TXH EULQGDQ D ODV REUDV XQD VHQVDFLyQ GH UXSWXUD GH ORV FRQVWDQWHV FLFORV GH OD P~VLFD QDFLRQDO  HV WDPELpQ GH GHVWDFDU VX DSRUWH HQ HO FRQWUDSXQWR \ OD DUPRQtD HQ OD P~VLFD &RORPELDQD  &RQ UHODFLyQ DO iUHD GH RUTXHVWDFLyQ  VRQ GH JUDQ WUDVFHQGHQFLD HQ OD HODERUDFLyQ GH DUUHJORV  SDUD FXDUWHWR WtSLFR ORV FRQFHSWRV HPLWLGRV SRU 9LFWRULDQR 9DOHQFLD HQ ´0DQXDO GH (ODERUDFLyQ GH $UUHJORV SDUD %DQGDµ  \ :DOWHU 3LVWRQ HQ ´2UTXHVWDFLyQµ HVWR GHELGR D VX LPSRUWDQFLD SDUD OD FRUUHFWD LGHQWLILFDFLyQ GH ORV VXMHWRV FRQWUD VXMHWRV \ DUPRQtDV SRU PHGLR GH OD XWLOL]DFLyQ GH ORVFRORUHVHQORVGLIHUHQWHVUHJLVWURVGHORVLQVWUXPHQWRV           .  . . . .

(22)  (6758&785$'(/$81,'$''($1$/,6,6  /DXQLGDGGHDQiOLVLVVRQH[SOtFLWDPHQWHODVREUDVHOHJLGDVSDUDOD SURGXFFLyQGHDUUHJORV  2EUD . . . &RPSRVLWRU. . . 5LWPR. %XQGH. . . (PLOLDQR/XFHQD . . %XQGH. . 5DIDHO$SRQWH&DUYDMDO . *XDELQD. (O9DOVGHO$GLyV . ÉOYDUR5RPHUR. . . 9DOV. )HVWLYDO. . . %DPEXFR. *XDELQD2EYLD. . . $JXVWtQ3D\DQ. $WHUUL]DQGR. . 3HGUR0RUDOHV3LQR. . 2QH6WHS. $QJpOLFD. . . $QyQLPR. . . . *XDELQD². . . . . . . 3DVLOOR. . . . %DPEXFR. . . &DQFLyQ6LQSDODEUDV $QyQLPR /XF\ . . . 3HGURPRUDOHV3LQR. . 7DQJR. 0LFDSULFKR. . 3HGUR0RUDOHV3LQR. . 3ROND. (O$ODFUiQ . . &DUORV9LHFR2UWL]. . 3DVLOOR. (O&XFDUUyQ. . /XtV8ULEH%XHQR. . 3DVLOOR. $QD(OLVD . . 3HGUR0RUDOHV3LQR. . 9DOVHV.  .  . . . .

(23)  ',6(f20(72'2/2*,&2  &RPRHVWHWUDEDMRSUHWHQGHSURSLFLDUODLQWHJUDFLyQGHORVDUUHJORV D ODV DJUXSDFLRQHV GH ORV VHPHVWUHV DYDQ]DGRV GHO pQIDVLV GH FXHUGDV WtSLFDV  VH YDQ D RIUHFHU GRFH DUUHJORV FRKHUHQWHV FRQ HO QLYHO GH HMHFXFLyQ LQVWUXPHQWDO\ GH LQWHUSUHWDFLyQ PXVLFDO GH ORV MyYHQHV  3DUD OD HMHFXFLyQ GHO SUR\HFWR VH KDQ SODQHDGR ODV HVWUDWHJLDV GH VHOHFFLyQ GH REUDV GH DFXHUGR FRQ ODV FRPSHWHQFLDV HVWLSXODGDV SDUD FDGD VHPHVWUH  WRGRV ORV WHPDV VHUiQ VHOHFFLRQDGRV GDQGR SULRULGDGDORVHOHPHQWRVEiVLFRVTXHSHUPLWDQODHMHFXFLyQJUXSDO GHODVREUDVPXVLFDOHV  6H KD WHQLGR HQ FXHQWD SDUD OD VHOHFFLyQ GH REUDV OD ULTXH]D GHO IROFORU QDFLRQDO  WDPELpQ TXH VHDQ REUDV TXH KD\DQ WHQLGR SRFD GLYXOJDFLyQ SDUD GDU GLIXVLyQ D REUDV \ FRPSRVLWRUHV TXH QR KDQ VLGR PX\ GLYXOJDGRV HQ HO PHGLR  DVLPLVPR  REUDV TXH WHQJDQ YDULHGDGHQORVULWPRV\HQODVWRQDOLGDGHV  'HVSXpVGHVHOHFFLRQDGDVODVREUDVVHKDUiXQDQiOLVLVPXVLFDO\ HVWpWLFR GH DFXHUGR FRQ ORV GDWRV KLVWyULFRV GH OD REUD \ VH SURFHGHUi HQWRQFHV D HVFULELU HO DUUHJOR HQ HO IRUPDWR GH FXDUWHWR WtSLFRDOILQDOVHGHOLPLWDUiQHQHODQiOLVLVHVWUXFWXUDOORVGHWDOOHV WpFQLFRVTXHVHDJUHJDURQFRPRSURSXHVWDDODUUHJOR .  . . . .

(24) 3DUDODSUHVHQWDFLyQILQDOVHLQWHUSUHWDUiQODVGRFHREUDV\VHKDUi ODH[SRVLFLyQGHODVFDSDFLGDGHVWpFQLFDVTXHVHUHTXLHUHQSDUDOD LQWHUSUHWDFLyQ GH FDGD REUD FRPR VRSRUWH GH OD FRKHUHQFLD FRQ OR DQWHULRUPHQWHHVWLSXODGR  . (ODERUDFLyQGHDUUHJORV.  . $QiOLVLVGHODVREUDV.  /DV REUDV D DUUHJODU VH HVWXGLDUiQ \ DQDOL]DUiQ GHVGH ORV VLJXLHQWHVSXQWRVGHYLVWD  $ $UPyQLFR 7RQDOLGDG  FDPELRV PRGDOHV PRGXODFLRQHV SDVDMHUDV  PRGXODFLRQHV GHILQLWLYDV DOWHUDFLRQHV GH ORV DFRUGHV\SRVLELOLGDGHVGHDPSOLDFLyQGHOSXOVRDUPyQLFR   % +LVWyULFR &RQWH[WRPXVLFDO\VRFLDOHQTXHVHGHVHQYXHOYH OD SLH]D H LQWHUSUHWDFLRQHV TXH VH KD\DQ UHDOL]DGR GH OD PLVPD   & 0HOyGLFR 5DQJR XWLOL]DGR HQ ODV PHORGtDV \ FRQWUDSXQWRV FDUDFWHUtVWLFRVGHODVREUDV   ' 'H LQVWUXPHQWDFLyQ 0H]FODV GH WLPEUHV WH[WXUDV FRORUHV \HIHFWRVTXHSHUPLWHHOHVWLORGHODVREUDV .  . . . .

(25) ( 7pFQLFR  %~VTXHGD GH GLJLWDFLRQHV DGHFXDGDV SDUD ORV SDVDMHV PHOyGLFRV \ HQODFHV DUPyQLFRV TXH OR UHTXLHUDQ IRUPDGHLQWHUSUHWDUORVDGRUQRVPXVLFDOHV\HIHFWRV   . (OHFFLyQGHWRQDOLGDGHV.  7RGDV ODV REUDV VH FRQVHUYDUiQ HQ OD WRQDOLGDG TXH VH VXSRQH FRPR RULJLQDO GH ODV SDUWLWXUDV WRPDGDV GHO DUFKLYR GHO FRQVHUYDWRULR3HGUR0RUDOHV3LQRGH&DUWDJR\GHODUFKLYRSHUVRQDO GHOVHxRU+RQRUDWR&DVWULOOyQ(VWRSRUODGLILFXOWDGGHHQFRQWUDU YHUVLRQHV FRQ ODV FXDOHV VH SXHGD KDFHU XQD FRPSDUDFLyQ \ SDUD PDQWHQHUODRULJLQDOLGDGGHODVREUDV  . 0RQWDMH.  6H HQWUHJD D FDGD XQR GH ORV LQVWUXPHQWLVWDV SDUWLFLSDQWHV HQ HO SUR\HFWRODVSDUWLFHOODVGHODVREUDVFDGDXQRKDUiHOHMHUFLFLRGH SULPHUD YLVWD \ OXHJR UHFLELUi SRU SDUWH GHO SURSRQHQWH GHO SUR\HFWR GH JUDGR XQD DVHVRUtD LQGLYLGXDO VREUH OD LQWHUSUHWDFLyQ GH ODV PLVPDV GHVSXpV VH KDUi XQ HQVDPEOH LQLFLDO GRQGH VH XELFDUiQ SXQWRV GH FXLGDGR HQ FDGD XQR GH ORV LQVWUXPHQWLVWDV SDUD VHU WUDEDMDGRV \ VROXFLRQDGRV GH PDQHUD LQGLYLGXDO VH UHDOL]DUi XQ HQVDPEOH JHQHUDO GHVSXpV GH OD DVHVRUtD SHUVRQDO SDUD HVWDEOHFHU PDWLFHV GLQiPLFRV \ DJyJLFRV \ GHPiV FXHVWLRQHV UHODWLYDVDOHQVDPEOH .  . . . .

(26)  '(6$552//2  . (OFXDUWHWRWtSLFRFRORPELDQR.  (O&XDUWHWRWtSLFRDOLJXDOTXHHOWUtRVHFRQIRUPDGHWLSOHJXLWDUUD\ EDQGROD PDV HQ HVWH FDVR OD EDQGROD HV UHGREODGD SDUD HMHFXWDU VHJXQGDV YRFHV \ DOFDQ]DU XQ QLYHO GH RUTXHVWDFLyQ PD\RU DO GHO WUtR 'HVGH XQ SXQWR GH YLVWD WUDGLFLRQDOLVWD OD IXQFLyQ GH ORV HMHFXWDQWHV HV OD PLVPD TXH HQ HO WUtR H[LJLHQGR LJXDO R PD\RU QLYHO GH GLILFXOWDG LQWHUSUHWDWLYD VXPiQGRVH D HOORV XQD VHJXQGD YR]TXHVHPDQWLHQHWUDVODSULPHUDJHQHUDOPHQWHVREUHHOPLVPR HVTXHPD UtWPLFR D LQWHUYDORV GH WHUFHUD VH[WD GpFLPD \ HQ DOJXQDVRFDVLRQHVLQWHUYDORVGHFXDUWD\TXLQWD  <D GHVGH HO SXQWR GH YLVWD FRQWHPSRUiQHR R GH OD QXHYD H[SUHVLyQ HO FXDUWHWR WtSLFR VH FRQVWLWX\H FRPR XQ IRUPDWR LQVWUXPHQWDOGHDPSOLDVSRVLELOLGDGHVLQWHUSUHWDWLYDVSHUPLWLHQGR HO SURWDJRQLVPR GH WRGRV VXV LQVWUXPHQWRV DEULHQGR DVt ODV SXHUWDV SDUD OD LQWHUSUHWDFLyQ GH RWURV UHSHUWRULRV 'H OD PLVPD PDQHUD TXH HO FXDUWHWR FOiVLFR HO FXDUWHWR WtSLFR VH FRQVWLWX\H FRPR SDUWH HVHQFLDO HQ HO GHVDUUROOR GH OD P~VLFD QDFLRQDO RIUHFLpQGROH XQD IRUPDFLyQ LGHDO SDUD OD FRPXQLFDFLyQ GH GLIHUHQWHV LGHDV PXVLFDOHV HQWRUQR D OD P~VLFD WUDGLFLRQDO GH OD UHJLyQ.  6HKDQGLVWLQJXLGRHQODDFWXDOLGDGGRVPRPHQWRVHQODP~VLFDFRORPELDQDOD. P~VLFDWUDGLFLRQDO\ODP~VLFDGHODQXHYDH[SUHVLyQORJUDQGRHVWH~OWLPRXQD UHQRYDFLyQWDQWRHQHOFDPSRLQVWUXPHQWDOFRPRHQHOYRFDO.  . . . .

(27) . ,QVWUXPHQWRVTXHORFRQIRUPDQ.   (O7LSOH&RORPELDQR  /RSRFRTXHYDOHXQWLSOH\ORERQLWRTXHVXHQD ORPXFKRTXHFXHVWDXQULIOH\ORWDQIHUR]TXHWUXHQD -RUJH9HORVD /D SULPHUD UHIHUHQFLD TXH VH WLHQH VREUH HO WLSOH DSDUHFH HQ  HVFULWD SRU HO SHULRGLVWD P~VLFR \ SRHWD -RVp &DLFHGR \ 5RMDV ´$OJXQRVVROGDGRVIUDQFRVVHKDEtDQGLVSHUVDGRSRUODSREODFLyQHQ EXVFDGHDOLPHQWR\EHELGD\KDEtDQHQFRQWUDGRHQFLHUWDWLHQGDXQ WLSOH UH]DJDGR TXH D IXHU]D GH LQGXVWULD ORJUDURQ DUUHJODU GH PDQHUDTXHSRGtDDFRPSDxDUSDVDEOHPHQWHSRUYtDGHGHVFDQVRGH OD IDWLJD ORV DOHJUHV ²R PiV ELHQ WULVWHV FDQWDUHV GH HVWRV DILFLRQDGRV GH TXH QRIDOWDQ HQ XQ FXHUSR GH WURSDV WUHV R FXDWUR SRUORPHQRVµ  +DFLD OD VHJXQGD PLWDG GHO VLJOR ;,;  HO WLSOH WHQtD  FXHUGDV GLVWULEXLGDV HQ FXDWUR yUGHQHV GH OD VLJXLHQWH PDQHUD ORV GRV yUGHQHV H[WUHPRV FRQ GRV FXHUGDV FDGD XQR \ ORV GRV RUGHQHV LQWHUPHGLRFRQWUHVFXHUGDVFDGDXQR)XHKDVWDLQLFLRVGHOVLJOR.  . 3XEOLFDGR HQ OD KRMD ´(O 0XVHRµ 7RPR  1R  0D\R  GH  7DPELpQ. UHSURGXFLGRHQ&DLFHGR5RMDV´$SXQWHVGHUDQFKHUtD\RWURVHVFULWRVHVFRJLGRVµ %LEOLRWHFD GH &XOWXUD &RORPELDQD %RJRWi  SiJ  \ 66 HQ ´(IUDtQ 6iQFKH] &DEUD 5DPyQ 7RUUHV 0pQGH] SLQWRU GH OD 1XHYD *UDQDGD %RJRWiµ )RQGR &XOWXUDO &DIHWHUR  SiJV  \ HQ ´'RFXPHQWRV GH +LVWRULD \ 7HRUtD GHO $UWH \ OD $UTXLWHFWXUDµ HGLFLyQ D FDUJR (JEHUWR %HUP~GH] \ -DLPH &RUWpV&LGDU8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi3iJV.  . . . .

(28) ;; DSUR[LPDGDPHQWH TXH VH FRPHQ]DURQ D FRQVWUXLU WLSOHV GH  FXHUGDVFRQFXDWURyUGHQHVWULSOHVFRPRORFRQRFHPRVDKRUD  8QDGHODVFDUDFWHUtVWLFDVTXHOHGDQDOWLSOHVXFRORUSDUWLFXODUHV TXH ORV yUGHQHV GHO VHJXQGR DO FXDUWR WLHQHQ XQD FXHUGD HQWRUFKDGDTXHVHDILQDXQDRFWDYDSRUGHEDMRGHODVODWHUDOHVGH DKtTXHFRPRGLFHHODUWLFXORSUHYLDPHQWHFLWDGR7LSOH\*XLWDUUD 'HODVILHVWDVSRSXODUHVDODP~VLFDGHFiPDUD´6XUHVSXHVWD WtPEULFDHVULTXtVLPD\GHVERUGDODHVFULWXUDFRQYHQFLRQDOµ  *UDQGHVPDHVWURVKDGDGR&RORPELDHQODHMHFXFLyQGHOWLSOHHQWUH ORV FXDOHV GHO SDVDGR \ HO SUHVHQWH SRGHPRV FLWDU D 3DFKR +HUQiQGH] $OHMDQGUR :LOOV 3DFKR %HQDYLGHV /XtV (QULTXH (O QHJUR 3DUUD -RVp /XtV 0DUWtQH] 2UODQGR 6HUUDQR 'DYLG 3XHUWD -XOLR 9tFWRU =DSDWD -XDQ 3DEOR +HUQiQGH] /HyQ 'DUtR 5RMDV *LOEHUWR%HGR\DHQWUHPXFKRVRWURV  'HQWUR GH OD ULTXH]D GH OD RUJDQRORJtD DQGLQD &RORPELDQD H[LVWH DGHPiV GHO WLSOH  XQ LQVWUXPHQWR IDPLOLDU GHQRPLQDGR WLSOH UHTXLQWR  HVWH LQVWUXPHQWR TXH VH WRFD WUDGLFLRQDOPHQWH FRQ XQD FXFKLOOD GH DIHLWDU SHUR TXH ORV QXHYRV LQWHUSUHWHV KDQ SUHIHULGR WRFDU FRQ S~D R SOHFWUR  VH HQFDUJD GHO OLGHUD]JR PHOyGLFR HQ GLIHUHQWHV FRQMXQWRV GH OD UHJLyQ 6DQWDQGHUHDQD\ %R\DFHQVH  6H.   /RQGRxR 0DUtD (XJHQLD 7RERQ $OHMDQGUR %DQGROD 7LSOH \ *XLWDUUD 'H ODV. ILHVWDVSRSXODUHVDODP~VLFDGHFiPDUD5HYLVWD$UWHV1R9ROXPHQ(QHUR ²-XQLR3iJ.  . . . .

(29) KD SRVWXODGR WDPELpQ FRPR XQ SHUIHFWR LQVWUXPHQWR VROLVWD \ HQ VXQRPEUHVHFHOHEUDQYDULRVFRQFXUVRVHQHOSDtV   /DJXLWDUUD  ´7DOYH]QLQJ~QRWURLQVWUXPHQWRKD\DVLGRGLIXQGLGRDSURSLDGR\ WUDQVIRUPDGRWDQLQWHQVDPHQWHHQHO1XHYR0XQGRFRPRODJXLWDUUD &RPXQLGDGHVDERUtJHQHVDIURGHVFHQGLHQWHPHVWL]RUXUDO\ XUEDQRDVtFRPRSHUVRQDVOHWUDGDVHLOHWUDGDVGHODPiVGLYHUVD tQGROH\FRQGLFLyQKDQKHFKRGHHOODRSRUWXQLGDGGHFRPXQLFDFLyQ\ YHKtFXORGHFXOWXUDµ  +D VLGR GXUDQWH VLJORV HO LQVWUXPHQWR GH SUHIHUHQFLD SRU VX YHUVDWLOLGDG\IDFLOLGDGGHHMHFXFLyQQRVLJQLILFDHVWRHQDEVROXWR TXH VHD XQ LQVWUXPHQWR GH EDMD FDWHJRUtD \D TXH HQ HO UHSHUWRULR PXQGLDO VH KD WDPELpQ SRVLFLRQDGR FRPR XQ LQVWUXPHQWR GH FRQFLHUWR SDUD HO FXDO VH KDQ HVFULWR JUDQGHV REUDV \ GHO FXDO H[LVWHQWDPELpQJUDQGHVLQWHUSUHWHV  /D FDSDFLGDG GH LQWHUDFWXDU HQ GLIHUHQWHV HVWLORV  OH KD GDGR XQ OXJDU GH JUDQ LPSRUWDQFLD HQ HO IROFORU FRORPELDQR  GH HVWR GDQ PXHVWUD ORV PDHVWURV *HQWLO 0RQWDxD &OHPHQWH 'tD]  %HUQDUGR &DUGRQD  +pFWRU *RQ]iOH]  -DLPH %HUQDO  *XVWDYR $GROIR 1LxR (ONLQ 3pUH]   HQWUH RWURV  TXLHQHV KDQ SURGXFLGR \ FRQWLQ~DQ SURGXFLHQGR UHSHUWRULR SDUD JXLWDUUD VROLVWD  LQVSLUDGRV HQ ORV  ,EtGHP3iJ.  . . . .

(30) DLUHV QDFLRQDOHV  HVWDV REUDV KDQ VLGR JDODUGRQDGDV HQ YDULRV IHVWLYDOHV GH P~VLFD DQGLQD FRORPELDQD GHO SDtV SRU VX EHOOH]D \ GLPHQVLyQFRQWHPSRUiQHD  (QVXGHYHQLUODJXLWDUUDWDOFRPRODFRQRFHPRVHQQXHVWURVGtDV IXH IDFWRU GH GLYHUVDV PRGLILFDFLRQHV OR FXDO KD OOHYDGR D ORV LQYHVWLJDGRUHV D QR WHQHU XQD FHUWH]D DFHUFD GH VX RULJHQ  $O UHVSHFWR H[LVWHQ GRV WHRUtDV FRQWUDGLFWRULDV XQD GH HOODV DILUPD TXHHODQWHFHVRUGLUHFWRGHODJXLWDUUDHVODXGLQVWUXPHQWRTXHIXH OOHYDGR D (VSDxD SRU ORV PRURV GHVSXpV GH OD LQYDVLyQ HQ HO VLJOR 9,,,  (VWH LQVWUXPHQWR FX\R QRPEUH IXH XQD IXVLyQ HUUyQHD GHO DUWtFXORGHWHUPLQDGRFRQHOSURQRPEUHFRQYLUWLHQGRHOIHPHQLQRXG HQHOPDVFXOLQROD~G  /D RWUD WHRUtD GLFH TXH HQ  D&  /RV KLWLWDV FUHDURQ XQD OLUD FRQ XQD FDMD GH UHVRQDQFLD FRQ ODGRV VXDYHV \ FXUYRV  HVWDV FDUDFWHUtVWLFDVODIDPLOLDUL]DQFRQODJXLWDUUD'HDFXHUGRFRQHVWD WHRUtD OD JXLWDUUD HVSDxROD GHULYy GHO WDQEXU GH ORV KLWLWDV D OD NLWKDUD GH ORV JULHJRV \ ILQDOPHQWH D OD FLWKDUD GH ORV URPDQRV OD FXDOVHULDOOHYDGDD(VSDxDKDFLDHODxRG&PXFKRDQWHVGH ODLQYDVLyQPRULVFD  &XDO IXHUH VX DQWHFHVRU  OD JXLWDUUD FRPR VH DILUPD HQ SiUUDIRV DQWHULRUHV  IXH DFRJLGD PX\ UiSLGDPHQWH SULPHUR SRU HO SXHEOR\ GHVSXpV SRU ORV FRUWHVDQRV HQ FX\DV HVFXHODV VH GHVDUUROOR JUDQ SDUWHGHODWpFQLFDGHHMHFXFLyQGHOLQVWUXPHQWR .  . . . .

(31)  /D%DQGROD$QGLQD&RORPELDQD  ,QVWUXPHQWRPXVLFDOTXHSHUWHQHFHDODIDPLOLDGHORVFRUGyIRQRV (VWH LQVWUXPHQWR TXH VH WRFD XWLOL]DQGR XQD S~D R SOHFWUR  HV GHVFHQGLHQWH GLUHFWR GH OD JXLWDUUD \ HO OD~G GH FXHOOR ODUJR FRPR DVHYHUDQ 0DUtD (XJHQLD /RQGRxR ( \$OHMDQGUR7RERQ 5  HQ VX DUWtFXOR ´7LSOH \ *XLWDUUD 'H ODV ILHVWDV SRSXODUHV D OD P~VLFD GH FiPDUDµ   $ OD YH] HQ &RORPELD \ 9HQH]XHOD  WLHQH HVWDXQSDULHQWHFHUFDQROD%DQGROD/ODQHUDTXHDSHVDUGHTXHOD WpFQLFD GH LQWHUSUHWDFLyQ VRQ SDUHFLGDV DO LJXDO TXH HQ OD IRUPD VHSRGUtDDVHJXUDUTXHHVWRVGRVLQVWUXPHQWRVVRQFRPSOHWDPHQWH DQWDJyQLFRV/DEDQGROD$QGLQD&RORPELDQDVHFDUDFWHUL]DSRUVHU XQLQVWUXPHQWRVRSUDQR\GHXQVRQLGRPX\EULOODQWHDOFRQWUDULR GH OD EDQGROD OODQHUD OD FXDO HV GH XQ VRQLGR PDV JUDYH \ PDV RVFXUR  /D %DQGROD $QGLQD &RORPELDQD KD WHQLGR VX GHVDUUROOR WpFQLFR PXVLFDO \ PRUIROyJLFR GHVGH HO VLJOR ;,; FXDQGR VH XVDEDQ ODV EDQGRODV GH  FXHUGDV GLVWULEXLGDV HQ FLQFR RUGHQHV  ORV GRV SULPHURVRUGHQHVGHWUHVFXHUGDV\ORV~OWLPRVWUHVRUGHQHVGHGRV FXHUGDV\ODVEDQGRODVGHFXHUGDVTXHWHQtDQXQTXLQWRRUGHQ WDPELpQ GH  FXHUGDV  HO VH[WR RUGHQ IXH DJUHJDGR PDV DGHODQWH SRU HO 0DHVWUR 3HGUR 0RUDOHV 3LQR FRQ OD LQWHQFLyQ GH DJUHJDUOH PDV EDMRV D OD EDQGROD  TXHGDQGR DVt FRQ VHLV RUGHQHV FRPR OD FRQRFHPRV HQ QXHVWURV WLHPSRV SHUR FRQ  FXHUGDV GLVWULEXLGDV GH OD VLJXLHQWH PDQHUD  ORV SULPHURV FXDWUR RUGHQHV FRQ WUHV  /RQGRxR0DUtD(XJHQLD7RERQ$OHMDQGUR2S&LW3iJ. .  . . . .

(32) FXHUGDVFDGDXQR\ORVGRV~OWLPRVRUGHQHVFRQGRVFXHUGDVFDGD XQR  3DUDODGpFDGDGHHOPDHVWUR'LHJR(VWUDGDSURSXVRUHGXFLU HO ODUJR GHO PiVWLO SDUD TXH HO LQVWUXPHQWR VH SXGLHUD DILQDU XQ WRQR DUULED OR FXDO OH GD DO LQVWUXPHQWR XQ FRORU PDV EULOODQWH \ KDFLDODDXQTXHHVWHFDPELRVLJQLILFDUDXQVDFULILFLRHQORVEDMRV +DFLD OD GpFDGD GH   HO PDHVWUR )HUQDQGR /HyQ SURSRQH DPSOLDUHOPiVWLOYROYHUDODEDQGRODGHFXHUGDVSHURFRQVHLV RUGHQHV GREOHV \ FRQVHUYDQGR OD DILQDFLyQ GHO PDHVWUR 'LHJR (VWUDGD'HVGHODGpFDGDGHKDFLDDFiHOPDHVWUR0DQXHO %HUQDOHQFRQMXQWRFRQHOPDHVWUR$OEHUWR3DUHGHVKDQHVWXGLDGR \ PRGLILFDGR GLIHUHQWHV DVSHFWRV GHO GLVHxR FRPR HO DQFKR GHO PiVWLO OD VHSDUDFLyQ GH ODV FXHUGDV HO WDPDxR GH HVFDOD HO SXHQWH ORV WDPDxRV GH OD FDMD OD LQFUXVWDFLyQ GH pVWD FRQ HO PiVWLOODVPHGLGDVJHQHUDOHVGHOLQVWUXPHQWR\HOWLUDFXHUGDV  ´(QWUHTXLHQHVKDQOOHJDGRDVHUYLUWXRVRVGHHVWHLQVWUXPHQWRVH GHVWDFDQORVPDHVWURV-HV~V=DSDWD)HUQDQGR/HyQ\'LHJR (VWUDGD$FWXDOPHQWHVHIRUPDQHQHOSDtVJHQHUDFLRQHVMyYHQHVFRQ FODURVWDOHQWRVFRPR)DELiQ)RUHUR0DQXHO%HUQDO-DLUR5LQFyQ\ -DYLHU$QGUpV0HVDHQWUHRWURVµ .  ,EtGHP3iJ. .  . . . .

(33) /RV SHUVRQDMHV TXH VH PHQFLRQDQ HQ OD FLWD DQWHULRU  VRQ ORV SLRQHURV GHO GHVDUUROOR WpFQLFRPXVLFDO GH OD EDQGROD  D HOORV VH GHEHQ ORV FULWHULRV VREUH OD SOXPDGD  HVWXGLRV HVFDOtVWLFRV \ GH DUSHJLRV HQ HO LQVWUXPHQWR  DSRUWHV HQ HO GLVHxR GH OD EDQGROD &DEHDQRWDUTXHHOWUDEDMRDXQQRHVWDWHUPLQDGR\TXHHVSDUWHGH HVWHSUR\HFWRKDFHUXQDSRUWHDODHVFULWXUDGHOLQVWUXPHQWR  . $QiOLVLVPXVLFDOGHODVREUDV.  . %XQGH.  &RPSRVLWRU(PLOLDQR/XFHQD 5LWPR%XQGH 7RQDOLGDG'%E (VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$SDUWH%&RGD  ,1752'8&&,Ð1 &203$6(6   $QiOLVLVHVWUXFWXUDO  /D LQWURGXFFLyQ GH HVWD REUD WLHQH HO SULPHU PRWLYR UtWPLFR GH OD SDUWH$HVWHPRWLYRVHUHSLWHHQSURJUHVLyQ\DFDGDFRPSiVVHYD DJUHJDQGR XQ LQVWUXPHQWR PiV KDVWD TXH HQ HO FRPSiV FXDWUR HVWiQWRGRVORVLQVWUXPHQWRVVRQDQGR(QHOFRPSiVVHKDFHOD  . . . .

(34) FDGHQFLD SDUD DEULUOH SDVR DO VHJXQGR PRWLYR GH OD LQWURGXFFLyQ HQ OD VHJXQGD SDUWH GH OD LQWURGXFFLyQ VH WRPD OR TXH HO FRPSRVLWRU SURSRQH FRPR PHORGtD \ VH OH WUDQVIRUPD HQ XQ DFRPSDxDPLHQWR SDUD XQD PHORGtD GH PD\RU UHOLHYH TXH OOHYD HO WLSOH  $QiOLVLVUtWPLFR  (O SULPHU PRWLYR TXH VH SUHVHQWD HVWD EDVDGR HQ OD FRUFKHD FRQ XQDGXSOLFDFLyQGHOSULPHUFRQWUDWLHPSRHVWHPRWLYRVHUHSLWHHQ ORV FXDWUR SULPHURV FRPSDVHV  HQ HO FRPSiV  VH REYLD OD GXSOLFDFLyQ \ ORV LQVWUXPHQWRV DFRPSDxDQWHV KDFHQ XQD HPLROD SDUDGDUOHILUPH]DDODFDGHQFLDHQDUSHJLRTXHWUDHQODVEDQGRODV (Q OD VHJXQGD SDUWH GH OD LQWURGXFFLyQ  HO PRWLYR UtWPLFR VLJXH VLHQGR GH FRUFKHDV SHUR GLYLGLHQGR ODV VHLV FRUFKHDV GHO FRPSiV HQWUH ODV GRV EDQGRODV  HO WLSOH OOHYD XQD PHORGtD FUHDGD GH DFXHUGRDODIRUPDPHOyGLFDGHOEXQGH7RGRHOVXVWHQWRUtWPLFROR OOHYD OD JXLWDUUD FRQ XQD IRUPD VLPSOLILFDGD GHO DFRPSDxDPLHQWR GHOEXQGH  $QiOLVLVDUPyQLFR  /D HVWUXFWXUD DUPyQLFD GH OD SULPHU SDUWH GH OD LQWURGXFFLyQ VH UHYHODDOHQWUDUHOWLSOHFRQODPLVPDPHORGtDFRQODTXHFRPLHQ]DQ ODEDQGRODSULPHUD\GHVSXpVODEDQGRODVHJXQGDHVWDUHSHWLFLyQ PHOyGLFDKDFHTXHHOPRYLPLHQWRDUPyQLFRVHDGHXQFRORU PRGDO DXQTXHFRQODHQWUDGDGHODJXLWDUUDHODFRUGHVHH[WLHQGHKDVWD  . . . .

(35) OD VpSWLPD PHQRU FUHDQGR XQ FKRTXH HQWUH ORV DUPyQLFRV TXH SURGXFH XQD VHQVDFLyQ KDVWD FLHUWR SXQWR GH VDWXUDFLyQ TXH HV LQPHGLDWDPHQWHUHVXHOWDHQHOFRPSiVFLQFR/DVHJXQGDSDUWHGH OD LQWURGXFFLyQ OOHYD XQ HQODFH DUPyQLFR OyJLFR GH OD WRQDOLGDG \ TXH HV RFXOWR SRU ODV VXVWLWXFLRQHV FRPR YHPRV HQ HO FRPSiV  9HU ILJXUD  HQ HO TXH GH SULQFLSLR SRGUtD SHQVDUVH URPSH FRQ OD OyJLFD SHUR YLpQGROR PiV GH FHUFD  HV XQD VXVWLWXFLyQ SRU WULWRQR GHODGRPLQDQWHUHDO.  $QiOLVLVGHLQVWUXPHQWDFLyQ  (O LQLFLR GH OD REUD VH SHQVy FRPR XQD SURJUHVLyQ HQ OD TXH VH DGKLHUHQ ORV LQVWUXPHQWRV SDUD GDU XQ VHQWLGR GH FUHFLPLHQWR GHO YROXPHQTXHDFRPSDxDDODDVFHQVLyQGHODPHORGtDODFXDODOILQDO GHVFLHQGH SDUD GDUOH FDUiFWHU FRQFOX\HQWH DO SULPHU PRWLYR \ GDU SDVRDOVHJXQGR(OMXHJRGHODVEDQGRODVHQODVHJXQGDSDUWHVH FUHDSDUDQRDJUHJDUPiVGHQVLGDGDODPHORGtDGHOWLSOH\TXHHVWD SXGLHUDUHVDOWDU.  . . . .

(36) 3$57($ &203$6(6   $QiOLVLVHVWUXFWXUDO  (QFRQWUDPRV HQ HVWD SULPHUD SDUWH OD WtSLFD IRUPD GH SUHJXQWD \ UHVSXHVWD  D PDQHUD GH FRPSOHPHQWR  HO DUUHJOLVWD KD DJUHJDGR GRVFRPSDVHVGHVSXpVGHODSUHJXQWDHQODTXHVHKDFHXQpQIDVLV FDVL FRPR VL VH HVWXYLHUD UHSLWLHQGR OD SUHJXQWD \ VH DJUHJDQ GRV PDV DO ILQDO GH OD UHVSXHVWD FRPR VL VH HVWXYLHUD UHDILUPDQGR DO UHSHWLU FRQ XQD OHYH YDULDFLyQ ORV GRV SULPHURV FRPSDVHV /D VHJXQGD IUDVH FRQFOXVLYD   WLHQH VLHWH FRPSDVHV SDUD GDUOH XQ VHQWLGRFRQWUDULRDOFRQFOXVLYR\TXHHQYH]JHQHUHPRYLPLHQWR  $QiOLVLVUtWPLFR  (QHVWDSDUWHVHGHVDUUROODHOPRWLYRUtWPLFRTXHVHSURSXVRHQOD LQWURGXFFLyQDJUHJDQGRODVLQFRSDODUJD\HOWtSLFRILQDOGHIUDVHGH HVWH JHQHUR PXVLFDO TXH FRQVWD GH XQD QHJUD VHJXLGD GH XQD EODQFD  FRP~QPHQWH OD QHJUD HV XQ UHWDUGR PHOyGLFR  HQ HVWH FDVRHOUHWDUGRVHSUHVHQWDDOILQDOGHFDGDIUDVH  $QiOLVLVDUPyQLFR  (O PRYLPLHQWR DUPyQLFR GH HVWD SDUWH FRQVWD GH XQ HQOD]DPLHQWR GH ODV UHJLRQHV WRQDOHV GH WyQLFD  VXEGRPLQDQWH \ GRPLQDQWH D  . . . .

(37) WUDYpVGHOXVRGHLQWHUGRPLQDQWHVTXHDEUHQODSRVLELOLGDGGHXVDU GLIHUHQWHVVXVWLWXFLRQHV\HYROXFLRQHVGHOYLQFXORDUPyQLFR  $QiOLVLVGHLQVWUXPHQWDFLyQ  3DUD JXDUGDU HO VHQWLGR WUDGLFLRQDO GH OD REUD  VH OH KD GHMDGR OD PHORGtDSULQFLSDODODEDQGRODSULPHUDODEDQGRODVHJXQGDSRUVX SDUWH  OOHYD XQ DFRPSDxDPLHQWR FRQ QHJUDV \ KDFLD HO ILQDO GH FDGD VHPLIUDVH VH XQH UtWPLFDPHQWH FRQ OD PHORGtD KDFLHQGR XQD VHJXQGDYR]/RVGRVFRPSDVHVTXHOHVLJXHQDODSUHJXQWD\DOD UHVSXHVWDHQODSULPHUDIUDVHVHFRORFDURQHQHOWLSOHSDUDJHQHUDU XQHIHFWRGHHFR(QODVHJXQGDIUDVHODEDQGRODVHJXQGDWRPDHO OLGHUD]JR PHOyGLFR TXH HV DFRPSDxDGR FRQ XQD PHORGtD PX\ VLPLODUSHURFRQXQULWPRGLIHUHQWHHQODEDQGRODSULPHUDWDQWRHO WLSOH FRPR OD JXLWDUUD VRVWLHQHQ OD IRUPD GHO EXQGH HQ VX DFRPSDxDPLHQWR  3$57(% &203$6(6   $QiOLVLVHVWUXFWXUDO  (Q OD VHJXQGD VHPLIUDVH GH HVWD SDUWH DQWHV GH SURGXFLUVH OD PRGXODFLyQD%EVHKDFRQVHUYDGRHOFRQWUDSXQWRTXHSURSRQHHO FRPSRVLWRU SDUD PDQWHQHU OD RULJLQDOLGDG GH OD REUD  OD PRGXODFLyQKDFHSDUWHWDPELpQGHODSURSXHVWDGHOFRPSRVLWRUD PDQHUDGHFRPHQWDULRODPRGXODFLyQDXQDWRQDOLGDGWDQDOHMDGD  . . . .

(38) QR WLHQH PXFKR VHQWLGR SDUD XQD REUD TXH VH FRPSXVR HQ XQD pSRFDHQTXHORQRUPDOHUDPRGXODUDODWRQDOLGDGKRPyQLPDRD OD WRQDOLGDG GH OD GRPLQDQWH LJXDO TXH XQD VRQDWD   HQ OD PRGXODFLyQ TXHVHKDFHDPDQHUDGHSXHQWHSRUORTXHVHSXHGH DSUHFLDU  TXH FRQVWD GH FXDWUR FRPSDVHV VH KDFH XQ PRYLPLHQWR FRUDO GH WRGDV ODV YRFHV 9HU ILJXUD  HQ OD TXH WRGDV OOHYDQ XQD OtQHDLQGLYLGXDODH[FHSFLyQGHOXOWLPRFRPSiVHQHOTXHVHUHWRPD ODIRUPDGHEXQGHSDUDYROYHUDPRGXODUDODWRQDOLGDGLQLFLDO(Q ODVHJXQGDIUDVHVHWHUPLQDFRQHOPRWLYRH[SXHVWRHQODSULPHUD.  $QiOLVLVUtWPLFR  /DILJXUDEDVHGHODSDUWHHVODFRUFKHDLQLFLDQGRODPHORGtDHQHO VHJXQGRWLHPSRHQODSDUWHGHOFRQWUDSXQWRODSULPHUDEDQGROD H[SRQH HO WHPD\ OD VHJXQGD EDQGROD OR UHSLWH (Q OD PRGXODFLyQ ODIRUPDUtWPLFDGHODPHORGtDHVODPLVPDGHODFRPSDxDPLHQWRR VHD  GRV QHJUDV \ GRV FRUFKHDV  /D VHJXQGD IUDVH OOHYD H[DFWDPHQWHHOPLVPRPRWLYRUtWPLFRGHODSULPHUDIUDVH.  . . . .

(39) $QiOLVLVDUPyQLFR  (O HQOD]DPLHQWR DUPyQLFR HQ HVWD SDUWH HVWD EDVDGR HQ ODV UHJLRQHV WRQDOHV H[WHQGLHQGR XQ SRFR ORV DFRUGHV DOJXQDV YHFHV KDVWD OD QRYHQD  OD PRGXODFLyQ QR WLHQH QLQJXQD SUHSDUDFLyQ VRODPHQWHVXFHGH  $QiOLVLVGHLQVWUXPHQWDFLyQ  $SURYHFKDQGR ODV SRVLELOLGDGHV DUPyQLFDV \ PHOyGLFDV GH OD JXLWDUUD  VH DJUHJR XQ SRFR GH SHUFXVLyQ SRU SDUWH GH ORV GHPiV LQVWUXPHQWRVPLHQWUDVODJXLWDUUDKDFHODPHORGtDTXHHVWDEDVDGD HQDFRUGHVWULDGDSDUDHOWHUFHUFRPSiVGHODSDUWHHOWLSOHWRPD OD PHORGtD  ODV EDQGRODV KDFHQ XQ DFRPSDxDPLHQWR FRQ QRWDV ODUJDV D GRV YRFHV \ OD JXLWDUUD YXHOYH D VRVWHQHU OD EDVH UtWPLFD (Q OD PRGXODFLyQ FRPR \D VH GLMR  WRGRV ORV LQVWUXPHQWRV OOHYDQ XQD OtQHD LQGLYLGXDO  $O SULQFLSLR GH OD VHJXQGD IUDVH VH UHSLWH OD SHUFXVLyQSHURHVWDYH]HOLQVWUXPHQWRVROLVWDHVHOWLSOHSDUDGDUOH YDULHGDG DO DUUHJOR \ HQ OD VHJXQGD VHPLIUDVH  VH UHSLWH OD SHUFXVLyQ\ORVLQVWUXPHQWRVTXHOOHYDQODPHORGtDHQDFRUGHVVRQ ODVEDQGRODVDOILQDOGHHVWDVHPLIUDVHORVLQVWUXPHQWRVYXHOYHQ DWRPDUVXVSDSHOHVFRUUHVSRQGLHQWHV      . . . .

(40) &2'$ &203$6(6   $QiOLVLVHVWUXFWXUDO  (VWDSDUWHHVWDHQ%E\WLHQHDOILQDOXQDPRGXODFLyQD'VHKDFH XQEUHYHSUHOXGLRHQODWRQDOLGDGSDUDUHDILUPDUOD\OXHJRVHLQLFLD HOWHPDGHHVWDSDUWHODFXDOUHWRPDHOHVTXHPDUtWPLFRGHOPRWLYR GHODSDUWH$HQHOWLSOHKDFLHQGRXQDUHSHWLFLyQGRVFRPSDVHVPDV DGHODQWHSHUR\DDPDQHUDGHDGRUQRSRUTXHODPHORGtDHVWiHQOD EDQGRODSULPHUD(QODSULPHUVHPLIUDVHGHODVHJXQGDIUDVHVH YXHOYH D LQLFLDU FRQ HO WHPD LJXDO TXH HQ OD SULPHUD IUDVH \ VH YD SUHSDUDQGRODPRGXODFLyQDODWRQDOLGDGLQLFLDOTXHVHSURGXFHHQ ODVHJXQGDVHPLIUDVH  $QiOLVLVUtWPLFR  &RPR\DVHKDGLFKRODHVWUXFWXUDUtWPLFDGHHVWDSDUWHHVLJXDOD ODHVWUXFWXUDGHODSDUWH$  $QiOLVLVDUPyQLFR  (OHQFDGHQDPLHQWRDUPyQLFRGHHVWDSDUWHVHEDVDHQODVUHJLRQHV WRQDOHV TXH VH KDQ GHVFULWR D OR ODUJR GHO DQiOLVLV GH OD REUD  HQ HVWDVUHJLRQHVWRQDOHVHODUUHJOLVWDVHKDWRPDGRODOLEHUWDGGHXVDU.  . . . .

(41) WRGRV ORV DFRUGHV TXH KDQ HVWDGR D GLVSRVLFLyQ GH DFXHUGR FRQ OD PHORGtD\ODLQWHQFLyQ  $QiOLVLVGHLQVWUXPHQWDFLyQ  /D LQVWUXPHQWDFLyQ GH HVWD SDUWH GH OD REUD LQLFLD FRQ XQD IRUPD FRUDOTXHYLHQHGHVGHODPRGXODFLyQSUHYLDDOVDOWRDODFRGDHVWD IRUPDVHXWLOL]RSDUDGDUOHUHOLHYHDOHVWLORFOiVLFRTXHWLHQHODREUD OR TXH FRQWLQXD HQ HO WLSOH HV D OD YH] OD PHORGtD SULQFLSDO \ XQ DGRUQRTXHVHUHH[SRQHGRVFRPSDVHVPDVDGHODQWHHQODXOWLPD VHPLIUDVHHOWLSOHOOHYDXQDVHULHGHDGRUQRVTXHOHGDIOXLGH]DOD PHORGtD\FDUiFWHUFRQFOXVLYRDODREUD   . (O9DOVGHO$GLyV.  &RPSRVLWRUÉOYDUR5RPHUR6iQFKH] 5LWPR9DOV 7RQDOLGDG$²( (VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$3DUWH%&RGD   .  . . . .

(42) ,1752'8&&,Ð1 &203$6(6   $QiOLVLVHVWUXFWXUDO  $ OD LQWURGXFFLyQ RULJLQDO GH OD REUD TXH VH SUHVHQWD HQ ORV WUHV SULPHURV FRPSDVHV HQ ODV EDQGRODV  HO DUUHJOLVWD OH DJUHJy GRV FRPSDVHVPDVDPDQHUDGHYDULDFLyQSHURHVWDYH]HQHOWLSOH\OD JXLWDUUD  (Q OD SDUWH GH ODV EDQGRODV  YHPRV FRPR OD EDQGROD VHJXQGD OOHYD OD OtQHD PHOyGLFD \ XQ DFRPSDxDPLHQWR GH SHGDOHV PLHQWUDVODEDQGRODSULPHUDOOHYDHOVXVWHQWRDUPyQLFR'HLJXDO PDQHUD HQ OD SDUWH GHO WLSOH \ OD JXLWDUUD  HO WLSOH OOHYD OD OtQHD PHORGtD\XQDFRPSDxDPLHQWRHQSHGDOODOtQHDPHOyGLFDVHGREOD HQ ORV EDMRV GH OD JXLWDUUD D OD YH] TXH HQ ORV FRQWUDWLHPSRV  OD JXLWDUUD OOHYD XQD FRQWUD PHORGtD HQ GLUHFFLyQ RSXHVWD GHVFHQGHQWH \HOUHVWRGHOVXVWHQWRDUPyQLFR  $QiOLVLVUtWPLFR  (Q OD LQWURGXFFLyQ QR VH SURSRQH QLQJ~Q PRWLYR SDUD GHVDUUROODU FRPR VXFHGH HQ PXFKDV RWUDV REUDV  SRU HO FRQWUDULR VH SURSRQH XQSUHOXGLRDOWHPD      . . . .

(43) $QiOLVLVDUPyQLFR  $GLIHUHQFLDGHRWUDVREUDVHOFRPSRVLWRUGHFLGLyLQLFLDUHVWDREUD HQ OD GRPLQDQWH  TXL]iV PRVWUiQGRVH XQ SRFR \D HO HVStULWX YDQJXDUGLVWDGHORVFRPSRVLWRUHVTXHOHVHJXLUtDQ  $QiOLVLVGHLQVWUXPHQWDFLyQ  6HKDHOHJLGRHOLQLFLRDGXHWRSDUDGDUOHYDULHGDGDORVDUUHJORV\ DGHPiV SDUD MXVWLILFDU ORV FRPSDVHV TXH VH DJUHJDURQ FRPR XQD UHVSXHVWDDODLQWURGXFFLyQTXHSURSRQHHOFRPSRVLWRU  3$57($ &203$6(6   (VWD SDUWH VH GLYLGH HQ GRV SDUWHV PiV SHTXHxDV TXH OODPDUHPRV $ñ\$ò  3$57($ñ &203$6(6   $QiOLVLVHVWUXFWXUDO  /DOtQHDPHOyGLFDTXHVHGLEXMDHQODSDUWH\HQJHQHUDOHQODREUD HVWDFDVLFRPSOHWDPHQWHGLVSXHVWDHQDUSHJLRV.  . . . .

(44) $QiOLVLVUtWPLFR  (Q HVWD REUD HO PRWLYR UtWPLFR GRPLQDQWH HV GH GRV FRPSDVHV \ FRQVLVWHHQGRVJUXSRVGHFRUFKHDTXHLQLFLDQHQDQDFUXVD\OXHJR XQD QRWD ODUJD TXH VH UHVXHOYH HQ HO VLJXLHQWH FRPSiV  /DV WHUPLQDFLRQHVGHODIUDVHVRQJHQHUDOPHQWHEDVDGDVHQODFRUFKHD  $QiOLVLVDUPyQLFR  (O FRPSRVLWRU GH HVWD REUD SURSRQH XQ HQODFH DUPyQLFR QRYHGRVR SDUDVXpSRFDDJUHJDQGRDOLQLFLRGHODVIUDVHVXQDFRUGHGHTXLQWD \ VpSWLPD GLVPLQXLGDV  DGHPiV GH HVWR HO UHVWR GHOD DUPRQtD HV WUDGLFLRQDO \ D HVWD VH OH KDQ DJUHJDGR DOJXQDV H[WHQVLRQHV FRPR VRQODVpSWLPDPD\RU\ODQRYHQD DOJXQDVYHFHVPHQRU   $QiOLVLVGHLQVWUXPHQWDFLyQ  3DUD JHQHUDU XQ HIHFWR GH HVWHUHRIRQtD  VH DSURYHFKy TXH HQ OD SULPHU VHPLIUDVH GH OD SDUWH $ñ VH UHSLWH HO PRWLYR \ VH FRORFy LQLFLDOPHQWH HQ OD EDQGROD SULPHUD \ OXHJR HQ OD VHJXQGD DVLPLVPR  VH LQWHJUy XQD FRQWUD PHORGtD HQ ORV EDMRV GH OD JXLWDUUDTXHSURGXFHQXQDVHQVDFLyQGHOLJHUH]DHQODPHORGtD(Q OD VHJXQGD IUDVH GH HVWD SDUWH  VH HOLJLy OD JXLWDUUD FRPR LQVWUXPHQWRPHOyGLFRSDUDFUHDUXQFRQWUDVWHHQWUHORVUHJLVWURV\ DVtORJUDUTXHODREUDQRSLHUGDVXLQWHUpV.  . . . .

(45) 3$57($ò &203$6(6   $QiOLVLVHVWUXFWXUDO  /DSULPHUVHPLIUDVHGHHVWDSDUWHLQLFLDFRQODPHORGtDH[DFWDGH OD SDUWH DQWHULRU OR FXDO OH GD OD FDUDFWHUtVWLFD GH XQLGDG  FRQ OD SDUWH TXH \D VH KD H[SXHVWR  HQ ORV FRPSDVHV VXEVLJXLHQWHV  HO WHPDDOFDQ]DFRPRHVQDWXUDORWUDVLQFOLQDFLRQHVWHPiWLFDVFRQOR FXDOPDUFDVXGLIHUHQFLDGHODSDUWHDQWHULRU  $QiOLVLVUtWPLFR  /D FRUFKHD HV HO IXQGDPHQWR UtWPLFR GH HVWD SDUWH GH OD REUD OR FXDO GHQRWD XQD FRKHUHQFLD WHPiWLFD FRQ UHVSHFWR GH OD SDUWH DQWHULRU  $QiOLVLVDUPyQLFR  /DSDUWHVHPXHYHSRUXQWHUUHQRWRQDOFRQLQWHUGRPLQDQWHVHQHO FRPSiV \ KDVWD HO FRPSiV  9HU ILJXUD  YHPRV FRPR HPSHUR OD DUPRQtD QR VH PRGLILFD VXVWDQFLDOPHQWH  VH HVFRQGH HQWUH XQ PRYLPLHQWRSRUFXDUWDVHQORVEDMRVGHODJXLWDUUDTXHYDGREODQGR DGLVWDQFLDGHRFWDYDDODVEDQGRODVHVWHPRYLPLHQWRTXHHVDOD YH]DUPyQLFR\PHOyGLFRSURSRUFLRQDXQFRORUPRGHUQRDODSLH]D.  . . . .

(46)  $QiOLVLVGHLQVWUXPHQWDFLyQ  /DLQVWUXPHQWDFLyQGHORVSULPHURVFXDWURFRPSDVHVGHHVWDSDUWH HVWi GLVSXHVWD GH OD PLVPD PDQHUD TXH ORV GH OD SDUWH DQWHULRU SDUD KDFHU D~Q PDV pQIDVLV HQ OD DILQLGDG GH ODV SDUWHV  (Q HO FRPSiVVHUHVXHOYHHOFUHVFHQGRGHOFRPSiVHQXQPRWLYR DJUHVLYRHVWHHIHFWRGHDJUHVLYLGDGVHKDFHDXQPiVIXHUWHFRQOD DGLFLyQGHVHJXQGDVHQODYR]LQIHULRU\UHSLWLHQGRHOPRWLYRHQORV LQVWUXPHQWRVJUDYHV(QORVFRPSDVHVVXEVLJXLHQWHVVHSUHVHQWD XQRVWLQDWRUtWPLFRPHOyGLFRTXHVHUHSLWHHQODEDQGRODVHJXQGD\ OXHJR HQ HO WLSOH IRUPDQGR XQ DPELHQWH SDUD OD LQWHUYHQFLyQ GH OD JXLWDUUDFRQODPHORGtDHQORVEDMRV\ODSRVWHULRUFRQFOXVLyQGHOD SDUWHFRQDFRUGHVGHFLVLYRV   .  . . . .

(47) 3$57(% &203$6(6   $QiOLVLVHVWUXFWXUDO  (VWDSDUWHFRQVWDGHGRVIUDVHVFRPSOHPHQWDULDVFDGDXQDGHRFKR FRPSDVHV/DFDUDFWHUtVWLFDTXHPDVVREUHVDOHHVODPRGXODFLyQD OD WRQDOLGDG GH OD GRPLQDQWH TXH DGHPiV YD DFRPSDxDGD GH XQ DXPHQWR HQ OD YHORFLGDG \ HQ OD FXDO VH GHVDUUROOD XQ VHJXQGR WHPDFRPSOHWDPHQWHGLIHUHQWHGHOTXHVHH[SRQHHQODSDUWH$  $QiOLVLVUtWPLFR  $GLIHUHQFLDGHODSDUWHDQWHULRUHQHVWDSDUWHODILJXUDFRQODTXH VH HVWUXFWXUD HO PRWLYR HV OD QHJUD FRQ SXQWLOOR  QRUPDOPHQWH OD VHJXQGD QHJUD FRQ SXQWLOOR VH IUDJPHQWD HQ FRUFKHDV  ORV ILQDOHV GHIUDVH\VHPLIUDVHVHSUHVHQWDQFRQQRWDVODUJDV3DUDDJUHJDUOH XQSRFRPDVGHYDULHGDGDODSDUWHHQORVFRPSDVHV\VHKD LQFOXLGRXQDHPLRODHQODJXLWDUUD.     . . . .

(48) $QiOLVLVDUPyQLFR  /DHVWUXFWXUDDUPyQLFDGHHVWDSDUWHHVWiIRUPDGDFRQORVDFRUGHV EiVLFRVGHODVUHJLRQHVWRQDOHVFRPRVRQHO,HO,,RHO,9\HO9R 9,, DGHPiV GH HVWRV  HO FRPSRVLWRU VH VLUYH GH LQWHUGRPLQDQWHV $OJXQRVGHORVDFRUGHVKDQVLGRVXVWLWXLGRVSDUDGDUOHXQDLUHGH PRGHUQLGDGDODSLH]DDGHPiVVHDJUHJDQDOJXQDVH[WHQVLRQHV\ VXSUHVLRQHVHQORVDFRUGHVSDUDHOPLVPRILQ  $QiOLVLVGHLQVWUXPHQWDFLyQ  /DPHORGtDGHWRGDODSDUWHHVWDJXLDGDSRUODEDQGRODSULPHUDTXH HVVHJXLGDSRUODEDQGRODVHJXQGDHQXQDYR]TXHVHFRQVWUX\HHQ VX PD\RUtD FRQ DUSHJLRV  (O WLSOH \ OD JXLWDUUD OOHYDQ DPERV HO VRSRUWH DUPyQLFR \ UtWPLFR GH OD SDUWH \ D OD YH] WLHQHQ FRQWUD PHORGtDV RFDVLRQDOHV  \D HQ HO FRPSiV  9HU ILJXUD   HO WLSOH WRPD XQD FRQWUD PHORGtD HQ OD TXH KD\ XQ FODUR RVWLQDWR HQ HO SULPHU JUXSR GH WUHV FRUFKHDV \ XQD SURJUHVLyQ PHOyGLFD HQ HO VHJXQGR JUXSR  HVWR DJUHJD pQIDVLV D OD HVWUXFWXUD PHOyGLFD TXH VHGLYLGHHQGRVQHJUDVFRQSXQWLOOR.   . . . .

(49) &2'$ &203$6(6   /D FRGD VH SUHVHQWD FRPR XQD VHJXQGD FDVLOOD D OD SDUWH %  HQ HVWDHVFODURGHVGHVXSULPHUFRPSiVHOFDUiFWHUGHILQLWLYRDOOOHYDU OD PHORGtD KDVWD OD QRWD PiV DOWD GH WRGD OD REUD \ DGHPiV PDQWHQHUOD HQ XQD ILJXUD GH ODUJD GXUDFLyQ SDUD OXHJR KDFHU OD FDGHQFLDILQDO .  . $WHUUL]DQGR.  &RPSRVLWRU3HGUR0RUDOHV3LQR 5LWPR2QHVWHS 7RQDOLGDG%E²(E (VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$SDUWH%&RGD  ,1752'8&&,21 &203$6(6   $QiOLVLVHVWUXFWXUDO  (O WHPD GH OD LQWURGXFFLyQ SUHVHQWD HO PRWLYR D GHVDUUROODU HQ OD SDUWH$HVDSHVDUGHVXFRUWDORQJLWXGPX\GLFLHQWHHQFXDQWRD ODHVWUXFWXUDTXHVHYDDPDQHMDUHQORVFRPSDVHVDVHJXLU .  . . . .

(50) $QiOLVLVUtWPLFR  (O PRWLYR UtWPLFR GH OD LQWURGXFFLyQ \ TXH VH GHVDUUROODUD HQ HO WHPD $  LQLFLD FRQ XQ DQDFUXVD GH  FRUFKHDV  VLQ HPEDUJR DXQTXHHVWHHVHOPRWLYRPiVFDUDFWHUtVWLFRHQODLQWURGXFFLyQHO PRWLYRFRPSOHWRVHSUHVHQWDGHXQDPDQHUDGLVWLQWD'HVSXpVGH KDEHU PRVWUDGR ODV FRUFKHDV  VLJXHQ SULPHUR WUHV QHJUDV \ OXHJR XQDFDtGDHQDUSHJLRTXHOOHJDDXQFRUWHHQORVWLHPSRVSULPHUR\ WHUFHURGHOFRPSiV  $QiOLVLVDUPyQLFR  7RGDODLQWURGXFFLyQVHSUHVHQWDHQODGRPLQDQWHGHODWRQDOLGDG  $QiOLVLVGHLQVWUXPHQWDFLyQ  (OPRWLYRGHODVFRUFKHDVTXHVHH[SOLFDHQHODQiOLVLVUtWPLFROR OOHYD VLHPSUH OD EDQGROD SULPHUD SRU WUDWDUVH GH XQ PRWLYR LPSRUWDQWH HQ HO GHVDUUROOR GH OD VLJXLHQWH SDUWH  ORV GHPiV LQVWUXPHQWRVOOHYDQVLHPSUHODVQHJUDVTXHOHVLJXHQDOPRWLYRGH ODVFRUFKHDV   .  . . . .

(51) 3$57($ &203$6(6   (VWD SDUWH VH GLYLGH HQ GRV SDUWHV PiV SHTXHxDV D ODV TXH VH OHV OODPDUD$ñ\$ò  3$57($ñ &203$6(6   $QiOLVLVHVWUXFWXUDO  (QHVWDSDUWHVHGHVDUUROODHOWHPDH[SXHVWRHQODLQWURGXFFLyQ(O 2QH VWHS VH FDUDFWHUL]D SRU VHU P~VLFD SDUD EDLODU SRU OR TXH HO HVTXHPDUtWPLFRTXHSUHVHQWDODSDUWHWLHQHXQDJUDFLDSHFXOLDU  $QiOLVLVUtWPLFR  (VWD SDUWH WLHQH GRV IUDVHV GH  FRPSDVHV FDGD XQDTXH D VX YH] VHGLYLGHQHQGRVVHPLIUDVHVGHFXDWURFRPSDVHVFDGDXQDHQOD SULPHUVHPLIUDVHHQFRQWUDPRVODVFLQFRFRUFKHDV\DH[SXHVWDV\ VH FRPSOHPHQWD FRQ XQ EUHYH FRUWH HQ HO SULPHU WLHPSR TXH OH DJUHJD XQ WRTXH StFDUR  HVWH PRWLYR HV LJXDO HQ OD VLJXLHQWH VHPLIUDVHSHURHQYH]GHODVFRUFKHDVKD\WUHVQHJUDVODSULPHU IUDVHWHUPLQDHQXQDQRWDODUJDTXHVRVWLHQHODVpSWLPDGHODFRUGH GH GRPLQDQWH  /D VHJXQGD VHPLIUDVH WLHQH OD PLVPD IRUPD SHUR HVWDWHUPLQDVREUHODWyQLFDHQXQDQHJUD.  . . . .

(52) $QiOLVLVDUPyQLFR  /D SULPHUD IUDVH GH HVWD SDUWH VH GHVDUUROOD FRPSOHWDPHQWH VREUH ODWyQLFDGHODWRQDOLGDGDHVWDVHOHDJUHJDURQH[WHQVLRQHVKDVWD OD QRYHQD  (Q RSRVLFLyQ  OD VHJXQGD IUDVH VH GHVDUUROOD HQ OD GRPLQDQWHGHODWRQDOLGDGDODFXDOWDPELpQVHOHKDQDJUHJDGRODV H[WHQVLRQHV KDVWD OD QRYHQD \ HO EDMR GD OD LPSUHVLyQ GH PDQWHQHUVHHQODWyQLFDDPDQHUDGHRVWLQDWR  $QiOLVLVGHLQVWUXPHQWDFLyQ  &RPR HQ HVWD REUD VH HQFXHQWUDQ PXFKDV UHSHWLFLRQHV GH ORV PRWLYRV  VH SUHVWD SHUIHFWDPHQWH SDUD MXJDU FRQ ORV GLIHUHQWHV FRORUHV GH ORV TXH HV FDSD] XQ FXDUWHWR WtSLFR SRU OR TXH HQ HVWD SDUWHVHLQLFLDFRQXQGXHWRHQWUHHOWLSOH\ODJXLWDUUDDORVTXH VH OHV XQH OD EDQGROD VHJXQGD HQ HO FRPSiV   DO WRPDU OD EDQGROD VHJXQGD OD OtQHD PHOyGLFD  VH GD HO HVSDFLR SDUD HO WLSOH KDFHU XQD FRQWUD PHORGtD EDVDGD HQ HO HVTXHPD UtWPLFR GH OD LQWURGXFFLyQ        . . . .

(53) 3$57($ò &203$6(6   $QiOLVLVHVWUXFWXUDO  6HUHH[SRQHHOPRWLYRPHOyGLFRHQODRFWDYDVXSHULRU\VHSUHSDUD OD HQWUDGD D OD SDUWH % FRQ XQ EUHYH VROR GH JXLWDUUD  (VWD SDUWH WLHQH VROR XQD IUDVH GH  FRPSDVHV  HVWR VH GHEH D TXH HO ž FRPSiVHVODSUHSDUDFLyQGHODVLJXLHQWHSDUWHSRUORTXHGLUHPRV TXHODSDUWHHQWHUDHVGHFRPSDVHV  $QiOLVLVUtWPLFR  /RV SULPHURV FLQFR FRPSDVHV GH HVWD SDUWH VRQ H[DFWDPHQWH LJXDOHVDORVSULPHURVFLQFRFRPSDVHV GHODSDUWH$ñSHURHQORV FRPSDVHV VLJXLHQWHV VH WHMH XQD WHQVLyQ FRQ QRWDV ODUJDV TXH OH GDQ SDVR DO VROR GH JXLWDUUD  HVWH VH GHVDUUROOD FRQ HO PLVPR PRWLYR GH FLQFR FRUFKHDV VHJXLGR GH XQRV FRUWHV TXH VLUYHQ FRPR FRQFOXVLyQGHODSULPHUDSDUWH\DEUHQHOSDVRDODVLJXLHQWH  $QiOLVLVDUPyQLFR  $OLJXDOTXHHQODSDUWH$ñHVWDLQLFLDHQODWyQLFDGHODWRQDOLGDG \ HQ HO FRPSDVH   HQIDWL]DGR SRU HO HVTXHPD UtWPLFR  VH GHVDUUROOD XQD WHQVLyQ FRQ XQ DFRUGH GH TXLQWD \ VpSWLPD GLVPLQXLGDV TXH VH UHVXHOYH VREUH HO VHJXQGR JUDGR GH OD  . . . .

(54) WRQDOLGDG(OVRORGHODJXLWDUUDVHVRVWLHQHHQODWyQLFDTXHHVDOD YH]ODGRPLQDQWHSDUDODFRGD  $QiOLVLVGHLQVWUXPHQWDFLyQ  (Q HVWD SDUWH VH OH GD OD PHORGtD D OD SULPHUD EDQGROD \ DVt VH DSURYHFKD OD VHJXQGD EDQGROD SDUD KDFHU XQ FRQWUDSXQWR GH SULPHUD HVSHFLH \ PLHQWUDV HO WLSOH VRVWLHQH ODV EDVHV UtWPLFDV \ DUPyQLFDV GH HVWD SDUWH  OD JXLWDUUD KDFH XQ MXHJR GH GHVSOD]DPLHQWR GH DFHQWRV TXH KDFHQ FRQWUDVWH QR VROR FRQ OD PHORGtD VLQR WDPELpQ FRQ HO HVTXHPD UtWPLFR GHO 2QH VWHS 0LHQWUDVODVEDQGRODVOOHYDQODVQRWDVODUJDVTXHVRQODEDVHGHOD WHQVLyQ TXH VH SUHWHQGH FUHDU  HO WLSOH \ OD JXLWDUUD KDFHQ FRPSOHPHQWR DO DUSHJLDU HO DFRUGH FRPSOHWR HQ VXV FXDWUR LQYHUVLRQHV FDPELDQGR FRQ FDGD EODQFD GH ODV EDQGRODV  (O VROR GH JXLWDUUD IXH SHQVDGR SDUD KDFHU SURYHFKR GH OD UHSHWLFLyQ FRQ FDPELRVHQORVFRORUHV  3$57(% &203$6(6   3RU VX ORQJLWXG  HVWD SDUWH VH GLYLGH WDPELpQ HQ GRV SDUWHV PiV SHTXHxDVTXHVHOODPDUDQ%ñ\%ò   .  . . . .

(55) 3$57(%ñ &203$6(6   $QiOLVLVHVWUXFWXUDO  (QHVWDSDUWHGHODREUDHOHVTXHPDUtWPLFRVHVXDYL]DXQSRFRDO FDPELDU ODV FRUFKHDV GH OD SDUWH $ FRQ VX HTXLYDOHQWH HQ QHJUDV GiQGROHXQDLUHGHWUDQTXLOLGDGDOPRWLYRTXHVHH[SRQH  $QiOLVLVUtWPLFR  (O PRWLYR UtWPLFR TXH VH SUHVHQWD HQ HVWD SDUWH GH OD REUD HV UHFXUUHQWHHVWRVLJQLILFDTXHHOPRWLYRHVFUHDGRGHXQDSDUWtFXOD UtWPLFDTXHVHUHSLWHDVLPLVPDODSDUWtFXODHVWDHVWUXFWXUDGDGH HVWDPDQHUDXQDDQDFUXVDGHWUHVQHJUDVVHJXLGDVGHXQDQHJUD PDV\XQDEODQFDFRQSXQWLOORTXHUHVXHOYHHQHOSULPHUWLHPSRGHO VLJXLHQWH FRPSiV SDUD UHSHWLUVH VLQ QLQJ~Q WLSR GH YDULDFLyQ 9HU ILJXUD .     . . . .

(56) $QiOLVLVDUPyQLFR  (Q HVWD SDUWH VH LQWHUFDODQ ORV DFRUGHV GH 'RPLQDQWH \ 7yQLFD UHVSHFWLYDPHQWH FRQ XQ ULWPR DUPyQLFR GH  FRPSDVHV  (Q HO FRPSiV  9HU ILJXUD  SRU HO FRQWUDULR VXFHGH XQD SURJUHVLyQ GH DFRUGHV DVFHQGHQWH FDGD XQR D GLVWDQFLD GH XQ WRQR GHO DQWHULRU HVWR  TXH ELHQ VH SXHGH FRQVLGHUDU FRPR XQ HUURU DUPyQLFR SRU ODV FDUDFWHUtVWLFDV GHO HQODFH  VH MXVWLILFD SRU HO HIHFWR GH WHQVLyQ TXHJHQHUDDODFRPSDxDUVHHVWHGHXQFUHVFHQGR\GHMDUODIUDVHHQ HODLUH(VWHHIHFWRGHWHQVLyQSURSRUFLRQDDODYH]XQSXHQWHSDUD ODUHSHWLFLyQDVHJXLU.  $QiOLVLVGHLQVWUXPHQWDFLyQ  (O FDUiFWHU JUDFLRVR GH OD PHORGtD HV SHUIHFWR SDUD HO MXHJR HQWUH ODV EDQGRODV  FRPR OR YHPRV HQ HVWD SDUWH HQ TXH OD EDQGROD.  . . . .

(57) SULPHUD LQLFLD OD PHORGtD \ OD EDQGROD VHJXQGD HQWUD HQ HO VLJXLHQWHFRPSiVFRQXQDVXSXHVWDVHJXQGDYR]SHURTXHVLVHYH PiV GH FHUFD  HV XQD PHORGtD LQGHSHQGLHQWH GHELGR D VX PRYLPLHQWR SDUWLFXODU  (O WLSOH SRU VX SDUWH WLHQH DGRUQRV TXH OH KDFHQ MXHJR D ODV PHORGtDV GH ODV EDQGRODV \ KDFH WDPELpQ VX SDUWH GH DFRPSDxDPLHQWR SDUD DSRUWDUOH DO SHVR DUPyQLFR  /D JXLWDUUD  OOHYD WDPELpQ VX SDUWH GH DGRUQR  OOHYDQGR HO EDMR HQ XQDHVFDODDVFHQGHQWHKDVWDUHVROYHUHQODWyQLFDHQODVHJXQGD IUDVH GHO WHPD FRPSiV   VH UHSLWH HO WHPD \ VH DSURYHFKD SDUD KDFHU XQ LQWHUFDPELR GH PHORGtDV HQWUH ODV EDQGRODV  SRU FRQVLJXLHQWHODPHORGtDTXHWHQLDODEDQGRODSULPHUDHQHOFRPSiV ODSDVDDWHQHUODEDQGRODVHJXQGDHQHOFRPSiV  3$57(%ò &203$6(6   $QiOLVLVHVWUXFWXUDO  (VWDSDUWHHVXQDFRSLDH[DFWDGHODPHORGtDGHODSDUWH%ñORFXDO VHDSURYHFKDSDUDMXJDUFRQODLQVWUXPHQWDFLyQGHODREUD  $QiOLVLVGHLQVWUXPHQWDFLyQ  $O LJXDO TXH HQ OD SDUWH DQWHULRU  OD EDQGROD SULPHUD WRPD HO OLGHUD]JR PHOyGLFR HQ OD SULPHUD IUDVH \ OD EDQGROD VHJXQGD KDFH XQD FRSLD D PDQHUD GH HFR GH OD PHORGtD LQLFLDQGR HQ HO FRPSiV LQPHGLDWDPHQWH VLJXLHQWH  OR PLVPR VXFHGH HQ OD VHJXQGD IUDVH  . . . .

(58) SHUR LQLFLDQGR OD EDQGROD VHJXQGD  (O WLSOH SRU VX SDUWH  VH DSURYHFKD HQ HVWD UHSHWLFLyQ SDUD KDFHU XQD FRQWUD PHORGtD GH FRUWH MD]]tVWLFR \ FRQ FDUiFWHU GH LPSURYLVDFLyQ 1RWD VL HO LQWpUSUHWH GHVHD LPSURYLVDU HQ YH] GH WRFDU OD PHORGtD SURSXHVWD ELHQ OR SXHGH KDFHU   /D JXLWDUUD OOHYD HO VXVWHQWR DUPyQLFR KDFLHQGRXQEDMRFDPLQDQWHFRQODPLVPDDUPRQtDTXHVHSURSXVR HQODSDUWH%ñ  &2'$ &203$6(6   /D FRGD FRQVWD GH GRV JUDQGHV SDUWHV TXH HQ UHDOLGDG VRQ XQD SXHVWR TXH VRQ OD H[SRVLFLyQ GH XQ WHPD FRQ VX GHVDUUROOR \ OD UHSHWLFLyQ H[DFWD GH HVWR HQ OD RFWDYD VXSHULRU $XQ DVt SRU ORV HOHPHQWRV GH LQVWUXPHQWDFLyQ DSOLFDGRV HQ HVWDV GRV SDUWHV  VH WUDEDMDUDQ FRPR LQGHSHQGLHQWHV GLIHUHQFLiQGRODV FRPR &RGDñ \ &RGDò&DEHDQRWDUWDPELpQTXHHVWDSDUWHHVWDFRQVWUXLGDVREUH ODVXEGRPLQDQWHGHODWRQDOLGDGLQLFLDO(E0D\RU  &2'$ñ &203$6(6   $QiOLVLVHVWUXFWXUDO  /DPHORGtDGHHVWDSDUWHHVWDEDVDGDHQORVDUSHJLRVGHORVDFRUGHV FRUUHVSRQGLHQWHV .  . . . .

(59) $QiOLVLVUtWPLFR  /D HVWUXFWXUD UtWPLFD GH HVWD SDUWH HVWD EDVDGD HQ OD EODQFD FRQ XQ LQLFLR GH IUDVH GH WUHV QHJUDV  OD WHUPLQDFLyQ GH OD IUDVH VHUi VLHPSUHFRQUHGRQGDV  $QiOLVLVDUPyQLFR  (Q HVWD SDUWH VH LQYROXFUDQ ODV UHJLRQHV WRQDOHV GH 7yQLFD 6XEGRPLQDQWH. \. 'RPLQDQWH. . HQOD]DGDV. D. WUDYpV. GH. LQWHUGRPLQDQWHV \ XVDQGR WDPELpQ DFRUGHV VXVWLWXWRV \ FRQ H[WHQVLRQHVFRPRYHPRVHQODSULPHUDIUDVHTXHWLHQHHOHQODFH7 67'BLL'7 9HU ILJXUD  HV GH UHVDOWDU TXH ODV EDQGRODV DXQTXH OOHYDQ XQ DSDUHQWH DFRPSDxDPLHQWR DUPyQLFR  OR TXH KDFHQHQUHDOLGDGHVXQRVWLQDWR.  .  . . . .

(60) $QiOLVLVGHLQVWUXPHQWDFLyQ  (O WLSOH WRPD HQ HVWD SDUWH HO OLGHUD]JR PHOyGLFR SDViQGROH HQ HO FRPSiV  OD PHORGtD D ODV EDQGRODV \ UHWRPDQGR HO DFRPSDxDPLHQWR  /D JXLWDUUD MXQWR FRQ ODV EDQGRODV OH KDFHQ HO DFRPSDxDPLHQWR FRQ OD HVWUXFWXUD GHO RQH VWHS  3DUD HO FRPSiV WRPDODPHORGtDODJXLWDUUDHQORVEDMRVDSURYHFKDQGRODIRUPD GH OD REUD SDUD DFRPSDxDUVH DO PLVPR WLHPSR FRQ ORV DFRUGHV SURSXHVWRV  ODV EDQGRODV \ HO WLSOH OH KDFHQ WDPELpQ HO DFRPSDxDPLHQWR (VWH SXQWR HV GHOLFDGR GHELGR D TXH SRU OD IRUPD GH DUSHJLR GH OD PHORGtD  HO LQWpUSUHWH SXHGH FRQIXQGLU OD PHORGtDHQORVEDMRVFRQXQDFRPSDxDPLHQWRDUPyQLFR\QRGDUOHV ODLPSRUWDQFLDTXHWLHQHQ   (Q HO FRPSiV   UHWRPDQ HO OLGHUD]JR PHOyGLFR ODV EDQGRODV OOHYDQGR OD PHORGtD SULQFLSDO OD EDQGROD SULPHUD \ XQD FRQWUD PHORGtD TXH GHVHPERFD HQ RVWLQDWR OD EDQGROD VHJXQGD  HQ HO FRPSiV  VH FDPELDQ GH QXHYR ORV SDSHOHV GH ODV EDQGRODV  (O WLSOH \ OD JXLWDUUD PDQWLHQHQ HO HVTXHPD UtWPLFR \ VH DSURYHFKD SDUD DJUHJDUOH XQ HIHFWR KDFLD HO ILQDO GH OD &RGDñ SRU PHGLR GH XQRV JROSHV VREUH HO SXHQWH HQ DPERV LQVWUXPHQWRV PLHQWUDV VH PDQWLHQH FRQ OD PDQR L]TXLHUGD HO DFRUGH GH 7yQLFD FRQ .   . . . .

(61) &2'$ò &203$6(6   &RPRVHKDEtD\DH[SXHVWRHVWDSDUWHHVXQDUHSOLFDH[DFWDGHOD DQWHULRU. DVt. TXH. LUHPRV. GH. LQPHGLDWR. DO. DQiOLVLV. GH. LQVWUXPHQWDFLyQTXHHVGRQGHVHJHQHUDQWRGRVORVFDPELRV  $QiOLVLVGHLQVWUXPHQWDFLyQ  (QODSULPHUDIUDVHGHHVWDSDUWHTXHFRPSUHQGHORVFRPSDVHV   OD EDQGROD SULPHUD WLHQH HO OLGHUD]JR PHOyGLFR PLHQWUDV OD EDQGROD VHJXQGD OH KDFH XQD FRQWUD PHORGtD EDVDGD HQ QHJUDV \ FRQHODUSHJLRGHODFRUGHGHOPRPHQWR(OWLSOHGHQXHYRKDFHXQD FRQWUDPHORGtDGHWLSRMD]]tVWLFRFRQXQPRWLYRSDUHFLGRDOGHOVROR DQWHULRU \ FRQ OD PLVPD LQWHQFLyQ GH LPSURYLVDFLyQ GH LJXDO PDQHUD HO LQWHUSUHWH SXHGH DTXt LPSURYLVDU VL OR GHVHD   /D JXLWDUUDVHHQFDUJDGHVRVWHQHUODEDVHUtWPLFD\DUPyQLFDFRQORV PLVPRVDFRUGHTXHHQODSDUWHDQWHULRU  /D VHJXQGD IUDVH TXH FRPSUHQGH ORV FRPSDVHV  KDVWD HO ILQDO LQLFLDQ FRQ XQ FDQRQ HQWUH ODV EDQGRODV \ XQD IXJHWWD FRQ HO PLVPRVXMHWRLQLFLDOFRQODJXLWDUUDTXHVHGHVHPERFDHQXQEDMR FDPLQDQWH  HO WLSOH OOHYD XQD FRQWUD PHORGtD LJXDOPHQWH GH WLSR MD]] \ FRQ FDUiFWHU REOLJDWRULR  (O ILQDO VH HYLGHQFLD GHVGH HO FRPSiV  FRQ XQD DOWHUQDFLyQ PHOyGLFD HQWUH ODV EDQGRODV PLHQWUDV HO WLSOH \ OD JXLWDUUD SUHSDUDQ WDPELpQ HO ILQDO FRQ HO UHWRUQR D OD EDVH UtWPLFD GHO RQH VWHS  (Q ORV WUHV FRPSDVHV TXH.  . . . .

(62) HQPDUFDQODFRQFOXVLyQGHODREUDYHPRVHOHQODFHDUPyQLFRFRQ DFRUGHVSDUDOHORVLL'SDUDOHOD7 9HUILJXUD .  .  . &DQFLyQ6LQSDODEUDV.  &RPSRVLWRU$QyQLPR 5LWPR%DPEXFR 7RQDOLGDG$ (VWUXFWXUDGHODREUD3DUWH$SDUWH%FRGD  3$57($ &203$6(6   /D YHUVLyQ RULJLQDO GH HVWD SLH]D TXH IXH FRQFHELGD SDUD JXLWDUUD VROLVWD  WLHQH XQD SDUWH $ TXH VH UHSLWH SHUR HO DUUHJOLVWD GHFLGLy SRU UD]RQHV FRPSOHWDPHQWH GH JXVWR GLYLGLU OD SDUWH HQ GRV $ñ \ $ò  /D SULPHUD HV OD H[SRVLFLyQ GHO WHPD D GXHWR GH EDQGRODV VRODPHQWH \ OD VHJXQGD  OD UHSHWLFLyQ GH OD SDUWH SHUR FRQ OD LQVWUXPHQWDFLyQFRPSOHWD.  . . . .

(63) 3$57($ñ &203$6(6   $QiOLVLVHVWUXFWXUDO  /DPHORGtDHVWiEDVDGDHQDUSHJLRVFRQVWUXLGRVFRQORVDFRUGHVGH OD WRQDOLGDG \ ORV FRPELQD FRQ DOJXQDV QRWDV GH SDVR GLDWyQLFDV DSR\DWXUDV FURPiWLFDV \ RWURV DGRUQRV  HQ HVWD SULPHUD SDUWH VH KDWRPDGRODEDQGRODVHJXQGDSDUDDSURYHFKDUWRGDODFDSDFLGDG DUPyQLFD GHO LQVWUXPHQWR DO VRVWHQHU OD EDVH UtWPLFD \ DUPyQLFD HQHVWDSDUWHGHODREUD  $QiOLVLVUtWPLFR  (O PRWLYR UtWPLFR SULQFLSDO GH HVWD REUDV HVWD EDVDGR HQ OD FpOXOD UtWPLFDSURSLDGHOFRPSiV\FRQWLHQHDVXYH]FDPELRVUtWPLFRVTXH VRQFDUDFWHUtVWLFRVGHODVREUDVGHOPRYLPLHQWRGHQRPLQDGRQXHYD P~VLFD$QGLQD&RORPELDQDDXQDVtHVWDREUDFRQWLHQHODIRUPD FRQODTXHVHGLVWLQJXHHOEDPEXFRGHFXDOTXLHURWURDLUHHOLFWXV HVWRVLJQLILFDODWHUPLQDFLyQGHODIUDVHFRQXQKLSR  .  . ´KLSRµ VLQFRSD LUUHJXODU VLWXDGD HQ OD SDUWH GpELO GHO SULPHU WLHPSR GHO FRPSiV (1 (/ (63Ì5,78 3238/$5 &2/20%,$12 3URSXHVWD LQWHUSUHWDWLYD GH OD P~VLFD FRORPELDQD HVFULWD SDUD JXLWDUUD -XOLiQ $PDGRU &DUGRQD 7RUR 0HGHOOtQ.  . . . .

(64) $QiOLVLVDUPyQLFR  (O PRYLPLHQWR DUPyQLFR GH HVWD SDUWH FRQVWD GH XQ HQOD]DPLHQWR GH ORV DFRUGHV SHUWHQHFLHQWHV D ODV GLIHUHQWHV UHJLRQHV WRQDOHV XVDQGR WDPELpQ LQWHUGRPLQDQWHV SDUD KDFHU PDV DFWLYR HO PRYLPLHQWR  D DOJXQRV GH HVWRV DFRUGHV VH OHV KDQ DJUHJDGR VXV H[WHQVLRQHV. . GH. LJXDO. PDQHUD. SDUD. GDUOH. IOXLGH]. DO. DFRPSDxDPLHQWRDUPyQLFRTXHVRVWLHQHODEDQGRODVHJXQGD  $QiOLVLVGHLQVWUXPHQWDFLyQ  3DUD H[SORUDU WRGD OD ULTXH]D GH ODV EDQGRODV \ SDUD JHQHUDU XQ DPELHQWH GH H[SHFWDWLYD YLVXDO  VH HVFRJLy KDFHU XQ GXHWR GH EDQGRODV HQ HO TXH OD EDQGROD SULPHUD WLHQH HO OLGHUD]JR PHOyGLFR PLHQWUDVTXHODEDQGRODVHJXQGDWRPDDVXVFDUJRWRGRHOSHVRGH ODHVWUXFWXUDUtWPLFD\DUPyQLFDHQHOFRPSiVVHDSURYHFKDOD SURJUHVLyQTXHWLHQHODPHORGtDSDUDLQVHUWDUXQDVHJXQGDYR]SRU FXDUWDVODVFXDOHVSRUVXFRORUDJUHJDQXQDLUHGHPRGHUQLGDGD ODREUD  3$57($ò &203$6(6   (VWD SDUWH HV OD UHSHWLFLyQ GH OD SULPHUD SHUR FRQ HO IRUPDWR FRPSOHWR  (Q HVWD \D OD EDQGROD VHJXQGD WRPD VX SDSHO GH VHJXQGD YR] \ FRQWUD PHORGtDV RFDVLRQDOHV \ HO WLSOH \ OD JXLWDUUD.  . . . .

(65) VRVWLHQHQ OD EDVH UtWPLFD \ DUPyQLFD SRU OR WDQWR VH REYLDUDQ ORV DQiOLVLVHVWUXFWXUDOUtWPLFR\DUPyQLFR  $QiOLVLVGHLQVWUXPHQWDFLyQ  $O LJXDO TXH DO SULQFLSLR  VROR OD EDQGROD SULPHUD WLHQH OD OtQHD PHOyGLFDSRUVXSDUWHODEDQGRODVHJXQGDLQLFLDFRQXQRVFRQWUD FDQWRVHQUHVSXHVWDDODIUDVHTXHGHMRODEDQGRODSULPHUDHOWLSOH \ OD JXLWDUUD MXHJDQ VX WDQ LPSRUWDQWtVLPR URO GH VRVWHQHU OD HVWUXFWXUDUtWPLFD\DUPyQLFDDGLFLRQDOPHQWHHQORVFRPSDVHV \  VH LQVHUWDQ XQRV FRUWHV TXH VRQ FDUDFWHUtVWLFRV GH OD QXHYD P~VLFDDQGLQDFRORPELDQDDVLPLVPRHQHOFRPSDVHVHYXHOYH D SUHVHQWDU OD SURJUHVLyQ TXH VH WUDWR HQ HO FRPSiV  \ HVWD YH] FDGDSURJUHVLyQHVDWDFDGDHQORVLQVWUXPHQWRVDUPyQLFRV  3$57(% &203$6(6   $QiOLVLVHVWUXFWXUDO  -XVWR HQ HO FRPSDVH  VH HQFXHQWUDQ HO ILQDO GH OD SDUWH $ \ HO SULQFLSLR GH OD SDUWH % VXSHUSXHVWRV  HQ HVWD SDUWH GH OD REUD OD LQVWUXPHQWDFLyQ HV PHQRV GHQVD \ HVWD FDVL FRPSOHWDPHQWH GHGLFDGD D OD JXLWDUUD GHELGR D TXH OD REUD IXH FRQFHELGD SDUD JXLWDUUD VROLVWD \ HO DUUHJOR SUHWHQGH JXDUGDU XQ WDQWR GH OD RULJLQDOLGDGGHODREUD.  . . . .

Referencias

Documento similar

KDFLD OD TXH WUDGXFH HO WUDGXFWRU WLHQH TXH FUHDU XQD SDODEUD QXHYD SDUD SRGHU. H[SUHVDUOR FRQ SURSLHGDG ³OR FXDO VLHPSUH HV GLItFLO PXFKDV

PHWDOHV FDGD YH] TXH VH LQFUHPHQWD OD VXSHUILFLH GHO HOHFWURGR GH 59&amp;. 7DPELpQVHREVHUYDTXHODHILFLHQFLDGHFRUULHQWHφ

VHJXQGD FRORFDUORV HQ ODV VHQGDV TXH ORV. SURFHGLPLHQWRV FLHQWtÀFRV

frqvwlwx|ìqgrvh hq xqd slh}d fodyh sdud odv srvwhulruhv wduhdv hq ho ghvduuroor gh vriwzduh1 Orv pìwrgrv irupdohv grwdq gh suhflvlöq | uljru do prghor frqfhswxdo/ shur

Ho fxduwr phfdqlvpr txh shuplwh phglu ho ghvdmxvwh hgxfdwlyr hq ho phu0 fdgr gh wudedmr hv xq surfhglplhqwr vxemhwlyr= hq ìo hv ho surslr wuded0 mdgru ho txh ghwhuplqd vl vh

(Q FRQWUDVWH ORV FOLHQWHV \ VHUYLGRUHV TXH XVDQ 8'3 VH FDUDFWHUL]DQ SRU QR WHQHU JDUDQWtDV VREUH OD ILDELOLGDG GH OD HQWUHJD &amp;XDQGR XQ FOLHQWH HQYtD

/R SULPHUR TXH KDFH GHQWUR GHO FRQVWUXFWRU HV DVLJQDU ORV SDUiPHWURV GH  HQWUDGDDYDULDEOHVGHODFODVH. 

Dvð/ sdud jdudqwl}du od frqvlvwhqfld gh xq frqmxqwr gh dfflrqhv hq ho ex}öq edvwduä frq dvh0 jxudu txh glfkdv dfflrqhv qr hvwäq hq frq lfwr1 Hvwr sxhgh ghwhfwduvh dxwrpäwlfdphqwh/