1HZ$ONR[\ODWLRQ7HFKQRORJLHV

 ,QWURGXFWLRQ

7KH KLVWRU\ RI QRQLRQLF VXUIDFWDQWV LV SUHGRPLQDQWO\ WKDW RI WKH HWKR[\ODWLRQ SURGXFWV 6WDUWLQJ IURP
WKH DSSOLFDWLRQ RI SRO\HWK\OHQH JO\FRO DV D OHYHOLQJ DJHQW LQ YDW G\HLQJ 6FKRHOOHU ' LQ 
DWWHPSWHG WR HVWHULI\ ORZ PROHFXODU SRO\HWK\OHQH JO\FRO ZLWK IDWW\ DFLGV WR SURGXFH ZDWHU VROXEOH
DFWLYH DJHQWV +H REWDLQHG VXEVWDQFHV ZKLFK ZHUH WKH EHJLQQLQJ RI GHWHUJHQW SURSHUWLHV VXFK DV
IRDPLQJ ZDVKLQJ ZHWWLQJ OHYHOLQJ DQG HPXOVLI\LQJ
7KLV LQIRUPDWLRQ OHG WR RWKHU K\GURSKRELF VXEVWDQFHV ZLWK LQWHUFKDQJHDEOH K\GURJHQ DWRP DV ZHOO DV
WR PRQRPHULF HWK\OHQH R[LGH
)ROORZLQJ WKLV WKH ILUVW HWKR[\ODWHG IDWW\ DOFRKRO ZDV SDWHQWHG E\ 6FKRHOOHU DOVR LQ  7KH ILUVW
QRQLRQLF GHWHUJHQW ZDV D FRFRQXW RLO IDWW\ DOFRKRO ZLWK  PROHV RI HWK\OHQH R[LGH ZKLFK WR WKLV GDWH
LV VWLOO RI JUHDW LQWHUHVW WR WKH PDUNHW

6KRUWO\ DIWHU WKLV GLVFRYHU\ IDWW\ DFLG HWKR[\ODWHV DQG DON\OSKHQRO HWKR[\ODWHV ZHUH LQWURGXFHG WR WKH
PDUNHW /DWHU IDWW\ DPLQH HWKR[\ODWHV DQG IDWW\ DPLGH HWKR[\ODWHV IROORZHG

7RGD\ PRUH WKDQ  PLOOLRQ PHWULF WRQV SHU \HDU RI QRQLRQLF VXUIDFWDQWV DUH SURGXFHG ZRUOGZLGH E\
VRPH RYHU  GLIIHUHQW HWKR[\ODWRUV 7KH DQQXDO JURZWK RI HWKR[\ODWHV YDULHV DURXQG WKH GLIIHUHQW
UHJLRQV LQ WKH ZRUOG UHDFKLQJ \HDUO\ JURZWKV XS WR  WR   2YHUDOO ZRUOGZLGH JURZWK LV LQ WKH UHJLRQ
RI  

5HJLRQ $QQXDO (WKR[\ODWHV $QQXDO (WKR[\ODWHV

&DSDFLW\ LQ  &DSDFLW\ )RUHFDVW 
 W\HDU  W\HDU
1RUWK $PHULFD  
6RXWK $PHULFD  
:HVW (XURSH  
(DVW (XURSH  
0LGGOH (DVW $IULFD  
$VLD  
-DSDQ  
7RWDO  
7DEOH  $QQXDO &DSDFLW\ IRU 1RQLRQLF 6XUIDFWDQWV
2YHU WKH ODVW IHZ \HDUV HWKR[\ODWLRQ KDV EHFRPH D YHU\ KLJK FRVW FRPSHWLWLYH SURFHVV WR DGG
K\GURSKLOLF FKDUDFWHU WR D ZLGH YDULHW\ RI K\GURSKRELF IHHGVWRFNV $V D UHVXOW RI WKLV SODQW HIILFLHQF\
KDV EHHQ LPSURYHG E\

• KLJKHU SHUIRUPDQFH SODQWV EHWWHU PL[LQJ UHDFWRUV

• ORZHU XWLOLW\ UHTXLUHPHQWV
• EHWWHU UHDFWRU YROXPH XWLOL]DWLRQ
• EHWWHU PDWHULDO IORZ WKURXJK WKH IDFLOLW\
(WK\OHQH R[LGH LV KLJKO\ UHDFWLYH

)ODPPDEOH OLPLWV LQ DLU ORZHU   YRO

XSSHU   YRO

)ODVK SRLQW RSHQ FXS   ƒ&

$XWRLJQLWLRQ WHPSHUDWXUH LQ DLU  ƒ&

DW DWPRVSKHULF SUHVVXUH

/DWHQW KHDW RI YDSRUL]DWLRQ  N-NJ

+HDW RI SRO\PHUL]DWLRQ RI OLTXLG  N-NJ

3XUH (WK\OHQH 2[LGH YDSRU GHFRPSRVHV H[SORVLYHO\ LI GHWRQDWHG LJQLWHG RU KHDWHG WR DERXW  ƒ&
HYHQ LQ DEVHQFH RI DLU
7KH DXWRLJQLWLRQ WHPSHUDWXUH $,7 RI (WK\OHQH 2[LGH LQ DLU DW DWPRVSKHULF SUHVVXUH LV ƒ& ,W LV
NQRZQ WKDW FRQWDPLQDQWV FDQ ORZHU WKH DXWRLJQLWLRQ WHPSHUDWXUH /*%ULWRQ IRXQG WKDW WKH DXWR
LJQLWLRQ WHPSHUDWXUH RI SXUH (WK\OHQH 2[LGH LQ DLU FDQ EH DV ORZ DV ƒ& RQ UXVW ZLWK KLJK VXUIDFH
>@
(WK\OHQH 2[LGH KDV D YHU\ ORZ PLQLPXP LJQLWLRQ HQHUJ\ IRU PL[WXUHV ZLWK DLU LQ WKH RUGHU RI  -
7KLV PHDQV WKDW HYHQ VPDOO KLJK SUHVVXUH OHDNDJH RI (WK\OHQH 2[LGH YDSRU RU (WK\OHQH 2[LGH DQG
1LWURJHQ PL[WXUHV WR WKH DWPRVSKHUH FRXOG LJQLWH GXH WR VWDWLF HOHFWULFLW\ >@
(WKR[\ODWLRQV WKHUHIRUH QHHG WR EH FDUHIXOO\ PRQLWRUHG DQG FRQWUROOHG ZLWK UHVSHFW WR UHDFWLRQ SUHVVXUH
DQG FRQFHQWUDWLRQ DQG FDWDO\VW TXDQWLW\ :RUNHUV H[SRVXUH PXVW EH SUHYHQWHG (2 LV FODVVLILHG DV D
VXVSHFW FDUFLQRJHQ

3URS\OHQH R[LGH LV VRPHZKDW OHVV UHDFWLYH WKDQ (2

)ODPPDEOH OLPLWV LQ DLU  PEDU ƒ& ORZHU   YRO

XSSHU   YRO

)ODVK SRLQW ',1   ƒ&

$XWRLJQLWLRQ WHPSHUDWXUH LQ DLU  ƒ&

DW DWPRVSKHULF SUHVVXUH ',1 

/DWHQW KHDW RI YDSRUL]DWLRQ  N-NJ

+HDW RI SRO\PHUL]DWLRQ RI OLTXLG  N-NJ

3XUH 3URS\OHQH 2[LGH YDSRU GHFRPSRVHV H[SORVLYHO\ LI GHWRQDWHG LJQLWHG RU KHDWHG WR DERXW  ƒ&
HYHQ LQ DEVHQFH RI DLU

7KH DXWRLJQLWLRQ WHPSHUDWXUH RI 3URS\OHQH 2[LGH LQ DLU DW DWPRVSKHULF SUHVVXUH LV DSSUR[  ƒ&
 3URFHVV ZLWK QDUURZ UDQJH FDWDO\VW

7KH FRQFHSW WR LPSURYH RU EHWWHU QDUURZLQJ WKH GLVWULEXWLRQ RI DQ HWKR[\ODWH KDV EHHQ VWXGLHG IRU
PDQ\ \HDUV EXW LQ WKH ODVW  WR  \HDUV WKH FRQVXPHUV DQG PDUNHWV KDYH QRW UHZDUGHG WKH
GHWHUJHQW PDQXIDFWXUHUV LQ WHUPV RI VDOHV IRU WKH DGYDQWDJHV WKDW WKHVH SURGXFWV RIIHU
0RVW VWXGLHV ZHUH GRQH ZLWK OLQHDU DOFRKRO HWKR[\ODWHV DQG WKH IROORZLQJ DGYDQWDJHV ZHUH
IRXQG

• 3HDNLQJ UHGXFHV WKH OHYHO RI XQHWKR[\ODWHG DOFRKRO OHIW LQ WKH HWKR[\ODWH ZKLFK
FRQVHTXHQWO\ LPSURYHV WKH RGRU

• 3HDNLQJ UHGXFHV WKH OHYHO RI KLJK PROH KRPRORJV ZKLFK FRQVHTXHQWO\ ORZHUV WKH PHOWLQJ
SRLQW

• 3HDNLQJ \LHOGV D KLJKHU FRQFHQWUDWLRQ RI KRPRORJV ZKLFK XQGHU WKH DVVXPSWLRQ WKDW WKH
(2 FRQWHQW LV RSWLPL]HG PD\ OHDG WR LPSURYHG GHWHUJHQF\ DQG ZHWWLQJ SHUIRUPDQFH

7KH SDUDPHWHUV ZKLFK PD\ LQIOXHQFH SHDNLQJ DUH WKH UHDFWLRQ WHPSHUDWXUH DQG SUHVVXUH (2 RU
32 IHHGLQJ UDWHV FDWDO\VW DQG WR D PLQRU GHJUHH WKH UHDFWRU JHRPHWU\ DQG PL[LQJ SRZHU

7KH ELJJHVW LQIOXHQFH RQ SHDNLQJ HWKR[\ODWHV LV DFKLHYHG E\ VHOHFWLQJ WKH ULJKW VROLG FDWDO\VW
7KH FKHPLVWU\ EHFRPHV IDLUO\ FRPSOLFDWHG DQG PDQ\ SURGXFHUV KDYH GHYHORSHG DQG SDWHQWHG
WKHLU RZQ SURSULHWDU\ FDWDO\VW

&RQRFR9LVWD 6WURQWLXP K\GUR[LGH &DOFLXPDOXPLQLXP

+HQNHO K\GURWDOFLWHPDJQHVLXPDOXPLQLXP

+RHFKVW /HZLV $FLGDQWLPRQ\ SHQWDFKORULGH

6KHOO 5DUH (DUWK

8QLRQ &DUELGH &DOFLXP