0e72'2)5$1&e6
'(3,$12 Š










1LQL&XUVRGH3LDQR


$XWRU:DOWHU-DYLHU6HPROLþ







:HEZZZ0HWRGRIUDQFHVGHSLDQRFRP
&RQWDFWRV,QIR#PHWRGRIUDQFHVGHSLDQRFRP

 
 ËQGLFH


¾3URORJR


¾&DSLWXOR1ž/D5HODMDFLyQ\/D3RVWXUD


¾&DSLWXOR1ž(MHUFLFLRGH3RVLFLyQ


¾&DSLWXOR1ž(MHUFLFLRVGH0RYLPLHQWR


¾&DSLWXOR1ž(MHUFLFLRGH)OXLGH]


¾ &DSLWXOR 1ž  (MHUFLFLR GH $SHUWXUD SDUD WRGRV ORV 'HGRV
&DOHQWDPLHQWR


¾ &DSLWXOR 1ž  (MHUFLFLR GH 3RVLFLyQ \ 0RYLPLHQWR SDUD
7ULDGDV


¾ &DSLWXOR 1ž  (MHUFLFLR GH 0RYLPLHQWR \ )OXLGH] SDUD
(VFDODV


¾'HVSHGLGD

 
3URORJR

(Q HVWH SHTXHxR 0LQL&XUVR DSUHQGHUi DOJXQRV GH ORV HMHUFLFLRV
EiVLFRVGHO0pWRGR)UDQFpVGH3LDQR:-6


(VWH SHTXHxR SHUR HIHFWLYR 0LQL&XUVR FRQVWD VRODPHQWH GH VLHWH
FODVHV


$ OR ODUJR GH FDGD FDSLWXOR GH HVWH VHQVDFLRQDO 0LQL&XUVR SRGUi
DSUHQGHU OD SRVWXUD FRUSRUDO IUHQWH DO 3LDQR OD UHODMDFLyQ FRPR DVt
WDPELpQ DOJXQRV GH ORV HMHUFLFLRV PDV EiVLFRV SDUD WHQHU XQ EXHQ
PRYLPLHQWRGHGHGRV\PDQRV(QFRQFOXVLyQHVWDVSHTXHxDVSUiFWLFDV
OHGDUiQXQHPSXMyQSDUDWHQHUXQD'LJLWDFLyQPDV)OXLGD


+DFRQWLQXDFLyQYHUHPRVDOJXQDV3UDFWLFDVGH3RVLFLyQ0RYLPLHQWR\
)OXLGH] TXH QRV EULQGD HVWH &XUVR SDUD WHQHU XQD EXHQD \ PHMRU
'LJLWDFLyQ )OXLGD \D TXH HV ORV PDV LPSRUWDQWH D OD KRUD GH HMHFXWDU
FXDOTXLHULQVWUXPHQWR0XVLFDO


3ULPHUR\SULQFLSDODQWHVFRPHQ]DUFRQODVSUDFWLFDVYDPRVDHVWDEOHFHU
OD SRVWXUD \ UHODMDFLyQ TXH WHQGUHPRV IUHQWH DO 3LDQR R 7HFODGR SDUD
WHQHUXQDPHMRUUHVSXHVWDFRUSRUDO


:DOWHU-DYLHU6HPROLþ
ZZZPHWRGRIUDQFHVGHSLDQRFRP

 
 
&DSLWXOR1ž/D5HODMDFLyQ\/D3RVWXUD


/D5HODMDFLyQ

/DUHODMDFLyQHVPX\LPSRUWDQWHDODKRUDGHHMHFXWDUXQ,QVWUXPHQWR
0XVLFDO \D TXH DO HVWDU HO FXHUSR ELHQ UHODMDGR SRGUHPRV WHQHU ORV
P~VFXORV ELHQ VXHOWRV HVWR QRV EULQGD XQD PD\RU PRYLOLGDG PRWUL]
VROWXUDDJLOLGDGSDUDSRGHUPRYHUQRV

8QPpWRGRGHUHODMDFLyQSDUDODHMHFXFLyQGHO3LDQRHVODVLJXLHQWH


6HFRPSUHQGHGH6HLVSDVRVPX\VLPSOHV

ž'HMHFDHUVXVEUD]RVDORVODGRVGHVX&XHUSR

ž'HMHFDHUORVKRPEURV

ž$EUD\FLHUUHODVPDQRVFRQORVGHGRVELHQVHSDUDGRVGXUDQWHXQ
PLQXWR

ž  5RWH ODV PXxHFDV GH ODV PDQRV HQ DPERV VHQWLGRV GXUDQWH 
VHJXQGRV

ž/HYDQWHORV%UD]RV\UHDOLFHORVSURFHGLPLHQWRV\

ž  3RU XOWLPR WUDWH GH PRYHU WRGRV ORV GHGRV GH DPEDV PDQRV GH
IRUPDDOWHUDGD\SHJXHSHTXHxRVVDOWLWRVHQXQPLVPROXJDU


(Q FDVR GH 7HQHU ODV 0DQRV PX\ IUtDV VH UHFRPLHQGD SULPHUR
FDOHQWDUODVFRQDJXDFDOLHQWHQXQFDFRQFDORUVHFR(VWXID&DOHQWDGRU
HWF HVWR VROR FDOLHQWD GHO ODGR GH DIXHUD GH OD PDQR /D SLHO \ ORV
WHQGRQHVORVP~VFXORVVLJXHQWDQIUtRVFRPRDOSULQFLSLR6RORHODJXD
OD KXPHGDG SHQHWUD GHQWUR GH OD SLHO \ GLODWD OD PDQR DIORMiQGROD HQ
WRGRVHQWLGRHVWLUDPLHQWRGHODSLHOPRYLPLHQWRGHORVWHQGRQHV

/DUHODMDFLyQGHSHQGHWDPELpQGHODFRQILDQ]DDKRUDGHWRFDUHQYLYR
ORV QHUYLRV KDFHQ FRQWUDHU ORV P~VFXORV GHO FXHUSR KXPDQR VLHPSUH
HVWH VHJXUR GH OR TXH YD D HMHFXWDU ORV QHUYLRV \ OD PDOD UHODMDFLyQ
SRGUtDQWUDHUOHSUREOHPDV

 



/D3RVWXUD

/D SRVWXUD HV PX\ LPSRUWDQWH SDUD OD HMHFXFLyQ GHO 3LDQR R GH XQ
7HFODGR XQD PDOD SRVWXUD FRUSRUDO QRV SURYRFDUtD IDWLJD FDQVDQFLR
GRORU GH HVSDOGD LPSUHFLVLyQ GH HMHFXFLyQ 3DUD HYLWDU WRGRV HVWRV
PDOHVWHLQGLFDUHFRPRVHUiWXSRVWXUDIUHQWHDOPLVPR


7UDWH TXH ODV WHFODV GHO 3LDQR HVWpQ D OD DOWXUD GH OD ERFD GH VX
HVWRPDJRVLpQWHVHELHQGHUHFKR\HUJXLGRHVWRORSUHYHQGUiGHGRORUHV
GH HVSDOGD 7UDWH TXH ORV EUD]RV OH TXHGHQ HQ SRVLFLyQ GH GHVFDQVR
HVWRVGHEHQIRUPDUXQDOHWUDŽ/ŽORVFRGRVGHEHQTXHGDUXQSRTXLWR
FDtGRV \ VXHOWR 3RU XOWLPR ODV PXxHFDV GH ODV PDQRV GHEHQ WHQHU XQD
SHTXHxDWRUVLyQKDFLDDEDMR


5HFXHUGH VLHPSUH WUDWH GH HVWDU OR PDV IORMR SRVLEOH HVWR D\XGDUD D
TXHHVWHELHQUHODMDGR\SRGUiWHQHUXQDPHMRU\PD\RUVROWXUDSDUDOD
LQWHUSUHWDFLyQGH2EUDV0XVLFDOHV




(MHUFLFLR GH 'LJLWDFLyQ \ &DOHQWDPLHQWR SDUD WRGRV ORV GHGRV GH
DPEDV0DQRV



1RPEUH\1~PHURVGH'HGRV

3XOJDU1ž

ËQGLFH1ž

0HGLR1ž

$QXODU1ž

0HxLTXH1ž



 

(VWHHVXQHMHUFLFLREiVLFRHOFRQVWDUDGHWRFDUODVQRWDVGRUHPLID
VROGHODVLJXLHQWHPDQHUD

7RTXHXQDQRWDDODYH]FRQFDGDGHGRFRUUHVSRQGLHQWHFRPRLQGLFDOD
6HFXHQFLDGH'HGRV

(MHFXWHSULPHURHVWHHMHUFLFLRFRQODPDQR'HUHFKDOXHJRFRQODPDQR
L]TXLHUGD \ SRU XOWLPR FRQ ODV GRV PDQRV MXQWDV VHSDUDGDV SRU XQD
RFWDYD\SRUGRVRFWDYDV

7UDWHGH PDQWHQHUVLHPSUH HOPLVPRYROXPHQGHODVQRWDVHV GHFLUOD
VHQVLELOLGDGFRQVHUYHVLHPSUHHOPLVPRJROSHGHODVWHFODV

3DUDWHQHUHQFXHQWD$PD\RUYHORFLGDGWUDWHGHDSOLFDUPDVIXHU]D

5HDOLFH HVWH HMHUFLFLR FRQ ODV YDULDQWHV KDFLD DPEDV GLUHFFLRQHV GHO
WHFODGR UHSLWD WRGDV HVWDV YDULDQWHV HQ WUHV WLHPSRV GLIHUHQWHV HV
GHFLU SULPHUR HQ XQ WLHPSR PHGLR GH YHORFLGDG GHVSXpV XQR PDV
UiSLGR \ SRU XOWLPR XQR PX\ OHQWR GH  PHQRV TXH OD YHORFLGDG
QRUPDO


6HFXHQFLDGH'HGRV

0DQR'HUHFKD

1RWDV&LIUDGR&RP~QGRUHPLIDVRO
1RWDV&LIUDGR,QWHUQDFLRQDO&'()*

'HGRV



0DQR,]TXLHUGD

1RWDV&LIUDGR&RP~QGRUHPLIDVRO
1RWDV&LIUDGR,QWHUQDFLRQDO&'()*

'HGRV


(O3HQWDJUDPD


 
 

(QHOWHFODGR





%LHQ\DSXHGHVFRPHQ]DUDSUDFWLFDU


,03257$17(6LSRUDOJXQDUD]yQVLHQWHVXQGRORUHQWXVPDQRV
FXDQGRHVWpVHMHFXWDQGRHVWHHMHUFLFLRVRORGHWHQWH\GHVFDQVDXQSDU
GHPLQXWRV\DTXHXQHVIXHU]RSRGUtDSHUMXGLFDUWH

 
&DSLWXOR1ž(MHUFLFLRGH3RVLFLyQ


(MHUFLFLRVGH3RVLFLyQSDUDWRGRVORV'HGRVGHDPEDV0DQRV


(VWH HMHUFLFLR GH 3RVLFLyQ HVWD EDVDGR HQ HO HMHUFLFLR GHO &DSLWXOR
DQWHULRUGH'LJLWDFLyQ&DSLWXOR1ž

(QHVWHFDVRLUDYDULDQGRODSRVLFLyQGHLQLFLRGHOHMHUFLFLRGH'LJLWDFLyQ

(MHPSOR

(QHOSULPHUFDVRODSUiFWLFDFRPLHQ]DHQGR&HQHOVHJXQGRFDVRHQ
VRO*HQHOWHUFHURHQUH'\SRUXOWLPRHQODQRWDOD$


6HFXHQFLDGH'HGRV

3ULPHU&DVRHQGR&

0DQR'HUHFKD

1RWDV&LIUDGR&RP~QGRUHPLIDVRO
1RWDV&LIUDGR,QWHUQDFLRQDO&'()*

'HGRV



0DQR,]TXLHUGD

1RWDV&LIUDGR&RP~QGRUHPLIDVRO
1RWDV&LIUDGR,QWHUQDFLRQDO&'()*

'HGRV



6HJXQGR&DVRHQVRO*

0DQR'HUHFKD

1RWDV&LIUDGR&RP~QVROODVLGRUH

 
1RWDV&LIUDGR,QWHUQDFLRQDO*$%&'

'HGRV



0DQR,]TXLHUGD

1RWDV&LIUDGR&RP~QVROODVLGRUH
1RWDV&LIUDGR,QWHUQDFLRQDO*$%&'

'HGRV


7HUFHU&DVRHQUH'

0DQR'HUHFKD

1RWDV&LIUDGR&RP~QUHPLIDVROOD
1RWDV&LIUDGR,QWHUQDFLRQDO'()*$

'HGRV



0DQR,]TXLHUGD

1RWDV&LIUDGR&RP~QUHPLIDVROOD
1RWDV&LIUDGR,QWHUQDFLRQDO'()*$

'HGRV

&XDUWR&DVRHQOD$

0DQR'HUHFKD

1RWDV&LIUDGR&RP~QODVLGRUHID
1RWDV&LIUDGR,QWHUQDFLRQDO$%&')

'HGRV



0DQR,]TXLHUGD

 

1RWDV&LIUDGR&RP~QODVLGRUHID
1RWDV&LIUDGR,QWHUQDFLRQDO$%&')

'HGRV

%LHQ\DSXHGHVFRPHQ]DUDSUDFWLFDU



 
&DSLWXOR1ž(MHUFLFLRVGH0RYLPLHQWR


(MHUFLFLRVGH0RYLPLHQWRSDUDWRGRVORV'HGRVGHDPEDV0DQRV


3DUDHVWDSUiFWLFDYDPRVDXWLOL]DUODSUiFWLFDGH'LJLWDFLyQGHO&DSLWXOR
1ž8QPpWRGRVLPSOHSDUDODSUiFWLFDGHPRYLPLHQWRHVHOVLJXLHQWH

0pWRGRGH0RYLPLHQWRSDUD3RVLFLyQGHUHSRVR

/D HMHFXFLyQ GH HVWH PpWRGR HV PX\ VHQFLOOD VROR GHEH OHYDQWDU ORV
GHGRV GH ODV PDQRV ORV PDV DOWR TXH SXHGD DSOLFDQGR IXHU]D \
PDQWHQLHQGR ODV PDQRV ELHQ GHUHFKDV /yJLFDPHQWH HO YROXPHQ GH OD
HMHFXFLyQVHUiPDVIXHUWHWUDWHGHPDQWHQHUORFRQVWDQWHSRGUiYHUTXH
ORV GHGRV  $QXODU \  0HxLTXH HO PRYLPLHQWR VHUi PDV UHGXFLGR
12VHDVXVWHHVQRUPDO«SRUORFXDOHVWRVGHGRVQHFHVLWDQVLHPSUHGH
XQDEXHQDHMHUFLWDFLyQ

3DUD VDEHU VL HVWH HMHUFLFLR OR HVWD HMHFXWDQGR GH OD PDQHUD FRUUHFWD
VRORGHEHWHQHUHQFXHQWDHOVLJXLHQWHGHWDOOH

(OVRQLGRGHEHVHUSXOVDQWH

%LHQ\DSXHGHVFRPHQ]DUDSUDFWLFDU


 
&DSLWXOR1ž(MHUFLFLRGH)OXLGH]


(MHUFLFLRGH)OXLGH]


8QDWHRUtDGH)OXLGH]TXHSRGHPRVDSOLFDUDOD3UiFWLFDGH'LJLWDFLyQHV
ODVLJXLHQWH

8QDYH]TXHORVHMHUFLFLRV\SUDFWLFDVDQWHULRUHVVDOJDQGHXQDPDQHUD
UHVSHWDEOHFRPHQ]DUHPRVDDSOLFDUYHORFLGDGSURJUHVLYDPHQWHHVGHFLU
TXHYDDLUDFHOHUDQGRHOWLHPSRGHDSRTXLWR

¢&XDQGRVHTXHGHERDFHOHUDUHOWLHPSR"

(VPX\VLPSOHSULPHURHVWDEOH]FDXQDYHORFLGDGHQGRQGHHOHMHUFLFLROH
VDOJDIOXLGRHVGHFLUVLQHUURUHVHQGRQGHVHDSUHFLVRLQFUHPHQWHXQ
UHSLWDHOHMHUFLFLRYHFHV\GHVFDQVHXQPLQXWR/XHJRYXHOYDD
FRPHQ]DUHLQFUHPHQWHRWURPiVGHYHORFLGDG\DVtKDVWDVXSURSLR
OtPLWH

$PHGLGDTXHXVWHGSUDFWLTXHHVWHHMHUFLFLRFXDQWRPDVSUDFWLTXHORV
OLPLWHVGHYHORFLGDGVH,UiQ\HQGRKDVWDOOHJDUDVXVSURSLRV
OLPLWHV
%LHQ\DSXHGHVFRPHQ]DUDSUDFWLFDU

 
&DSLWXOR 1ž  (MHUFLFLR GH $SHUWXUD SDUD
WRGRVORV'HGRVŽ&DOHQWDPLHQWRŽ


(MHUFLFLRGH$SHUWXUD\&DOHQWDPLHQWRSDUDWRGRVORVGHGRVGH
DPEDV0DQRV



(VWH HV XQ HMHUFLFLR EiVLFR GH $SHUWXUD FRQVWD HQ WRFDU ODV QRWDV GR
PLVROVLUHGHODVLJXLHQWHPDQHUD

7RTXHXQDQRWDDODYH]FRQFDGDGHGRFRUUHVSRQGLHQWHFRPRLQGLFDOD
6HFXHQFLDGH'HGRV

(MHFXWHSULPHURHVWHHMHUFLFLRFRQODPDQR'HUHFKDOXHJRFRQODPDQR
L]TXLHUGD \ SRU XOWLPR FRQ ODV GRV PDQRV MXQWDV VHSDUDGDV SRU XQD
RFWDYD\SRUGRVRFWDYDV

7UDWHGH PDQWHQHUVLHPSUH HOPLVPRYROXPHQGHODVQRWDVHV GHFLUOD
VHQVLELOLGDGFRQVHUYHVLHPSUHHOPLVPRJROSHGHODVWHFODV
5HDOLFH HVWH HMHUFLFLR FRQ ODV YDULDQWHV KDFLD DPEDV GLUHFFLRQHV GHO
WHFODGR UHSLWD WRGDV HVWDV YDULDQWHV HQ WUHV WLHPSRV GLIHUHQWHV HV
GHFLU SULPHUR HQ XQ WLHPSR PHGLR GH YHORFLGDG GHVSXpV XQR PDV
UiSLGR \ SRU XOWLPR XQR PX\ OHQWR GH  PHQRV TXH OD YHORFLGDG
QRUPDO


6HFXHQFLDGH'HGRV

0DQR'HUHFKD

1RWDV&LIUDGR&RP~QGRPLVROVLUH
1RWDV&LIUDGR,QWHUQDFLRQDO&(*%'

'HGRV



0DQR,]TXLHUGD

1RWDV&LIUDGR&RP~QGRPLVROVLUH
1RWDV&LIUDGR,QWHUQDFLRQDO&(*%'

 

'HGRV


(O3HQWDJUDPD




(QHO7HFODGR




%LHQ\DSXHGHVFRPHQ]DUDSUDFWLFDU

 
&DSLWXOR 1ž  (MHUFLFLR GH 3RVLFLyQ \
0RYLPLHQWRSDUD7ULDGDV


(MHUFLFLRGH3RVLFLyQ\0RYLPLHQWRSDUD7ULDGDV

(Q HVWH HMHUFLFLR YDPRV D XWLOL]DU OD WULDGD GH GR 0D\RU & TXH HVWD
IRUPDGDSRUODVQRWDVQDWXUDOHVGRPLVRO

&DGDUHSHWLFLyQGHHVWDSUDFWLFDXVWHGFDPELDUDODVILJXUDPXVLFDOGHODV
QRWDV TXH IRUPDQ OD WULDGD &RPHQ]DUD SULPHUR SRU OD ILJXUD 5HGRQGD
OXHJRSRUOD%ODQFDQHJUD&RUFKHD\6HPLFRUFKHDIXVD\VHPLIXVD12
+DFHIDOWD

(VWD SUDFWLFD VROR GHEH WHQHU HQ FXHQWD HO FRQRFLPLHQWR GH ODV
SRVLFLRQHV \ VXV XWLOLGDGHV WRGDV ODV 3RVLFLRQHV \ XWLOLGDGHV VH
HQFXHQWUDQGHQWURGHOFXUVR:M6

$TXt YHUHPRV XQ VHJPHQWR GH XQR GH ORV &DStWXORV GHO 0pWRGR
)UDQFpV GH 3LDQR :-6 OODPDGR )RUPDFLyQ GH $FRUGHV \
7ULDGDV HQ GRQGH DSUHQGHUi OD IRUPDFLyQ GH FDGD $FRUGH \ 7ULDGD
FRPRWDPELpQDIRUPDUVXVSURSLRV$FRUGHV


$OJXQDGHODVSRVLFLRQHVPiVFRPXQHVDODKRUDGHODHMHFXFLyQGHODV
WULDGDVVRQ


3RVLFLyQ1ž \3XOJDUËQGLFH\$QXODU

3RVLFLyQ1ž \3XOJDU0HGLR\0HxLTXH

3RVLFLyQ1ž \3XOJDUËQGLFH\0HxLTXH

7RTXHWRGDVODVQRWDVMXQWDVDOPLVPRWLHPSRHVGHFLUSUHVLRQHFRQORV
WUHVGHGRVMXQWRVFDGDGHGRFRQVXQRWDPXVLFDOFRUUHVSRQGLHQWH

(MHPSORSDUDOD0DQR'HUHFKD

6HFXHQFLDGH'HGRV

0DQR'HUHFKD

 

1RWDV&LIUDGR&RP~QGRPLVRO
1RWDV&LIUDGR,QWHUQDFLRQDO&(*

'HGRV



9DOOD FDPELDQGR GH 3RVLFLyQ GH GHGRV XQD WUDV RWUD VLQ SDUDU GXUDQWH
XQPLQXWROXHJRGHVFDQVH

5HDOLFH HVWH HMHUFLFLR SULPHUR FRQ OD PDQR GHUHFKD OXHJR FRQ OD PDQR
L]TXLHUGD \ SRU XOWLPR FRQ ODV GRV PDQRV MXQWDV VHSDUDGDV SRU XQD
RFWDYD\OXHJRSRUGRVRFWDYDVGHVHSDUDFLyQ

,QWHQWHUHDOL]DUHVWHHMHUFLFLRSDUDWRGDVODVWULDGDV\DFRUGHVSRVLEOHV

%LHQ\DSXHGHVFRPHQ]DUDSUDFWLFDU

 
&DSLWXOR 1ž  (MHUFLFLR GH 0RYLPLHQWR \
)OXLGH]SDUD(VFDODV


(MHUFLFLRGH0RYLPLHQWR\)OXLGH]SDUD(VFDODV
3DUDDPEDVPDQRVSDUDORVGHGRV\

(VWH HMHUFLFLR HV VLPSOH VROR XWLOL]DUHPRV XQ SDVH GH GHGRV TXH HV OD
VLJXLHQWH\FRPRQRVPXHVWUDODVHFXHQFLDGHGHGRV


(MHPSORSDUDOD0DQR'HUHFKD

6HFXHQFLDGH'HGRV

0DQR'HUHFKD

1RWDV&LIUDGR&RP~QGRUHPLIDVROODVL
1RWDV&LIUDGR,QWHUQDFLRQDO&'()*$%

'HGRV


(MHPSORSDUDODVGRV0DQRV

(O3HQWDJUDPD




(QHO7HFODGR


 
 



 
'HVSHGLGD

%XHQRTXHULGR$PLJRHVSHURTXHHVWH0LQL&XUVRWHDOOiVHUYLGRSDUD
LQFUHPHQWDUWXVFRQRFLPLHQWRV0XVLFDOHVVREUHHO3LDQRR7HFODGR

(VSHURTXHQRVYROYDPRVDYHU«

7HGHVHRORVPHMRUHQODP~VLFD\HQWXYLGD

+DVWDOD3Uy[LPD«

e[LWRV«

 
 9LVtWHQRVHQ
ZZZPHWRGRIUDQFHVGHSLDQRFRP


(O PHMRU VLWLR GH OD ,QWHUQHW HQ GRQGH SRGUi HQFRQWUDU ORV
PHMRUHV0pWRGRV0XVLFDOHVGHO0XQGR

(VWDSiJLQD:HEIXHFUHDGDFRQODLQWHQFLyQGHH[SDQGLUORV
FRQRFLPLHQWRV GH ORV HVWXGLDQWHV GH P~VLFD FDSDFLWiQGRORV
FRQ QXHYRV PHMRUHV \ PiV HIHFWLYRV  0pWRGRV \ 7pFQLFDV
PXVLFDOHVODVPDVPRGHUQDV



1RGHMHGHYHUQXHVWURVH[FHOHQWHV3URGXFWRV




0pWRGR)UDQFpVGH3LDQR:-6

(Q HVWH 0pWRGR DSUHQGHUi D WRFDU HO 3LDQR GHVGH HO SULQFLSLR D
WUDYpV GH ODV WpFQLFDV \ VHFUHWRV GH 3RVLFLyQ 0RYLPLHQWR \
)OXLGH] (VWH 0pWRGR -XQWD ODV WpFQLFDV GHO 3LDQR FRQ ODV GHO
&ODYLFRUGLR &RQ HVWH 0pWRGR XVWHG WHQGUi XQD 'LJLWDFLyQ PXFKR
PDV)OXLGDDFRPSDUDFLyQGHRWURVFXUVRV






0pWRGR)UDQFpV9LUWXRVRSDUD3LDQR

(VWH0pWRGRVHEDVDHQODLQFUHPHQWRGHOD)XHU]D\OD9HORFLGDG
GH HMHFXFLyQ GH HMHUFLFLRV REUDV PXVLFDOHV VRORV HWF $ WUDYpV GH
HMHUFLFLRV\SUiFWLFDVXVWHGSRGUiLQFUHPHQWDUOD)OXLGH]\OD)XHU]D
GH 'LJLWDFLyQ 'H HVWD PDQHUD VH YROYHUi XQ 3LDQLVWD WRWDOPHQWH
9LUWXRVR\VLQUHVWULFFLyQGHHMHFXFLyQGHQLQJXQDREUD




 

0pWRGRGH3LDQR-D]]\%OXHV

(VWHH%RRNQRVHQVHxDDLQWHUSUHWDU\WRFDUHO-D]]\HO%OXHVGH
IRUPD IiFLO \ 5iSLGD (VWH 0pWRGR HVWD OOHQR GH HMHUFLFLRV \
SUDFWLFDV DOWDPHQWH FODVLILFDGRV SRU ORV PHMRUHV PDHVWURV GHO -D]]\
%OXHV HVWH FXUVR QRV EULQGD XQD KHUUDPLHQWD LQGLVSHQVDEOH SDUD HO
P~VLFR GH 3LDQR VREUHWRGR HQ HO iUHD GH LQGHSHQGHQFLD GH PDQRV \ FRPSRVLFLyQ
GHVRORVLPSURYLVDFLyQ




0pWRGRGH$XGLRSHUFHSWLYD

(O 0pWRGR GH $XGLRSHUFHSWLYD VH FRQFHQWUD HQ HO GHVDUUROOR GHO
2tGR (VWH &XUVR HVWD SODJDGR GH HMHUFLFLRV SDUD HO GHVDUUROOR GHO
PLVPR$WUDYpVGHHVWH0pWRGRXVWHGDSUHQGHUiDLQWHUSUHWDUWRGRV
ORV 6RQLGRV WDQWR HQ 7RQDOLGDG FRPR 8ELFDFLyQ *UDGR
$UPRQL]DFLyQ HWF (VWH 0pWRGR OR D\XGDUD D VDFDU WRGRV VXV WHPDV REUDV
PXVLFDOHV SUHIHULGRV GH 2tGR FRPR DVt WDPELpQ SRGUi GH IRUPD PiV UiSLGD \ IiFLO
,PSURYLVDUVREUHFXDOTXLHUEDVHPXVLFDO
(VWH0pWRGRHVXQDKHUUDPLHQWDLGHDOHLQGLVSHQVDEOHSDUDFXDOTXLHUP~VLFR\DVH
&DQWDQWH3LDQLVWD*XLWDUULVWD%DMLVWDHWF


0pWRGR\7pFQLFDVSDUD%DQGRQHyQ

(O ~QLFR 0pWRGR GH %DQGRQHyQ GH OD :HE XQD VHOHFFLyQ GH ORV
PHMRUHVLQWpUSUHWHVGHOPLVPRKLFLHUHQHVWHFXUVR3RGUiDSUHQGHUD
LQWHUSUHWDU \ HMHFXWDU HVWH LQVWUXPHQWR PXVLFDO GH IRUPD UiSLGD \
IiFLODWUDYpVGH3UiFWLFDV\(MHUFLFLRV%iVLFRVDOWDPHQWHFODVLILFDGRV
\ IRUPDGRV /D PHMRU KHUUDPLHQWD SDUD DSUHQGHU D WRFDU HVWH LQVWUXPHQWR PXVLFDO
YHUDVTXHIiFLOHV




7RGRVREUHODV(VFDODV0XVLFDOHV

(VWHH%RRNFRQWLHQHXQDJUDQFDQWLGDGGH(VFDODV0XVLFDOHV
(VWH OLEUR FRQWLHQH (VFDODV 0D\RUHV 0HQRUHV $XPHQWDGDV
'LPLQXLGDV $OWHUDGDV  ORV 0RGRV *ULHJRV (VFDODV ([yWLFDV (VFDODV
GHGLVWLQWDV&XOWXUDV\PXFKDVPDV«(VWHH%RRNHVLQGLVSHQVDEOH
HQODELEOLRWHFDGHWRGRP~VLFRGHFXDOTXLHUtQGROH

 

0pWRGR$OHPiQGH&DQWR0XOWLPHGLD

(O 0HMRU 0pWRGR SDUD HVWXGLDU &DQWR DKRUD W~ SXHGHV FDQWDU HVWH
FXUVR HVWD SODJDGR GH HMHUFLFLRV \ SUDFWLFDV TXH WH HQVHxDUDQ \
D\XGDUDQDUHVSLUDUDILQDUDFRQWURODU\PDQHMDUWXYR]HQEDVHD

JUDQGHVPDHVWURVGHHVWDHQVHxDQ]D
WXUHJLVWUR(O0pWRGRPiVHIHFWLYRVDELHQGRTXHORVDOHPDQHVVRQ


ZZZPHWRGRDOHPDQGHFDQWRFRP
&RQWDFWRV,QIR#PHWRGRDOHPDQGHFDQWRFRP




3DUD PDV LQIRUPDFLyQ GH QXHVWURV SURGXFWRV YLVtWHQRV HQ
QXHVWUD:HE

ZZZPHWRGRIUDQFHVGHSLDQRFRP


3Uy[LPDPHQWHQXHYRVSURGXFWRV«


¾ 7RGRV ORV SURGXFWRV GH ZZZPHWRGRIUDQFHVGHSLDQRFRP
VRQ SUREDGRV SRU ,QWpUSUHWHV PXVLFDOHV DOWDPHQWH
FODVLILFDGRVFRPRDVtWDPELpQVRQSUREDGRVSRUSHUVRQDVGH
GLVWLQWDVHGDGHV\FRQGLFLRQHVPXVLFDOHV

¾(VWRKDFHTXHQXHVWURVSURGXFWRVVHDQGHXQDOWRQLYHO\
VHDQLQIDOLEOHV

¾7RGRVQXHVWURVSURGXFWRVHVWiQKHFKRVSDUDTXHFXDOTXLHU
SHUVRQD SXHGD LQWHUSUHWDUORV SDUD TXH HO DSUHQGL]DMH VHD
PiVIiFLOUiSLGR\GLQiPLFR

¾ 1R OR SLHQVH PiV \ FDSDFLWDVH PXVLFDOPHQWH PXFKR PDV
H[SDQGD VXV FRQRFLPLHQWRV \ HOHYH DO Pi[LPR VX QLYHO GH
LQWHUSUHWDFLyQ

 

¾ (Q ORV 0pWRGRV TXH OH RIUHFHPRV HQFRQWUDUD WRGRV ORV
VHFUHWRV GH ORV PiV JUDQGHV LQVWUXFWRUHV H LQWHUSUHWHV
PXVLFDOHV

¾6LVLHPSUHVRxyFRQVHUHVHJUDQLQWpUSUHWHTXHHVFXFKD
DKRUD WLHQH HO SRGHU HQ VXV PDQRV VROR DGTXLHUD XQR GH
QXHVWURVSURGXFWRV\YHUDTXHIiFLO\UiSLGRHV


3DUDPiVLQIRUPDFLyQ9LVLWHQXHVWURVLWLRRILFLDO:HE
ZZZPHWRGRIUDQFHVGHSLDQRFRP


3URPRFLyQ

¾ (Q FDVR TXH OH LQWHUHVDUVH DGTXLULU YDULRV GH QXHVWURV
SURGXFWRV HQYLp XQ (0DLO FRQ HO DVXQWR 4XLHUR 9DULRV
3URGXFWRV GHVFULED FXDOHV VRQ ORV SURGXFWRV TXH GHVHD \
QRVRWURV OH DUHPRV JUDQGHV '(6&8(1726 \ 5(*$/26 SRU
VXFRPSUD

(QYtHQRVXQ(0DLOD
LQIR#PHWRGRIUDQFHVGHSDLQRFRP


8QD YH] PDV OHV GHVHR PXFKD 6XUWH \ e[LWRV HQ VXV YLGDV
XQDEUD]R«

:DOWHU-DYLHU6HPROLþ
$XWRUGHO0pWRGR)UDQFpVGH3LDQR:-6