Stabilization of Marine Clay Using Ferric Chloride and Quarry Dust

,QWHUQDWLRQDO-RXUQDORI/DWHVW7UHQGVLQ(QJLQHHULQJDQG7HFKQRORJ\,-/7(7
6WDELOL]DWLRQRI0DULQH&OD\8VLQJ)HUULF
&KORULGHDQG4XDUU\'XVW
%01.LUDQ
Department of Civil Engineering
BVC Engineering college, Odalarevu, Andhra Pradesh, India
'963UDVDG
Department of Civil Engineering
BVC Engineering college, Odalarevu, Andhra Pradesh, India
$EVWUDFW &LYLOL]DWLRQ LV DOZD\V GHYHORSHG DURXQG WKH FRDVWDO UHJLRQV WKHVH DUH FRYHUHG ZLWK WKLFN VRIW PDULQH FOD\
GHSRVLWV7KLVFOD\KDVOHVVVWUHQJWKDQGSRVVHVVHVKLJKGHIRUPDWLRQORZSHUPHDELOLW\DQGOLPLWHGEHDULQJFDSDFLW\'XH
WRWKHSRRUHQJLQHHULQJFKDUDFWHULVWLFVRIWKHVHFOD\VWKH\SRVHVHYHUDOIRXQGDWLRQSUREOHPVWRYDULRXVFRDVWDOVWUXFWXUHV
$VWKLV0DULQHFOD\LVZLGHO\RFFXSLHGLQFRVWDOFRUULGRULWLVLQHYLWDEOHWRFRQVWUXFWLQJSDYHPHQWVDQGIRXQGDWLRQVRQ
WKHPGXHWRWKHSRSXODWLRQGHQVLW\7KLVFOD\EHFDXVHRIWKHLUVSHFLILF3K\VLFRFKHPLFDOPDNHXSVXEMHFWHGWRYROXPH
FKDQJHVZLWKWKHFKDQJHVLQWKHLUDPELHQWHQYLURQPHQW%\UHLQIRUFLQJWKHLQGXVWULDOZDVWHWRWKLVVRLOWKHFRQVWUXFWLRQDO
SURSHUWLHVFDQVXEVWDQWLDOO\HQKDQFH7KHUHIRUHWKHSUHVHQWH[SHULPHQWDOZRUNDLPVWRLQYHVWLJDWHWKHHIILFDF\RI)HUULF
&KORULGHLQVWDELOL]LQJWKHPDULQHFOD\WKHUHE\LPSURYLQJLWVVWUHQJWKDQGVZHOOFKDUDFWHULVWLFV7RWDOFRVWRIFRQVWUXFWLRQ
LV UHGXFHG DQG DOVR SURYLGLQJ VROXWLRQ IRU HQYLURQPHQWDO SUREOHP )URP WKH H[SHULPHQWDO UHVXOWV LW ZDV REVHUYHG WKDW
)H&O WUHDWPHQW LQGLYLGXDOO\ DORQJ ZLWK WKH FRPELQDWLRQ RI 4XDUU\ 'XVW ZLWK PDULQH FOD\ KDG HIIHFWLYHO\
LPSURYHG WKH &%5 YDOXH ,W ZDV QRWLFHG WKDW WKH ORDG FDUU\LQJ FDSDFLW\ RI WKH WUHDWHG PDULQH FOD\ VXE JUDGH PRGHO
IOH[LEOHSDYHPHQWKDVEHHQLQFUHDVHGE\DW20&DQGDW)6&7KHWRWDOGHIRUPDWLRQRIWKHWUHDWHGPDULQH
FOD\VXEJUDGHPRGHOIOH[LEOHSDYHPHQWKDVEHHQGHFUHDVHGE\DW20&DQGDW)6&ZKHQFRPSDUHGZLWKWKH
XQWUHDWHGPDULQHFOD\VXEJUDGHPRGHOIOH[LEOHSDYHPHQW
.H\ZRUGV0DULQHFOD\)H&OGHIRUPDWLRQIOH[LEOHSDYHPHQW
,,1752'8&7,21
9DVWDUHDVSDUWLFXODUO\DORQJWKHFRDVWDUHFRYHUHGZLWKWKLFNVRIWPDULQHFOD\GHSRVLWVKDYLQJYHU\ORZ
VKHDU VWUHQJWK DQG KLJK FRPSUHVVLELOLW\ ,Q YLHZ RI WKH GHYHORSPHQWV RQ FRDVWDO DUHDV LQ WKH UHFHQW SDVW ODUJH
QXPEHURISRUWVDQGLQGXVWULHVDUHEHLQJEXLOW7KHDYDLODELOLW\RIODQGIRUWKHGHYHORSPHQWRIFRPPHUFLDOKRXVLQJ
LQGXVWULDO DQGWUDQVSRUWDWLRQ LQIUDVWUXFWXUHHWF DUH VFDUFH SDUWLFXODUO\ LQ XUEDQ DUHDV7KLVQHFHVVLWDWHG WKH XVH RI
ODQGZKLFKKDVZHDNVWUDWDZKHUHLQWKHJHRWHFKQLFDOHQJLQHHUVDUHFKDOOHQJHGE\SUHVHQFHRIGLIIHUHQWSUREOHPDWLF
VRLOVZLWKYDULHGHQJLQHHULQJFKDUDFWHULVWLFV0DMRULW\RIWKHSRSXODWLRQLQ,QGLDGHSHQGVRQURDGEDVHGWUDQVSRUW
7KHUH DUH PDQ\ GHSRVLWV RI ILQH FOD\V RQ FRDVWDO FRUULGRU DQG WKRVH VRLOV DUH VXIIHULQJ IURP KLJK VDWXUDWLRQ ORZ
GHQVLW\ORZVKHDUVWUHQJWKVHQVLWLYLW\DQGGHIRUPDWLRQSUREOHPVDQGDUHQRUPDOO\FRQVROLGDWHG7KHPDULQHFOD\V
EHFDXVH RI WKH VSHFLILF SK\VLFRVFKHPLFDO PDNHXS DUH VXEMHFWHG WR YROXPH FKDQJH ZLWK WKH FKDQJHV LQ WKHLU
DPELHQWHQYLURQPHQW7KHVHVRLOVDUHZLGHO\RFFXSLHGLQFRVWDOFRUULGRUDQGQRWHDV\WRDYRLGPDULQHFOD\UHJLRQV
IRUWKHFRQVWUXFWLRQRISDYHPHQWVDQGIRXQGDWLRQVGXHWRWKHSRSXODWLRQGHQVLW\7KHPDULQHFOD\VDUHQRWVXLWDEOHDV
SDYHPHQWVXEJUDGHDQGIRXQGDWLRQVRLOEHGVDQGSRVHSUREOHPVGXHWRWKHLULQDELOLW\RIVWUHQJWKFULWHULD&RQWLQXHG
HIIRUWVKDYHEHHQPDGHDOORYHUWKHZRUOGWRGHYLVHZD\VWRPHDQVWRVROYHWKHSUREOHPVRIPDULQHFOD\V3ODFHPHQW
RIDGHTXDWHVXUFKDUJHORDGFKHPLFDOVWDELOL]DWLRQDQGXVLQJYDULRXVUHLQIRUFHPHQWWHFKQLTXHVDUHVRPHRIWKHWULHG
DQGWHVWHGUHPHGLDOPHDVXUHVWRDYRLGSUREOHPVSRVHGE\WKHPDULQHFOD\V
7KHPDULQHGHSRVLWVKDYHYHU\ORZVKHDULQJVWUHQJWKDQGDUHKLJKO\FRPSUHVVLEOH7KHPDULQHFOD\VDUH
VRIWDQGKLJKO\SODVWLF7KHGHSRVLWVJHQHUDOO\QHHGDSUHWUHDWPHQWEHIRUHDSSOLFDWLRQRIDQ\H[WHUQDOORDG 7KH
SHUIRUPDQFHRIWKHVHVRIWILQHJUDLQHGGHSRVLWVXQGHUGLIIHUHQWFRQGLWLRQVRIHQYLURQPHQWYDULHVRYHUZLGHOLPLWV,Q
RUGHU WR LPSURYH WKH HQJLQHHULQJ EHKDYLRU RI VRLOV VHYHUDO LPSURYHPHQW WHFKQLTXHV DUH DYDLODEOH LQ JHRWHFKQLFDO
HQJLQHHULQJSUDFWLFH7KHIDFWWKDWWKHVHOHFWLRQRIDQ\RQHRIWKHVHPHWKRGVIRUDQ\SUREOHPFDQEHPDGHRQO\DIWHU
D FRPSDULVRQ ZLWK RWKHU WHFKQLTXHV SURYHV WKDW WKH PHWKRG LV ZHOO VXLWHG IRU D SDUWLFXODU V\VWHP +\GH $/ HWDO
SUHVHQWHGWKH(QJLQHHULQJSURSHUWLHVDQGVWDELOLW\FULWHULDIRUPDULQHFOD\XQGHUF\FOLFORDGLQJ7KLDP6RRQ
9RO,VVXH-DQXDU\
,661;
,QWHUQDWLRQDO-RXUQDORI/DWHVW7UHQGVLQ(QJLQHHULQJDQG7HFKQRORJ\,-/7(7
HWDOUHSRUWHGRQLPSURYLQJWKHVWUHQJWKRIWKHPDULQHFOD\E\WKHVWDELOL]DWLRQWHFKQLTXH&KX-HWDO
UHSRUWHG WKH FRQVROLGDWLRQ DQG SHUPHDELOLW\ SURSHUWLHV RI WKH 6LQJDSRUH PDULQH FOD\ EDVHG RQ WKH ODERUDWRU\ DQG
ILHOGLQYHVWLJDWLRQV %DODVXEUDPDQLDP$6HWDOSURYHGWKHHIIHFWVRIDGGLWLYHVRQ6RIW&OD\EHKDYLRUDQG
FRQFOXGHGWKDWWKHVWUHQJWKFKDUDFWHULVWLFVRIWKHVRIWFOD\VDUHLPSURYHGE\XVLQJYDULRXVDGGLWLYHV2K(<1HWDO
SUHVHQWHGWKHHQJLQHHULQJSURSHUWLHVDQGWKHFKDUDFWHUL]DWLRQRIPDULQHFOD\IRUURDGHPEDQNPHQWGHVLJQLQ
FRDVWDODUHDDQGWKHHQJLQHHULQJSURSHUWLHVRIWKHPDULQHFOD\ZHUHLPSURYHGXVLQJYDULRXVVWDELOL]DWLRQWHFKQLTXHV
'.RWHVZDUD5DRHWDOVWXGLHGWKHHIILFLHQF\RI5LFH+XVN$VK)HUULF&KORULGHZLWKPDULQHFOD\DQGWKH
WHVWUHVXOWVFRQFOXGHGWKDWORDGFDUU\LQJFDSDFLW\RIWKHPDULQHFOD\IRXQGDWLRQVRLOEHGKDVEHHQLPSURYHG
,Q WKLV ZRUN LW LV DWWHPSWHG WR VWXG\ WKH HIIHFW RI )(55,& &+/25,'( DQG 48$55< '867 RQ WKH
SURSHUWLHVRIPDULQHFOD\
,,0(7+2'2/2*<
7KH SURSHUWLHV RI PDULQH FOD\ IHUULF FKORULGH DQG 4XDUU\ GXVW DUH SUHVHQWHG 7KH F\FOLF SODWH ORDG WHVWV ZHUH
FRQGXFWHGRQXQWUHDWHGWUHDWHGDQGUHLQIRUFHGPRGHOIOH[LEOHSDYHPHQWV
0DULQH&OD\7KHPDULQHFOD\XVHGDVVXEJUDGHDQGIRXQGDWLRQVRLOIRUWKLVVWXG\7KHPDULQHFOD\ZDVFROOHFWHG
DWDGHSWKRIPWRPIURPJURXQGOHYHOIURP.DNLQDGD6HD3RUWVOLPLWHG.DNLQDGDDQG$QGKUD3UDGHVK
6WDWH ,QGLD 7KH SURSHUWLHV RI VRLO DUH SUHVHQWHG LQ WKH 7DEOH $OO WKH WHVWV FDUULHG RQ WKH VRLO DUH DV SHU ,6
VSHFLILFDWLRQV
4XDUU\'XVW7KHTXDUU\GXVWXVHGLQWKLVVWXG\ZDVEURXJKWIURP3DGPDYDWKLFUXVKHUXQLWVLWXDWHGDW<HOHVZDUDP
DURXQG.PDZD\IURP.DNLQDGD
)HUULF &KORULGH )H&O &RPPHUFLDO JUDGH IHUULF FKORULGH FRQVLVWLQJ RI IHUULF FKORULGH VRGLXP
FKORULGHFDOFLXPR[LGHZDVXVHGLQWKLVVWXG\7KHTXDQWLW\RIIHUULFFKORULGHZDVYDULHGIURPWRE\
GU\ZHLJKWRIVRLO
)HUULF&KORULGH3UHSDUDWLRQ
$QK\GURXVLURQ,,,FKORULGHPD\EHSUHSDUHGE\XQLRQRIWKHHOHPHQWV
)HV&OJĺ)H&OV
6ROXWLRQVRILURQ,,,FKORULGHDUHSURGXFHGLQGXVWULDOO\ERWKIURPLURQDQGIURPRUHLQDFORVHGORRSSURFHVV
'LVVROYLQJSXUHLURQLQDVROXWLRQRILURQ,,,FKORULGH
)HV)H&ODTĺ)H&ODT
'LVVROYLQJLURQRUHLQK\GURFKORULFDFLG
)H2V+&ODTĺ)H&ODT)H&ODT+2
2[LGDWLRQRILURQ,,FKORULGHZLWKFKORULQH
)H&ODT&OJĺ)H&ODT
2[LGDWLRQRILURQ,,FKORULGHZLWKR[\JHQ
)H&ODTó2+&Oĺ)H&ODTò+2
/LNHPDQ\RWKHUK\GUDWHGPHWDOFKORULGHVK\GUDWHGLURQ,,,FKORULGHFDQEHFRQYHUWHGWRWKHDQK\GURXVVDOW
E\UHIOX[LQJZLWKWKLRQ\OFKORULGH&RQYHUVLRQRIWKHK\GUDWHWRDQK\GURXVLURQ,,,FKORULGHLVQRWDFFRPSOLVKHGE\
KHDWLQJDV+&ODQGLURQR[\FKORULGHVDUHSURGXFHG
9RO,VVXH-DQXDU\
,661;
,QWHUQDWLRQDO-RXUQDORI/DWHVW7UHQGVLQ(QJLQHHULQJDQG7HFKQRORJ\,-/7(7
7DEOH3URSHUWLHVRI0DULQHFOD\7DEOH3URSHUWLHVRI4XDUU\GXVW
61R
3URSHUW\
*UDLQVL]HGLVWULEXWLRQ
6DQG
6LOW
&OD\
9DOXH
61R
3URSHUW\
*UDLQVL]HGLVWULEXWLRQ
*UDYHO
6DQG
)LQHV
9DOXH
$WWHUEHUJOLPLWV
/LTXLGOLPLW
3ODVWLFOLPLW
3ODVWLFLW\LQGH[
6KULQNDJHOLPLW
$WWHUEHUJOLPLWV
/LTXLGOLPLW
3ODVWLFOLPLW
3ODVWLFLW\LQGH[
6KULQNDJHOLPLW
13
13
13
13
&RPSDFWLRQSURSHUWLHV
2SWLPXP0RLVWXUH&RQWHQW
0D[LPXP'U\'HQVLW\JFF
6SHFLILF*UDYLW\*
,6&ODVVLILFDWLRQ
&%5
6KHDU6WUHQJWK3DUDPHWHUV
&RKHVLRQWPð
$QJOHRILQWHUQDOIULFWLRQ
&+
&RPSDFWLRQSURSHUWLHV
2SWLPXP0RLVWXUH&RQWHQW
0D[LPXP'U\'HQVLW\JFF
6SHFLILF*UDYLW\*
,6&ODVVLILFDWLRQ
6:
&%5
6KHDU6WUHQJWK3DUDPHWHUV
&RKHVLRQWPð
$QJOHRILQWHUQDOIULFWLRQ
7DEOH&RPSOHWHGHWDLOVRIWKH)HUULF&KORULGHSURSHUWLHV
0ROHFXODUIRUPXOD
)H&O
0RODUPDVV
JPRODQK\GURXV
JPROKH[DK\GUDWH
JUHHQEODFNE\UHIOHFWHGOLJKW
SXUSOHUHGE\WUDQVPLWWHGOLJKW
KH[DK\GUDWH\HOORZVROLG
DTVROXWLRQVEURZQ
VOLJKW+&O
JP/ƒ&
JP/KH[DK\GUDWH
ƒ&
$SSHDUDQFH
2GRU
6ROXELOLW\LQZDWHU
JFPDQK\GURXV
JFPKH[DK\GUDWH
0HOWLQJSRLQW
ƒ&DQK\GURXV
ƒ&KH[DK\GUDWH
%RLOLQJSRLQW
ƒ&DQK\GURXVGHFRPS
ƒ&KH[DK\GUDWHGHFRPS
SDUWLDOGHFRPSRVLWLRQWR
)H&O&O
9LVFRVLW\
VROXWLRQF3
6ROXELOLW\LQDFHWRQH JPOƒ&
0HWKDQRO
KLJKO\VROXEOH
(WKDQRO
JPO
'LHWK\OHWKHU
KLJKO\VROXEOH
*+6
KD]DUG ++++
VWDWHPHQWV
2WKHUFDWLRQV
,URQ,,FKORULGH
0DQJDQHVH,,FKORULGH
&REDOW,,FKORULGH
5XWKHQLXP,,,FKORULGH
'HQVLW\
&U\VWDOVWUXFWXUH
KH[DJRQDO
2WKHUDQLRQV
,URQ,,,IOXRULGH
,URQ,,,EURPLGH
5HODWHGFRDJXODQWV
,URQ,,VXOIDWH
3RO\DOXPLQXPFKORULGH
,,,(;3(5,0(17$7,21
7KHVRLOZDVLQLWLDOO\DLUGULHGSULRUWRWKHWHVWLQJ7KHWHVWHGWKHEHKDYLRURIPDULQHFOD\ZKHQLWZDVXQWUHDWHGDQG
WUHDWHGIRUWKHPRGDOIOH[LEOHSDYHPHQWV
3UREOHPV$VVRFLDWHG:LWK0DULQH&OD\V
9RO,VVXH-DQXDU\
,661;
,QWHUQDWLRQDO-RXUQDORI/DWHVW7UHQGVLQ(QJLQHHULQJDQG7HFKQRORJ\,-/7(7
$PRQJ WKH YDULRXV GDPDJHV WKH GDPDJH FDXVHG E\ WKH PDULQH VRIW VRLOV WR WKH SDYHPHQWV DQG DOVR IRU
IRXQGDWLRQEHGVDUHKLJKFRPSUHVVLELOLW\DQGVZHOOLQJQDWXUHRIWKHPDULQHFOD\VRLOVRQLQKDELWDWLRQRIZDWHUGXULQJ
WKHPRQVRRQDQGUHGXFHGHQVLW\RUVKULQNDJHRFFXUVEHFDXVHRIHYDSRUDWLRQRIZDWHULQVXPPHUDQGEHFRPHKDUG
GXH WR LQFUHDVHG GHQVLW\ DQG WKLV WUHQG RI VRLO GHFUHDVHV ZLWKGHSWK 7KH YROXPHWULF GHIRUPDWLRQ LQ WKHVH VRLOV LV
DWWULEXWHG WR VHDVRQDO YDULDWLRQV LQ WKH JURXQG ZDWHU SURILOH UHVXOWLQJ LQ FKDQJHV LQ PRLVWXUH FRQWHQW 'XULQJ
VXPPHU SRO\JRQDO VKULQNDJH FUDFNV RFFXUV QHDU WKH VXUIDFH H[WHQGLQJ WR GHSWK RI DERXW P LQGLFDWLQJ D KLJK
SRWHQWLDOIRUFRPSUHVVLELOLW\7KHGHSWKRIFUDFNLQJLQGLFDWHVWKHGHSWKRIDFWLYH]RQHLQZKLFKVLJQLILFDQWYROXPH
FKDQJHRFFXUVZKLFKLVGHILQHGDVWKLFNQHVVRIVRLOLQZKLFKPRLVWXUHGHILFLHQF\H[LVWV
'DPDJHVWRWKH3DYHPHQW6XE*UDGHV
0DMRULW\RIWKHSDYHPHQWIDLOXUHVFRXOGEHDWWULEXWHGWRWKHSRRUVXEJUDGHFRQGLWLRQVDQGPDULQHFOD\URDGV
UXQQLQJ WKURXJK PDULQH FOD\V UHJLRQV DUH VXEMHFWHG WR VHYHUH XQHYHQQHVV ZLWK RU ZLWKRXW FUDFNLQJ ORQJLWXGLQDO
FUDFNLQJSDUDOOHOWRSDYHPHQWFHQWHUOLQHUXWWLQJRISDYHPHQWVXUIDFHDQGORFDOL]HGIDLOXUHRISDYHPHQWDVVRFLDWHG
ZLWKGLVLQWHJUDWLRQRIWKHVXUIDFH7KHH[WHQVLYHGDPDJHWRKLJKZD\VUXQQLQJRYHUH[SDQVLYHDQGKLJKFRPSUHVVLEOH
VRLOVXEJUDGHV(YHQUDLOZD\WUDFNVDUHQRH[FHSWLRQDQGDUHDIIHFWHGE\DSSUHFLDEOHPRYHPHQWVGXHWRWKHQDWXUH
RI KLJK FRPSUHVVLELOLW\ RI WKH PDULQH FOD\ VRLOV 6RPH RI FRPPRQ SUREOHPV DUH > L @ 5XWWLQJ > LL @ /RQJLWXGLQDO
FUDFNV>LLL@'DPDJHVWRWKHEXLOGLQJIRXQGDWLRQ6RPHRIWKHUHPHGLDOPHDVXUHWRRYHUFRPHSUREOHPVDVVRFLDWHG
ZLWKWKHPDULQHFOD\VRLOVDUH>L@6RLOUHSODFHPHQW>LL@6DQGFXVKLRQPHWKRG>LLL@6WLIILQJWKHIRXQGDWLRQDQG
VXSHU VWUXFWXUH > LY @ 0DW IRXQGDWLRQ > Y @ 6WRQH FROXPQV > YL @ +HDW WUHDWPHQW > YLL @ 6WDELOL]DWLRQ DQG
> YLLL @ 5HLQIRUFHPHQW $PRQJ GLIIHUHQW VWDELOL]DWLRQ PHWKRGV FKHPLFDO VWDELOL]DWLRQ SOD\V D YLWDO UROH GXH WR LWV
LQGXVWULDOZDVWHXWLOL]DWLRQIRULPSURYHWKHFOD\SURSHUWLHV
&KHPLFDO6WDELOL]DWLRQ
&KHPLFDO VWDELOL]DWLRQ FRQVLVWV RI ERQGLQJ WKH VRLO SDUWLFOHV ZLWK D FHPHQWLQJ DJHQW WKDW LV SURGXFHG E\ D
FKHPLFDOUHDFWLRQZLWKLQWKHVRLO7KHUHDFWLRQGRHVQRWQHFHVVDULO\LQFOXGHWKHVRLOSDUWLFOHVDOWKRXJKWKHERQGLQJ
GRHVLQYROYHLQWHUPROHFXODUIRUFHVRIWKHVRLO0RVWRIWKHFOD\VRLOVDUHWKHVRGLXPFDWLRQVLQH[FKDQJHFRPSOH[
DQG SUREDEO\ WKH PRVW HIIHFWLYH FKHPLFDO VWDELOL]DWLRQ RI VRIW VRLOV RFFXUV ZKHQ VRGLXP LRQV DUH UHSODFHG E\
GLYDOHQWRUWULYDOHQWFDWLRQV+RZHYHU)HUULF&KORULGHVWDELOLVDWLRQJDLQHGSURPLQHQFHIRUPRGLILFDWLRQRIPDULQH
FOD\VGXULQJWKHSDVWIHZGHFDGHVGXHWRWKHDYDLODELOLW\RI)HUULF&KORULGHDQGLWVDGDSWDELOLW\$VDPDWWHURIIDFW
)HUULF&KORULGHLVVSDULQJO\VROXEOHDERXWJOLWUHDW&LQZDWHUDQGIUHHFDOFLXPLRQVDYDLODEOHIRUVXEVWDQWLDO
FDWLRQH[FKDQJHUHDFWLRQVDUHPHDJUHDQGPRVWRIWKH)HUULF&KORULGHVHWWOHVDWWKHERWWRPRIERUHKROHV
5DR DQG 6XEED 5DR UHFRPPHQGHG )HUULF FKORULGH )H&O VROXWLRQ WR WUHDW WKH FDXVWLF VRGD
FRQWDPLQDWHG JURXQG RI DQ ,QGXVWULDO EXLOGLQJ LQ %DQJDORUH 6ULQLYDV HWDO VWXGLHG WKH LQIOXHQFH RI .&/
&D&ODQG)H&ORQWKHSURSHUWLHVRIH[SDQVLYHVRLOLQWKHODERUDWRU\$VDSDUWRIWKHWHVWLQJSURFHGXUHVZHOODQG
VWUHQJWKWHVWVZHUHFRQGXFWHGDQGWKH\FRQFOXGHGWKDW)H&OVKRZHGWKHEHVWSHUIRUPDQFH
,95(68/76$1'',6&866,21
([SHULPHQWV ZHUH FRQGXFWHG E\ XVLQJ GLIIHUHQW SHUFHQWDJHV RI )HUULF &KORULGH DQG 4XDUU\ 'XVW ZLWK D YLHZ WR
GHWHUPLQHWKHRSWLPXPSHUFHQWDJHVRI)HUULF&KORULGHDQG4XDUU\'XVW7KHF\FOLFSODWHORDGWHVWVZHUHFRQGXFWHG
RQPDULQHFOD\VXEJUDGHPRGHOIOH[LEOHSDYHPHQWV7KHHIIHFWRIDGGLWLRQRI)HUULF&KORULGHDQG4XDUU\'XVWWRWKH
PDULQHFOD\RQFRPSDFWLRQ&%5SURSHUWLHVDQGVWUHQJWKSURSHUWLHVZHUHHVWLPDWHG
(IIHFW RI )HUULF &KORULGH DQG 4XDUU\ 'XVW RQ &RPSDFWLRQ DQG &%5 3URSHUWLHV RI WKH 0DULQH &OD\ 7KH
LQGLYLGXDOLQIOXHQFHRI)HUULF&KORULGHDQGFRPELQDWLRQZLWK4XDUU\'XVWRQWKHFRPSDFWLRQDQG&%5SURSHUWLHVRI
PDULQH FOD\ DV REVHUYHG ,W ZDV QRWLFHG WKDW )HUULF &KORULGH WUHDWPHQW DV LQGLYLGXDOO\ DQG ZLWK WKH
FRPELQDWLRQRI4XDUU\'XVWZLWKPDULQHFOD\KDVHIIHFWLYHO\LPSURYHGWKHODERUDWRU\&%5YDOXH&RPSDFWLRQ
WHVWV ZHUH FRQGXFWHG WR JHW WKH 2SWLPXP PRLVWXUH FRQWHQW DQG PD[LPXP GU\ GHQVLW\ RI GLIIHUHQW SURSRUWLRQV RI
PDULQH FOD\ DQG )HUULF &KORULGH XVLQJ PRGLILHG SURFWRU FRPSDFWLRQ DSSDUDWXV $V VKRZQ LQ )LJ WKH )H&O
LQFUHDVHVGU\GHQVLW\LVLQFUHDVHGDQGRSWLPL]HGDW
9RO,VVXH-DQXDU\
,661;
,QWHUQDWLRQDO-RXUQDORI/DWHVW7UHQGVLQ(QJLQHHULQJDQG7HFKQRORJ\,-/7(7
)LJD20&DQG0''RIXQWUHDWHGPDULQHFOD\)LJE20&DQG0''RI)H&OPDULQHFOD\
2SWLPXPPRLVWXUHFRQWHQW 2SWLPXPPRLVWXUHFRQWHQW 0D[LPXPGU\GHQVLW\ JPFF0D[LPXPGU\GHQVLW\ JPFF
)LJF20&DQG0''RI)H&OPDULQHFOD\)LJG20&DQG0''RI)H&OPDULQHFOD\
2SWLPXPPRLVWXUHFRQWHQW 2SWLPXPPRLVWXUHFRQWHQW 0D[LPXPGU\GHQVLW\ JPFF0D[LPXPGU\GHQVLW\ JPFF
%\DGGLQJWKH4XDUU\GXVWWRWKHPDULQHFOD\WKH&%5LVLQFUHDVHGDVVKRZQLQ)LJ
)LJD20&DQG0''RI4XDUU\GXVW)LJE20&DQG0''RI4XDUU\GXVW
2SWLPXPPRLVWXUHFRQWHQW 2SWLPXPPRLVWXUHFRQWHQW 0D[LPXPGU\GHQVLW\ JPFF0D[LPXPGU\GHQVLW\ JPFF
9RO,VVXH-DQXDU\
,661;
,QWHUQDWLRQDO-RXUQDORI/DWHVW7UHQGVLQ(QJLQHHULQJDQG7HFKQRORJ\,-/7(7
)LJF20&DQG0''RI4XDUU\GXVW)LJG20&DQG0''RI4XDUU\GXVW
2SWLPXPPRLVWXUHFRQWHQW 2SWLPXPPRLVWXUHFRQWHQW 0D[LPXPGU\GHQVLW\ JPFF0D[LPXPGU\GHQVLW\ JPFF
,WZDVREVHUYHGWKDW)HUULF&KORULGHWUHDWPHQWDVLQGLYLGXDOO\ZLWKPDULQHFOD\KDVHIIHFWLYHO\LPSURYHGWKH
&%5YDOXH+RZHYHUEH\RQGWKHDGGLWLRQRI)HUULF&KORULGHQRVLJQLILFDQWLPSURYHPHQWLQ&%5YDOXHVRIWKH
PDULQHFOD\ZHUHREVHUYHGDVGHSLFWHGLQWKH)LJ
)LJ&%59DOXHRIPDULQHFOD\ZLWK)H&O)LJ&%59DOXHRIPDULQHFOD\ZLWK4XDUU\GXVW
7KH VRDNHG DQG XQ VRDNHG &%5 YDOXHV RI YDULRXV PL[HV RI )HUULF&KORULGH WUHDWHG PDULQH FOD\ DQG 4XDUU\ 'XVW
XVLQJ20&REWDLQHGIURPFRPSDFWLRQWHVWVDUHGHWHUPLQHG7KHVRDNHG&%5DIWHULPPHUVLQJLQZDWHUIRUIRXUGD\V
WKDW LV ZKHQ IXOO VDWXUDWLRQ LV OLNHO\ WR RFFXU LV DOVR GHWHUPLQHG ,W ZDV REVHUYHG WKDW )HUULF &KORULGH
WUHDWPHQWDVLQGLYLGXDOO\DQGZLWKWKHFRPELQDWLRQRI4XDUU\'XVWZLWKPDULQHFOD\KDVHIIHFWLYHO\LPSURYHG
DV VKRZQ LQ )LJ ,W ZDV REVHUYHG WKDW RXW RI WKH GLIIHUHQW FRPELQDWLRQV WULHG LQ WKLV LQYHVWLJDWLRQ )HFO LV
IRXQGWREHRSWLPXP+RZHYHUEH\RQGWKHDGGLWLRQRIWKHUHLVUHGXFWLRQLQ0''YDOXHVRIWUHDWHG0DULQH
FOD\
9&21&/86,216
7KHIROORZLQJFRQFOXVLRQVDUHPDGHEDVHGRQWKHODERUDWRU\H[SHULPHQWVFDUULHGRXWLQWKLVLQYHVWLJDWLRQ
,W ZDV REVHUYHG WKDW WKH OLTXLG OLPLW YDOXHV DUH GHFUHDVHG E\ DQG RQ WKH DGGLWLRQ RI )HUULF
&KORULGHDQG)HUULF&KORULGH4XDUU\GXVWUHVSHFWLYHO\ZLWKUHVSHFWWRWKHXQWUHDWHGPDULQHFOD\
,W ZDV REVHUYHG WKDW WKH 3ODVWLFLW\ LQGH[ YDOXHV DUH GHFUHDVHG E\ DQG RQ WKH DGGLWLRQ RI )HUULF &KORULGH DQG )HUULF &KORULGH 4XDUU\ GXVW UHVSHFWLYHO\ ZLWK UHVSHFW WR WKH XQWUHDWHG PDULQH
FOD\
,W ZDV QRWLFHG IURP WKH ODERUDWRU\ F\FOLF SODWH ORDG WHVW UHVXOWV WKDW WKH ORDG FDUU\LQJ FDSDFLW\ RI WKH
WUHDWHG PDULQH FOD\ PRGHO IOH[LEOH SDYHPHQW KDV EHHQ LQFUHDVHG E\ DW 20& DQG DW )6& ZKHQ
FRPSDUHGZLWKXQWUHDWHGPDULQHFOD\VXEJUDGHPRGHOIOH[LEOHSDYHPHQW
,W ZDV QRWLFHG IURP WKH ODERUDWRU\ UHVXOWV WKDW WKH WRWDO GHIRUPDWLRQ RI WKH WUHDWHG PDULQH FOD\ PRGHO
IOH[LEOH SDYHPHQW KDV EHHQ LPSURYHG E\ DW 20& DQG DW )6& ZKHQ FRPSDUHG ZLWK WKH XQWUHDWHG
PDULQHFOD\VXEJUDGHPRGHOIOH[LEOHSDYHPHQW
9RO,VVXH-DQXDU\
,661;
,QWHUQDWLRQDO-RXUQDORI/DWHVW7UHQGVLQ(QJLQHHULQJDQG7HFKQRORJ\,-/7(7
5()(5(1&(6
>@ +\GH$/<DVXKDUD.+LUDR.6WDELOLW\&ULWHULDIRU0DULQH&OD\XQGHU&\FOLFORDG-*HRWHFK(QJ$6&(
>@ 7KLDP6RRQ 7DQ 7HLN/LP *RK DQG .ZHW<HZ <RQJ 3URSHUWLHV RI 6LQJDSRUH 0DULQH &OD\V ,PSURYHG E\ &HPHQW 0L[LQJ
*HRWHFKQLFDO7HVWLQJ-RXUQDO'HF9RO1R
>@ %DODVXEUDPDQLDP $6 %HUJDGR '7 %XHQVXFHVR %5 DQG <DQJ :& 6WUHQJWK DQG GHIRUPDWLRQ FKDUDFWHULVWLFV RI )HUULF
&KORULGHWUHDWHGVRIWFOD\V*HRWHFKQLFDO(QJLQHHULQJ$,7SS
>@ $EGXOMDXZDG61&KDUDFWHULVWLFVDQGFKHPLFDOWUHDWPHQWRIVRIWFOD\LQ$O4DWLI6DXGL$UDELD-RXUQDORI(QJLQHHULQJ*HRORJ\
9RO,VVXH
>@ $NVKD\D .XPDU 6DEDW ³ $ 6WXG\ RQ 6RPH *HRWHFKQLFDO 3URSHUWLHV RI )HUULF &KORULGH 6WDELOLVHG ([SDQVLYH 6RLO ±4XDUU\ 'XVW
0L[HV´,QWHUQDWLRQDO-RXUQDORI(PHUJLQJWUHQGVLQ(QJLQHHULQJDQG'HYHORSPHQW,661,VVXH9RO-DQXDU\
>@ 0LFURVWUXFWXUDO0LQHUDORJLFDOHYROXWLRQRIWKHHIIHFWLYHQHVVRIPL[LQJWUHDWPHQWLQVWDELOL]HGFOD\V%HOODWHE\6LPRQLQL3%ROOH
FDVWH$$670VWDQGDUGVHQJGLJLWDOOLEUDU\
>@ $OLDQG.RUDQQH³3HUIRUPDQFHDQDO\VLVRIH[SDQVLYHVRLOWUHDWHGZLWKVWRQHGXVWDQGIO\DVK´(-*(
>@ *URXQG LPSURYHPHQW RI PDULQH FOD\ IRU KLJKZD\V FRQVWUXFWLRQ LQ 0XPEDL ,QGLD 6DULND 6'HVDL 'HHSDQNDU &KRXGDU\ -V VDOXQOFKH
,)&(($6&(
>@ $O5DZL 10 7KH HIIHFW RI FXULQJ DQG WHPSHUDWXUH RQ )HUULF &KORULGH VWDELOL]DWLRQ 3URF 2I 6HFRQG $XVWUDOLDQ &RQI RQ
(QJLQHHULQJ0DWHULDOV6\GQH\SS
>@ $PELO\$3DQG*DQGKL65([SHULPHQWDODQG7KHRUHWLFDO(YDOXDWLRQRI6WRQH&ROXPQLQ6RIW&OD\,&**(SS
>@ $PX22)DMREL$%DQG2NH%2(IIHFWRI(JJVKHOO3RZGHURQWKH6WDELOL]LQJ3RWHQWLDORI)HUULF&KORULGHRQDQ([SDQVLYH
&OD\6RLO5HVHDUFK-URI$JULFXOWXUHDQG%LRORJLFDO6FLHQFHVSS
>@ (QJLQHHULQJSURSHUWLHVRIVLOW\FOD\VWDELOL]HGZLWKFDOFLXPFDUELGH5HVLGXH$SLHKLWNDPSDODVXOWKDQ+DUSLEXOVXN$6&(
9RO,VVXH-DQXDU\
,661;