Sistema de gestión de las aguas del complejo minero de carbón de S.A.M.C.A. en la Val de Ariño (Teruel)

La finalidad de este proyecto consiste en realizar un estudio de la gestión del agua del complejo minero de carbón que SAMCA tiene en Ariño, así como recoger distintas iniciativas de mejora para su optimización en la actualidad. Por otro lado, también se pretende analizar la problemática de la posible clausura de la mina de interior “Sierra de Arcos”, una de las principales aportadoras de agua al sistema, y se presentan las posibles opciones para el aprovechamiento óptimo de las aguas superficiales y subterráneas de cara al futuro de la explotación para garantizar un balance hídrico en el que los aportes y los consumos de agua estén equilibrados. Después de este exhaustivo análisis, se deciden cuáles son las mejores opciones desde un punto de vista tanto técnico como económico. ABSTRACT The purpose of this Project is to carry out a study about the management of SAMCA´s coalmine complex in Ariño, as well as gathering a range of initiatives to help optimizing the present system. Additionally, the study sets out to analyze the possible problems arising from the closing of “Sierra de Arcos” underground mine, contributor of one of the main sources of water into the system. Based on the analysis, a series of possible options are presented to reach the ideal utilization of the superficial and underground water. These proposals aim to ensure an optimal water balance sheet between the water contributions and the water consumptions. The results obtained from this exhaustive analysis are used to reach a conclusion for the project by presenting what are considered the best options from both, a technical and an economic point of view.

Return of Equity Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 Period

Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contribution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the companies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nominal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the period of the analysis.The results from this article are consistent with the Pecking Order theory for the Spanish Stock Market also six months after the preferential subscription period. However, there is a positive return after three months.