At its Investor Day, Empresas CMPC outlined the timeline for its ambitious Natureza project in Brazil, expecting operations by late 2029. The initiative involves a US$4.6 billion investment to produce 2.5 million tons of pulp annually. Amid declining profits, the company is focusing on financial resilience.
Empresas CMPC, part of the Matte group, presented at its Investor Day the progress of Natureza, its largest forestry project in southern Brazil. General Manager Francisco Ruiz-Tagle stated they expect a key permission for the preliminary license between the second half of March and the first half of April 2026. Projects Vice President José Correa explained the plan includes 2.5 million tons of annual pulp production, with an estimated investment of US$4.6 billion, net of tax benefits. Correa highlighted the site's advantages: "it has very good forest productivities, and also very good logistics costs, because we are very close to the sea, and therefore very close to the ports".
The project is set to be submitted to the board for approval mid-2026, with operations starting by late 2029. On the financial side, CFO Sebastián Moraga emphasized three principles: protect the balance sheet, maintain investment grade, and use instruments like asset monetization to fund Natureza. This involves handing over 60% to 70% of forest mass to third parties while remaining a minority stakeholder. Moraga acknowledged pressure from four years of intensive capex but quick deleveraging. They are also considering selling 120,000 hectares in San Pedro de La Paz, more valued for real estate development.
The decision not to distribute the December provisional dividend responds to cash optimization, per Ruiz-Tagle, amid resilience processes and cost reductions. As of September 2025, profits fell 66% to US$164 million, and revenues 6% to US$5.585 billion. Chairman Bernardo Larraín Matte attributed this to pulp prices at 25-year real lows, influenced by overcapacity in China, which accounted for 70% of demand growth over the past decade.