Our forest insurance covered the losses related to our forest plantations. During the fourth quarter of and the first quarter of , fires affected our forest plantations and destroyed hectares. In Brazil, our panels business had relatively stable price levels in Brazilian reals. The mill has an installed annual production capacity of approximately , tonnes of eucalyptus kraft pulp and pine bleached and unbleached kraft pulp. In September , the Chilean Congress approved a tax reform bill that has a significant impact on Chilean companies. Also, we have contracted fire insurance policies for all of our Chilean forest holdings and nurseries but do not insure against pests or disease.
For the purposes of the National Law No. These cost increases were partially offset by lower maintenance cost and other raw materials cost that decreased Pulp made from softwoods, such as radiata pine, has long fibers and is used to provide strength to paper products. Several of our competitors are larger than we are and have greater financial and other resources. Thus, demand and prices for pulp and wood products declined in the European market. The costs to comply with, and to address liabilities arising under, environmental laws and regulations could adversely affect our business, financial condition, results of operations and cash flows. In connection with an environmental administrative proceeding, environmental regulators required us to temporarily suspend operations at the Valdivia Mill for approximately one month in January
Our new commercial sales office in the Middle East also enabled us to reach new customers and have a better presence in those markets. The devaluation of the Chinese Yuan during the third quarter of increased volatility in the markets and resulted in a decline in global demand for commodities. We have no control over dw cannot predict how any future changes in economic policy or other changes in the Argentine economy could affect our operations and revenues in Argentina. We decided not to appeal this ruling, in order to create the conditions to shortly begin an effective implementation of measures in favor of that Nature Sanctuary, without the delay of further legal action.
Historically, world pulp prices have been subject to significant fluctuations over relatively short periods of time. We seek to ensure that we do not exceed the free storage period for each shipment.
In order to achieve the full production capacity authorized by applicable permits, the mill had to fulfill certain new requirements established by the COREMA. In aggregate, the production capacity of Sonae Arauco, after the required restructurings are concluded, is expected to be www.affip.gob.ar approximatelycubic meters of OSB, 1, cubic meters of MDF, 2, cubic meters of particleboards andcubic meters of sawn timber.
The Chilean peso has been subject to devaluation in the past and could be subject to significant fluctuations in the future. Our wood products mills in Chile, North America, Argentina and Brazil are certified under international standards.
Under current Chilean law and regulations, payments of interest made from Chile to holders of debt securities who are neither residents nor domiciled or organized in Chile for purposes of Chilean taxation will, generally, be subject to Chilean withholding tax at a rate of 4.
Our operations are subject to various risks affecting our www.afip.gob.ar and manufacturing facilities, including disease and fire.
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According to the U. In Februarythrough Exempt.
Table of Contents Disease or fire could affect our forests wsw.afip.gob.ar manufacturing processes and, in turn, adversely affect our business, financial condition, results of operations and cash flows. The forest plantations affected by the fires have insurance coverage, with their corresponding deductibles and limits.
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A log merchandising facility located at the same site as our Horcones I and Horcones II sawmills optimizes, cuts and classifies wood destined for our plywood facility, sawmills or pulp mills with an annual processing capacity of 1. From time to time, we carry out mergers, acquisitions and investments to expand or complement our operations. During the first half of the shortfiber market remained stable, with a peak price of U. It is expected that this project will issue its first verified emission reductions VERs in the first half of As a result, we may become liable for environmental damages caused by the management of our materials, including damages caused during the transportation, treatment and disposal of our industrial waste, even where third parties manage such activities on our behalf.
Accordingly, our business, financial condition, results of operations and cash flows depend, to a considerable extent, upon economic conditions in Chile. These and other regulations also establish procedures for private citizens to object to the plans or studies submitted by project owners.
We plan to continue our policy of supplementing our pulplog production with purchases from domestic third parties. Eucalyptus is used to produce short-fiber pulp for sale to manufacturers of paper and tissue. The average price of panels increased 0.
Of the total land we own in these four countries, approximatelyhectares of land is planted with taeda pine and elliottii pine, both species of softwood that has a growth rate similar to that of radiata pine. In Uruguay, our finished product of hardwood pulp is mainly shipped to Europe and Asia through our own Montes del Plata Mill port located next to the pulp mill in Punta Pereira, Colonia, Uruguay.
We operate our sawmills in coordination with our forestry and sales operations, since our sawn timber is generally produced in accordance with customer specifications.
Duringthe construction sector continued to improve, and average prices for wood products increased during certain months of the www.afip.gb.ar. We believe we are currently in material compliance with all applicable local and national environmental regulations governing our operations in Brazil.
The closest ports to our Chilean mills are located as follows: Current environmental institutions include the following public entities: Unbleached pulp is used primarily for linerboard a packaging material. We cannot assure you that we will not be subject to further credit rating downgrades. Credit rating downgrades below investment grade could have a material csrga adverse effect on our ability to service our debt, including our securities, which, in turn, www.afip.goh.ar have a material adverse effect on our business, financial condition and results of operations.