LatinNews Daily - 07 June 2023

* Finnish forestry group UPM has inaugurated its new ‘Paso de los Toros’ pulp mill in Uruguay’s Pueblo Centenario municipality, Durazno department, part of a US$3.47bn investment in what is the biggest foreign investment project in Uruguay’s history. The inauguration event was attended by President Luis Lacalle Pou, among others. According to a UPM press release, the firm, which has an existing pulp mill in Fray Bentos, the capital of Río Negro department, made its decision to invest in the Paso de los Toros pulp mill in 2019. Despite the coronavirus (Covid-19) pandemic, the mill started up in April 2023, and its first pulp delivery to customers followed in May. It adds that UPM’s third tree nursery in Sarandí del Yí started operations in summer of 2022, and the new pulp terminal in Montevideo in October the same year. The total US$3.47bn investment covers the pulp mill and the port terminal as well as investments in local infrastructure in Paso de los Toros. The UPM Paso de los Toros pulp mill has an annual production capacity of 2.1m tonnes of eucalyptus pulp. According to UPM, its value chain – eucalyptus plantation operations, the Fray Bentos and Paso de los Toros pulp mills and related logistics – together with its contractors creates some 7,000 direct and 10,000 induced jobs in Uruguay.

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