The quarterly profit was MMUS$ 21.8, 92.9% lower than 3Q18, as a result of a MMUS$ 303 drop in its operating result, associated with a lower performance of Arauco against a backdrop of downward pulp prices.

Highlights:

• MAPA, Arauco Mill Modernization and Expansion project, is 22% complete. During the third quarter of 2019, civil and electromechanical work began. Additionally, contracts for the construction of the administrative building and other contracts were awarded.
• Arauco completes its MMUS$ 1,000 sustainable bonds issue in the international market. Two bonds were issued, the first one for MMUS$ 500, a 4.20% coupon rate and maturing in 2030, and the second one also for MMUS$ 500, a 5.15% coupon rate and maturing in 2050. Proceeds will be used to finance the MAPA project, refinance bonds that expire in 2021 and 2022 and other activities.
• The Textile Pulp Project continues its course, 98% complete as of September 2019. Estimated investment is approximately US$ 195 million and is expected to begin operating by early 2020.
• As planned, construction of the Mina Justa Project is 65.7% complete as of November 8. At the end of October, 5,360 people participate in its development, demanding an investment of around US$1.6 billion and is expected to start production by the end of next year.

Press Release ESP Prensa