CMPC has agreed to sell approximately 60,000 hectares of forest land in the Maule Region to JP Morgan Natural Capital for US$365.5 million.

This transaction is part of CMPC's long-term strategy, which includes actively managing its portfolio to continue progressing toward greater competitiveness and efficiency.

The transaction was executed via CMPC's subsidiary (Forestal Mininco) and J.P. Morgan Natural Capital's local affiliate (Bosques San Pedro SpA). The land involved in the operation corresponds mainly to productive radiata pine plantations and represents approximately 5% of the total area of ​​CMPC's forest land.

The purchase price is subject to customary contractual adjustments. Part of the consideration will be paid at closing, with the balance payable as the properties are registered in the buyer’s name.

The registration process is expected to take approximately three months, according to the company.

Long-term timber supply secured

As part of the transaction, the company signed a long-term timber supply contract with JP Morgan Natural Capital, which will contribute to the supply of its paperboard plant in Maule.

During the transition period, the company will ensure the continuity of its contractual commitments to its suppliers and customers related to these assets.

The agreement allows CMPC to monetize part of its forestry holdings while maintaining a commercial relationship with the plantations to support its industrial operations. The company has not disclosed the contracted timber volumes or the full terms of the supply agreement.

“This transaction is part of our long-term asset management strategy announced at the end of last year. It was a competitive process, aimed at strengthening our focus on our core businesses and moving towards greater levels of efficiency and competitiveness. We want to continue projecting CMPC's growth and consolidating our position among the leading players in the industry worldwide,” stated Sebastián Moraga, Vice President of Finance and Administration at CMPC.

Moraga added that “this operation demonstrates the value of our assets and the scale of CMPC, as well as our ability to generate our own resources to project our businesses.”

Part of a wider divestment program

The forestland sale follows CMPC’s agreement in September to sell its Chilean corrugated-packaging business to Smurfit Westrock for US$420 million.

That transaction covers the operations of Envases Impresos Cordillera and Chilena de Moldeados (Chimolsa), as well as an associated recycling network, and remains subject to approval by Chile’s competition authority.

Together, the two agreements represent approximately US$785.5 million in planned asset disposals in less than a month.

Natureza project faces financial and licensing challenges

The divestment programme comes as CMPC weighs its proposed US$4.6 billion Natureza pulp project in Brazil, which would add capacity of up to 2.5 million tonnes per year. The company is seeking to strengthen its financial position ahead of the investment, with net debt-to-EBITDA reaching 4.17 times in the second quarter of 2026, above its target range of 2.5–3.5 times.

The project has also faced legal challenges over environmental licensing and consultation with Indigenous and other traditional communities. In September, a federal appeals court allowed the licensing process to continue while the dispute remained unresolved. Although the project received a preliminary environmental license in October, further approvals and a final investment decision remain necessary.

CMPC has identified asset sales as part of its broader financial strategy, but has not specified whether proceeds from the forestland transaction will be allocated directly to Natureza.

J.P. Morgan expands forestry investments in South America

The acquisition follows J.P. Morgan Natural Capital’s announcement in September 2026 of a planned US$200 million investment to develop a large-scale forestry platform in Paraguay, in partnership with local agricultural and forestry group Grupo Robinson. Capital deployment is expected to begin in early 2027, with plans to establish commercial forests, restore native forests and develop sustainable timber production and carbon-credit generation. The initiative also aims to expand local wood processing and the production of higher-value wood products.

JP Morgan Natural Capital is a JP Morgan Asset Management platform focused on forestry investments, with assets under management in markets such as the United States, Australia, New Zealand, and Chile.