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IFC takes an important step forward in its decision-making process regarding Botnia's Fray Bentos mill

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IFC has today released the final steps and timetable for its decision-making
process after having published the final Cumulative Impact Study regarding the
pulp mill project in Fray Bentos, Uruguay on 12 October. 


IFC also released today the analysis of the final CIS by the two Canadian
experts, Wayne Dwernychuk and Neil McCubbin, who analysed the draft CIS and
published the so-called Hatfield report in April 2006. In their report they
state: “We consider that the revised CIS of September 2006, effectively
addresses the issues raised by ourselves and by stakeholders in the projects of
ENCE and Botnia to install two bleached kraft pulp mills near Fray Bentos. We
further consider that the CIS shows that the mills are designed in accordance
with modern, environmentally sustainable practices, in accordance with BAT...”
The report states as well: “The current design and planning process is
appropriate for sustainable, environmentally sound operations, with no impact
on the health of the people in the area, on either side of the Rio Uruguay. We
consider that the mills will probably perform to a standard of the top five in
the world if operated to design specifications.” 

In addition to publishing the experts' report, IFC and MIGA clearly stated in
the press release of today that they will ask their Boards of Directors to
approve IFC financing and MIGA guarantee support for Botnia's project. IFC and
MIGA will seek Board consideration in mid-November. 

“This is an important milestone in the project's financing. IFC has given a
clear timetable and established the steps for their decision-making process”,
states Ville Jaakonsalo, Senior Vice President, Finance. “We also hope that all
this detailed study material and independent experts' statements can help to
clarify the misinformation and relating concerns around the investment. We are
confident that once the mill starts operations, it will show our commitment to
sustainable operations in practice.” 

For additional information please contact:

Mr. Marko Janhunen, Vice President, Communications and Public Relations,
Uruguay-project, tel. +358 50 5900047 

To read IFC's press release, go to: http://www.ifc.org.

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