In February last year, Stora Enso announced that Montes del Planta had decided to initiate a feasibility study on Punta Pereira as the site for a possible future pulp mill in Uruguay. On December 30, Montes del Planta received the environmental permit for the pulp mill, according to analysis and information company RISI.Stora Enso and Arauco plan to build a 1.3 million tons per year bleached eucalyptus kraft pulp mill in Conchillas, near Punta Pereira in the Colonia department, southwestern Uruguay. The location, approximately 150 kilometers south of UPM’s pulp mill in Fray Bentos, was also the site chosen for Spanish pulp maker Ence's planned pulp mill. Stora Enso and Arauco acquired the majority of Ence's operations in Uruguay in October 2009.Stora Enso’s and Arauco’s investment in the planned mill in Uruguay is estimated at approximately 1.5 billion Dollars.Any decision to build the mill has not been made yet. Jouko Karvinen, CEO of Stora Enso, said in an interview in the Finnish news paper Talouselama in October 2010 that a decision will be made soon.