Determinação do valor a compensar para estabelecimento de uma plantação florestal

Abstract

This study establishes the maximum amount to be paid for one hectare of land, for sustainable production of wood from Pinas patuia, in the forest of Inhamacari, located in the locality of Machipanda, district of Manica in the province of the same name. LEV and NPV are the two financial criteria used to determine the value of land to be offset. All components of the cash flow table derive from costs and revenues from activities covered by EFLOMA, the largest wood producer in the province. The price of pulp and round wood is from 2001. For the calculations the average rate from 1996 to 1999 used by the National Bank of the Republic of South Africa was used. Thus, the nominal discount rate is estimated at 17% and the expected inflation rate at 13%. Based on these two estimates, the actual 3.5% discount rate used in the study is calculated. Two approximate scenarios are also used (a low rate of 2.0% and a high rate of 5.0%) to determine land values. The results of land values ​​for the rotation age at 21 years of 1055.36; 5177.46 and 16485.77 R/ha for LEV and 678.58; 2683.66 and 5580.50 R/ha for NPV, and the values ​​for rotation age at 23 years of 763.83; 4962.89 and 16368.27 R/ha for LEV and 309.10, 2174.47 and 4868.07 R/ha for NPV, represent the maximum amounts payable by an investor for the sustainable production of Pinus patuia wood in the forest from Inhamacari, for real discount rates of 5.0; 3.5 and 2.0% respectively. The LEV method provided higher land values ​​than the NPV method at both rotational ages (21 and 23 years respectively). Both the LEV and NPV values ​​decrease with increasing rotation age and the real discount rate