Management of <em>Pinus pinaster</em> Aiton for Wood and Resin Production: A Technical-Financial Feasibility Analysis

Maritime Pine sector is an important agent for promoting economy and sustainable development in Portugal. Among the products explored in these forests are wood and resin. The objective of this work was to evaluate the technical and financial viability from the creation of three simulated exploration scenarios: Wood Exploration (W), Resin (R) and Wood + Resin (WR), for this it was defined a loss of 16% of wood volume in resined forest stands and created operational models that defined the costs, investments and revenues that made it possible to prepare cash flow for each scenario and apply the Internal Rate of Return (IRR) feasibility analysis indicators, Net Current Value (VAL), Net Profitability Index (NPI) and Discounted Pay Back (DPB). Scenario R presented the best indicators, however, with absolute values that were not attractive and that the W and WR scenario presented viability but with a DPB at 10 years of age. The loss of wood was not compensated by resin production. The indicators of the WR scenario fell short of those observed in scenario R. Increased market price of resin and scale gain can overcome wood loss and ensure added value in the joint exploration of wood and resin