The Mulanje Mountain Valuation Study, carried out for the USAID-funded COMPASS II project and the Mulanje Mountain Conservation Trust, is an economic valuation of the resources provided to surrounding communities by the Mulanje Mountain Forest Reserve. We have estimated the value of service flows in 2005 and projected those values to 2023 under several different management scenarios. The major finding is that growing fuelwood demand will rapidly outstrip all strategies for improved natural forest management. In consequence, continued access to a wide range of forest services will depend on reducing dependence on fuelwood for energy as well as increasing natural forest yields.