Unassociated Document
UNITED
STATES OF AMERICA
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF
FOREIGN ISSUER
PURSUANT
TO RULE 13A-16 OR 15D-16
OF
THE
SECURITIES AND EXCHANGE ACT OF 1934
Includes
a press release announcing a joint venture agreement signed between Sociedad
Química y Minera de Chile S.A. and Migao Corporation.
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SOCIEDAD
QUIMICA Y MINERA DE CHILE S.A.
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(Exact
name of registrant as specified in its charter)
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CHEMICAL
AND MINING COMPANY OF CHILE INC.
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(Translation
of registrant's name into English)
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El
Trovador 4285, Santiago, Chile (562) 425-2000
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(Address
and phone number of principal executive
offices)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If
"Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82_________
For
Immediate Release
SQM
SIGNS JOINT VENTURE AGREEMENT WITH MIGAO CORPORATION
Santiago,
Chile, May 20, 2008.- Sociedad
Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B,
SQM-A) announced today that it has entered into an agreement with Migao
Corporation (“Migao”) to create a joint venture (“JV”) for the production and
distribution of potassium nitrate in China. The agreement, signed on May 18,
2008, establishes a 50/50 contribution to the JV. The first step of this
agreement will be the construction of a new 40,000 metric ton potassium nitrate
facility, which will require a total investment of US$20 million and should
be
operational by 1Q 2009.
Patricio
Contesse, CEO of SQM, stated, “We are thrilled at this opportunity to work with
Migao in the growing Chinese market, as we believe the synergies we are creating
will benefit us both.” He continued, “This agreement will allow us to further
develop our presence in one of the most important markets for the fertilizer
industry, and it is consistent with our strategy of strengthening our worldwide
leadership position in our three core businesses.”
Mr.
Liu
Guocai, Migao's CEO, said, “We are very pleased to enter into this agreement
with SQM. This mutually beneficial agreement leverages SQM’s strong
international network and Migao’s established presence throughout China. This
agreement expedites Migao’s ambition of becoming recognized as a leading
international fertilizer company.”
Migao,
through its wholly owned subsidiaries, will continue to produce potassium
nitrate in China, and this product will be distributed by the newly formed
JV. In addition, the JV will handle exports of potassium nitrate produced
by Migao or the JV, as well as imports of SQM’s potassium nitrate to
China.
SQM
and
Migao will now take the next steps to effect the JV, including seeking the
necessary approvals from the Chinese government.
SQM
is an
integrated producer and distributor of specialty plant nutrients, iodine and
lithium. Its products are based on the development of high quality natural
resources that allow the Company to be a leader in costs, supported by a
specialized international network with sales in over 100 countries. SQM’s
development strategy aims to maintain and strengthen the Company’s world
leadership in its three core businesses: Specialty Plant Nutrition, Iodine
and
Lithium.
Migao
Corporation, through its wholly owned subsidiaries, owns and operates fertilizer
production plants in various strategic locations across China for the production
and sale of specialty potash fertilizer (potassium nitrate and potassium
sulphate) to China’s high value agricultural market. Migao Corporation is
subject to, and complies with strict government regulations that govern safety,
quality and environmental protection. Please visit www.migaocorp.com for further
information.
For
further information, please visit our Web site, www.sqm.com,
or
contact:
Patricio
Vargas, 56-2-4252274 / patricio.vargas@sqm.com
Carolyn
McKenzie, 56-2-4252074 / carolyn.mckenzie@sqm.com
Statements
in this press release concerning the Company’s business outlook, future economic
performances, anticipated profitability, revenues, expenses, or other financial
items, anticipated cost synergies and product or service line growth, together
with other statements that are not historical facts, are “forward-looking
statements” as that term is defined under Federal Securities Laws.
Any
forward-looking statements are estimates, reflecting the best judgment of SQM
based on currently available information and involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from those stated in such statements. Risks, uncertainties, and
factors that could affect the accuracy of such forward-looking statements are
identified in the public filing made with the Securities and Exchange
Commission, and forward-looking statements should be considered in light of
those factors.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
SOCIEDAD
QUIMICA Y MINERA DE CHILE S.A.
Conf:
/s/
Ricardo Ramos R.
Ricardo
Ramos R.
Chief
Financial Officer
Date:
May
20,
2008