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
the free translation of a Material Event sent to the Superintendencia de Valores
y Seguros de Chile on February 23, 2010.
SOCIEDAD QUIMICA Y MINERA DE
CHILE S.A.
(Exact
name of registrant as specified in its charter)
CHEMICAL AND MINING COMPANY
OF CHILE INC.
(Translation
of registrant's name into English)
El Trovador 4285, Santiago,
Chile (562) 425-2000
(Address
and phone number of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
|
Form
20-F x
|
Form
40-F o
|
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.
|
Yes
o
|
No
x
|
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82________
MATERIAL
EVENT
SOCIEDAD
QUÍMICA Y MINERA DE CHILE S.A.
(SQM
S.A.)
Inscription
N. 184
Santiago,
February 23, 2010
Mr.
Guillermo Larraín R.
Superintendent
Superintendent
of Securities and Insurance
Avda.
Lib. Bernardo O'Higgins N°1449, 1st Floor
Santiago
Dear Mr.
Superintendent:
In compliance with articles 9 and 10 of
Law No. 18.045 and with the
indications of the Superintendency set forth in the Rule of General Character
Nº30 issued on November 10, 1989 and its subsequent modifications, I hereby
inform you as a Material Event that the Board of Directors of Sociedad Química y
Minera de Chile S.A. (SQM) unanimously agreed in an extraordinary session held
on February 22, 2010 to suspend operations at the El Toco and Pampa Blanca
mining facilities.
The decision to suspend operations was
made by the Board of Directors as a response to decreased global demand for
nitrates and iodine. Demand for these two businesses was significantly affected
by the financial crisis that began in the fourth quarter of 2008. As a result,
lower sales volumes registered during the last 15 months have translated into a
significant increase in SQM’s nitrate and iodine inventories.
As a
consequence of the suspension of these operations, total SQM nitrate production
for 2010 should decline slightly with respect to 2009. Sodium nitrate production
will decline as a result of the suspension of the El Toco mining operations.
This lower production will be partially offset by the start-up – during the
second semester of 2010 – of the new potassium nitrate plant located in Coya
Sur.
Regarding
iodine, we estimate that 2010 production should fall approximately 20% compared
to the previous year. As a result, production volumes for 2010 should be similar
to those recorded in 2008.
|
SQM
El
Trovador 4285, Piso 6
Las
Condes, Santiago, Chile
Tel:
(56 2) 425 2485
Fax:
(56 2) 425 2493
www.sqm.com
|
 |
In light
of these circumstances, the Board of Directors determined the suspension of both
of the mentioned operations to be necessary. The Board of Directors considered
that even in the event of an increase in demand for nitrates and iodine, at
rates higher than those currently projected, the current level of inventories
and the installed production capacity would allow SQM to respond quickly and
efficiently to possible higher demand.
We remain at your disposal to clarify
any additional aspects that you may deem relevant in relation to the
above.
Sincerely,
SOCIEDAD
QUIMICA Y MINERA DE CHILE S.A.
Conf: /s/
Patricio Contesse G.
Patricio
Contesse G.
Chief
Executive Officer
|
cc:
|
Bolsa
de Comercio de Santiago Bolsa de Valores
S.A.
|
Bolsa de Corredores Bolsa de Valores
S.A.
Bolsa Electrónica de Chile Bolsa de
Valores S.A.
New York Stock Exchange
Securities and Exchange
Commission
The Bank of New York
|
SQM
El
Trovador 4285, Piso 6
Las
Condes, Santiago, Chile
Tel:
(56 2) 425 2485
Fax:
(56 2) 425 2493
www.sqm.com
|
|
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:
February 23, 2010