SQM Authorized to Acquire PCS Yumbes

SQM Authorized to Acquire PCS Yumbes 


SANTIAGO, Chile, Oct. 27  /PRNewswire-FirstCall/ -- Sociedad Quimica y Minera de
Chile S.A. (SQM)  (Santiago Stock Exchange: SQM-B SQM-A) reported today that
during the Extraordinary Board Session carried out on October 24, 2003, the
members of the Board, with the absence of Wayne Brownlee and Jose Maria
Eyzaguirre, agreed to authorize SQM management to subscribe the necessary
contracts to purchase all the shares of the Chilean company PCS Yumbes S.C.M.,
affiliate of Potash Corporation of Saskatchewan Inc(1).

During the same session, the members of the board verified that the reports
issued by the independent valuators regarding the purchase of all the shares of
PCS Yumbes S.C.M. were made available for inspection by SQM's Shareholders and
Directors and that as of October 24, the Company had not received any comment or
request in connection with said Reports.

(1) Potash Corporation of Saskatchewan, Inc. (PCS) is a Canadian company, which
owns 37.5% of SQM's series A shares and during the last general shareholders
meeting, elected three out of eight SQM's directors.

SQM is an integrated producer and distributor of specialty fertilizers, iodine,
lithium and industrial chemicals. Its products are based on the development of
high quality natural resources that allow the Company to be 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 world
leadership in its three main businesses: specialty fertilizers, iodine and
lithium. 

DATASOURCE: Sociedad Quimica y Minera de Chile S.A.



CONTACT:  Patricio Vargas, Sociedad Quimica y Minera de Chile S.A.,

+011-56-2-425-2274, or +011-56-2-425-2485, or  



Web site:  http://www.sqm.com/ 

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