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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000945234-03-000046.txt : 20030218
<SEC-HEADER>0000945234-03-000046.hdr.sgml : 20030217
<ACCEPTANCE-DATETIME>20030218105256
ACCESSION NUMBER:		0000945234-03-000046
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030214
FILED AS OF DATE:		20030218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METHANEX CORP
		CENTRAL INDEX KEY:			0000886977
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20115
		FILM NUMBER:		03570288

	BUSINESS ADDRESS:	
		STREET 1:		1800 WATERFRONT CENTER
		STREET 2:		200 BURRARD STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		6046847500

	MAIL ADDRESS:	
		STREET 1:		1800 WATERFRONT CENTER
		STREET 2:		200 BURRARD STREET
		CITY:			VANCOUVER BC CANADA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o08977ae6vk.htm
<DESCRIPTION>MATERIAL CHANGE REPORT OF FEB. 14, 2003
<TEXT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="3"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<P align="center"><FONT size="2"><B>WASHINGTON, D.C. 20549</B>
</FONT>

<P>
<HR width="20%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="4"><B>FORM 6-K</B>
</FONT>

<P align="center"><FONT size="2"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16</B>
</FONT>

<P align="center"><FONT size="2"><B>UNDER</B>
</FONT>

<P align="center"><FONT size="2"><B>THE SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

<P align="center"><FONT size="2"><B>FOR THE MONTH OF FEBRUARY 2003</B>
</FONT>

<P align="center"><FONT size="4"><B>METHANEX CORPORATION</B></FONT><BR>
<FONT size="2">(Registrant&#146;s name)
</FONT>

<P align="center"><FONT size="2"><B>SUITE 1800, 200 BURRARD STREET, VANCOUVER, BC V6C 3M1 CANADA</B><BR>
(Address of principal executive offices)
</FONT>

<P><FONT size="2">Indicate by check mark whether the registrant files or will file annual reports
under cover Form&nbsp;20-F or Form&nbsp;40-F.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="40%">
<TR valign="bottom">
        <TD width="23%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="23%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">Form&nbsp;20-F</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap valign="top"><FONT size="2">Form&nbsp;40-F
</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">[&nbsp;&nbsp;X&nbsp;&nbsp;]</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">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&nbsp;12g3-2(b) under the Securities Exchange Act of 1934.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="40%">
<TR valign="bottom">
        <TD width="28%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">Yes</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap valign="top"><FONT size="2">No</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">[&nbsp;&nbsp;X&nbsp;&nbsp;]</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P><FONT size="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule&nbsp;12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">MATERIAL CHANGE REPORT</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by the
undersigned, thereunto duly authorized.
</FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left" valign="top"><FONT size="2"><B>METHANEX CORPORATION</B></FONT></TD>
</TR>
<TR>
 <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><FONT size="2">Date:&nbsp;&nbsp;February&nbsp;14, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap colspan="3" valign="top"><FONT size="2">
By&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;RANDY MILNER</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" colspan="3" valign="top"><FONT size="2">
<HR size="1" width="80%" noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap valign="top"><FONT size="2">
Name:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap valign="top"><FONT size="2">
Randy Milner</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap valign="top"><FONT size="2">
Title:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap valign="top"><FONT size="2">
Senior Vice President, General Counsel<BR>
&#38; Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"></FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "MATERIAL CHANGE REPORT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P><FONT size="2"><B>BC FORM 53-901F<BR>
(Previously Form&nbsp;27)</B>
</FONT>
<P><FONT size="2"><B>Securities Act</B>
</FONT>
<P><FONT size="2"><B>MATERIAL CHANGE REPORT</B>
</FONT>
<P><FONT size="2"><B>ITEM 1: Reporting Issuer</B>
</FONT>
<P><FONT size="2">Methanex Corporation (&#147;Methanex&#148;)<BR>
1800 Waterfront Centre<BR>
200 Burrard Street<BR>
Vancouver, British Columbia V6C 3M1
</FONT>
<P align="left"><FONT size="2"><B>ITEM 2: Date of Material Change</B>
</FONT>

<P><FONT size="2">February&nbsp;6, 2003
</FONT>
<P align="left"><FONT size="2"><B>ITEM 3: Press Release</B>
</FONT>

<P><FONT size="2">The press release announcing this material change was issued on February&nbsp;6,
2003 in Canada and the United States.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 4: Summary of Material Change</B>
</FONT>

<P><FONT size="2">The Maui natural gas field has historically been the primary gas supply source
for Methanex&#146;s New Zealand methanol plants. A contractual process initiated in
December 2001 to re-determine the economically recoverable natural gas reserves
of the Maui field has been completed. The effect of the final re-determination
report issued under this process is that Methanex will lose substantially all
of its remaining contractual natural gas entitlements from the Maui field.
This will result in the loss of a significant portion of Methanex&#146;s production
capacity in New Zealand. Methanex&#146;s New Zealand plants produced approximately
40% of Methanex&#146;s total 2002 production and approximately 32% of its total 2002
sales volume.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 5: Full Description of Material Change</B>
</FONT>

<P><FONT size="2">Natural gas is the principal feedstock for methanol. The off-shore Maui field
in New Zealand has historically been the primary natural gas supply source for
Methanex&#146;s New Zealand methanol plants. For the year ended December&nbsp;31, 2002,
the Maui field accounted for approximately 70% of Methanex&#146;s total gas use in
New Zealand and approximately 75% of New Zealand&#146;s total production of natural
gas.
</FONT>
<P><FONT size="2">Methanex&#146;s contractual entitlements to natural gas from the Maui field are
subject to reduction if the Maui gas reserves are re-determined under the head
contract between the owners of the Maui field and the New Zealand government to
a level below a specified quantity (essentially representing the aggregate of
current contracted quantities). In November 2001, the owners of the Maui field
announced that the Maui reserves may be materially lower than previously
estimated and below the aggregate of contracted quantities. A contractual
process was initiated by the owners of the Maui field in December 2001, in
accordance with the contract with the New
</FONT>
<P align="center"><FONT size="2">1</FONT>
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<P><FONT size="2">Zealand government, to formally
re-determine the economically recoverable natural gas reserves of the Maui
field. In June 2002, the owners of the Maui field, the New Zealand government
and the various downstream gas users, including Methanex, agreed to
re-determine the Maui reserves by way of an arbitration process involving an
independent expert appointed by the parties to the gas contract. On February&nbsp;6,
2003, the independent expert released a final re-determination report
determining reserves at a level that is substantially lower than the aggregate
of contracted quantities under the Maui head contract. The effect of the final
report is that Methanex will lose substantially all of its remaining
contractual natural gas entitlements from the Maui field. Methanex and its
advisors are currently studying the final report and considering the various
courses of action that Methanex could take with respect to the re-determination
process.
</FONT>
<P><FONT size="2">The loss of these Maui contractual gas entitlements will result in the loss of
a significant portion of Methanex&#146;s production capacity in New Zealand. For
the year ended December&nbsp;31, 2002, Methanex&#146;s New Zealand plants produced
approximately 2.3&nbsp;million tonnes of methanol, representing approximately 40% of
Methanex&#146;s total 2002 production and approximately 32% of its total 2002 sales
volume.
</FONT>
<P><FONT size="2">Based on the results of the final report, which take effect immediately,
Methanex has sufficient contracted gas entitlements from all sources to produce
a total of 800,000 tonnes of methanol in New Zealand. Methanex expects that in
2003 the New Zealand plants will produce approximately one million tonnes of
methanol (including methanol produced to date in 2003). To supplement
contracted entitlements, Methanex is continuing to pursue acquisitions of
additional gas for the New Zealand plants.
</FONT>
<P><FONT size="2">Methanex believes that the loss of such a significant portion of its production
capacity, in a global market for methanol that is currently already well
balanced, will lead to a tighter supply/demand balance for methanol and an
extension of the current period of strong methanol prices.
</FONT>
<P><FONT size="2">Methanex will work with its long-term contractual customers in Asia-Pacific to
minimize the impact of reduced production from the New Zealand plants.
Methanex believes that the impact in 2003 of a shortfall in production in New
Zealand in manageable. Methanex has a number of alternative global supply
sources, including its methanol plants in Chile and Kitimat, as well as the
option of restarting one of its idled facilities in North America. Methanex is
also continuing to pursue additional natural gas from other sources in New
Zealand. The Atlas methanol facility under construction in Trinidad, in which
Methanex has a 63.1% interest, is scheduled for start-up in early 2004 adding
one million tonnes per year to Methanex&#146;s available global production capacity.
In addition, in early 2005, Methanex is scheduled to add an additional 840,000
tonnes per year of low cost methanol production following completion of the
expansion of its facility in Chile. Methanex is also taking steps to protect
its Asian market position for the longer-term by developing a potential
methanol project in Australia that would be a major supply source for
Methanex&#146;s Asian customer base.
</FONT>
<P><FONT size="2">Some of the information in this report contains forward-looking statements. By
their nature such forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those contemplated by
the forward-looking statements. They include conditions in a methanol and
other industries, including fluctuations in methanol price levels and
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<P><FONT size="2">the
supply and demand balance for methanol; the outcome of any actions or steps
that may be taken by Methanex or others with respect to the independent
expert&#146;s final re-determination report; Methanex&#146;s ability to undertake and
successfully complete the methanol production projects referred to herein and
to contract additional natural gas for its New Zealand plants.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 6: Reliance on section 85(2) of the Act</B>
</FONT>

<P><FONT size="2">This report is not being filed on a confidential basis in reliance on section
85(2) of the Act.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 7: Omitted Information</B>
</FONT>

<P><FONT size="2">None.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 8: Senior Officer</B>
</FONT>

<P><FONT size="2">For further information, contact:
</FONT>
<P><FONT size="2">Chris Cook<BR>
Manager, Investor Relations<BR>
(604)&nbsp;661-2600
</FONT>
<P align="left"><FONT size="2"><B>ITEM 9: Statement of Senior Officer</B>
</FONT>

<P><FONT size="2">The foregoing accurately discloses the material change referred to herein.
</FONT>
<P><FONT size="2">DATED at Vancouver, British Columbia, the 14th day of February, 2003.
</FONT>
<P align="left"><FONT size="2"><B>METHANEX CORPORATION</B>
</FONT>
<P>&nbsp;
<P><FONT size="2"><I>&#147;Randy Milner"</I><BR>
<HR align="left" size="1" width="30%" noshade>
Randy Milner<BR>
Senior Vice President, General Counsel and Corporate Secretary
</FONT>

<P align="center"><FONT size="2">3</FONT>



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