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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JoVnHLgW8w/dsSpXRtXVRqBDg0guIlb0r7Q+XdAtz4j9TFgqtqCNo0JSBrAyW73s
 opjDoDCSBNNzmJaCUt5PFA==

<SEC-DOCUMENT>0000945234-03-000629.txt : 20031204
<SEC-HEADER>0000945234-03-000629.hdr.sgml : 20031204
<ACCEPTANCE-DATETIME>20031204115053
ACCESSION NUMBER:		0000945234-03-000629
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031121
FILED AS OF DATE:		20031204

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:		031036892

	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>o11417e6vk.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED NOVEMBER 21, 2003
<TEXT>
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<TITLE>Material Change Report Dated November 21, 2003</TITLE>
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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
</FONT>
<FONT size="3"><B>WASHINGTON, D.C. 20549</B>
</FONT>


<P align="center"><FONT size="5"><B>FORM 6-K</B>
</FONT>

<P align="center"><FONT size="2"><B>REPORT OF FOREIGN PRIVATE
ISSUER<BR>&nbsp;<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

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

<CENTER>
<P align="center"><FONT size="6"><B>METHANEX CORPORATION</B></FONT>
<FONT size="2">
<HR size="1" width="60%" noshade align="center">
<I>(Registrant&#146;s name)</I>
</FONT>
</CENTER>
<CENTER>
<P align="center"><FONT size="2"><B>SUITE 1800, 200 BURRARD STREET, VANCOUVER, BC V6C 3M1 CANADA</B>
<HR size="1" width="60%" noshade align="center">
<I>(Address of principal executive offices)</I>
</FONT>
</CENTER>

<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>

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<TABLE cellspacing="0" border="0" cellpadding="0" width="70%">
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        <TD width="49%">&nbsp;</TD>
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<TD valign="top" nowrap align="center"><FONT size="2">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#111;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" nowrap valign="top"><FONT size="2">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#120;</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>

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</TR>
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<TD valign="top" nowrap align="center"><FONT size="2">Yes&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#111;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" nowrap valign="top"><FONT size="2">No&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#120;</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;</U>.
</FONT>

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<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>


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        <TD width="1%">&nbsp;</TD>
        <TD width="45%">&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;December 3, 2003</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">By:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;&nbsp;RANDY MILNER
<HR size="1" width="95%" align="left" noshade>
Name:&nbsp;&nbsp;Randy Milner<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#38; Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;
</FONT>

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<P><FONT size="2"><B>BC FORM 53-901F</B>
</FONT>
<P><FONT size="2"><B>(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:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>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:&nbsp;&nbsp;&nbsp;&nbsp;Date of Material Change</B>
</FONT>

<P><FONT size="2">November&nbsp;21, 2003
</FONT>
<P><FONT size="2"><B>ITEM 3:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Press Release</B>
</FONT>
<P><FONT size="2">The press releases announcing this material change were issued on November&nbsp;21,
2003 in Canada and the United States.
</FONT>
<P><FONT size="2"><B>ITEM 4:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Summary of Material Change</B>
</FONT>
<P><FONT size="2">On November&nbsp;21, 2003, Methanex Corporation (the &#147;Company&#148;) announced that it
will write down the carrying value of its methanol production assets in New
Zealand and Alberta, resulting in a non-cash before and after-tax charge of
approximately US$130&nbsp;million in the fourth quarter of 2003.
</FONT>
<P><FONT size="2">The Company also announced that it has commenced a solicitation of consents to
a proposed amendment to the indenture (the &#147;Indenture&#148;) relating to the
Company&#146;s 7.75% notes due August&nbsp;15, 2005.
</FONT>
<P><FONT size="2"><B>ITEM 5:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Full Description of Material Change</B>
</FONT>
<P><FONT size="2">On November&nbsp;21, 2003, the Company announced that it will write down the
carrying value of its methanol production assets in New Zealand and Alberta.
The non-cash before and after-tax charge of approximately US$130&nbsp;million will
be taken in the fourth quarter of 2003. Prior to the write-down, annual
depreciation for these assets totalled approximately US$30&nbsp;million.
</FONT>
<P><FONT size="2">The write-down of these assets reflects the changed economics for natural gas
in both New Zealand and North America. In February 2003, following a
re-determination process, the Company lost substantially all of its remaining
contractual natural gas entitlements from the Maui field offshore New Zealand.
Since then, the Company has performed a comprehensive review of options and
pursued multiple avenues but has not been able to secure sufficient quantities
of natural gas feedstock at an economical price. The Company&#146;s Medicine Hat
facility
</FONT>
<P align="center"><FONT size="2">1</FONT>
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<P><FONT size="2">has been idled since 2001 and the write-down of the plant reflects the
Company&#146;s view on long-term North American natural gas prices and its reduced
reliance on North American production as it continues to implement its low-cost
strategy of expanding methanol capacity in regions with low feedstock costs.
</FONT>
<P><FONT size="2">Despite the write-downs, the Company continues to work to secure enough gas to
produce 0.5 to 1.0&nbsp;million tonnes of methanol in New Zealand during 2004.
Prospects beyond 2004 are uncertain. The Company continues to view the
Medicine Hat facility as providing valuable swing capacity to supplement its
low-cost methanol production hubs in Chile and Trinidad.
</FONT>
<P><FONT size="2">The Company also announced on November&nbsp;21, 2003 that it has commenced a
solicitation of consents to a proposed amendment to the Indenture governing the
Company&#146;s 7.75% notes due August&nbsp;15, 2005. The Indenture currently provides
that the Company may not make certain shareholder distributions, other than
dividends of up to US$30&nbsp;million in any 12&nbsp;month period, if the Company&#146;s
&#147;Consolidated Net Worth&#148;, which approximates shareholders&#146; equity, is less than
US$850&nbsp;million. The proposed amendment to the Indenture would allow Methanex
to add back to &#147;Consolidated Net Worth&#148; up to US$200&nbsp;million of non-cash
write-downs.
</FONT>
<P><FONT size="2"><B>ITEM 6:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>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><FONT size="2"><B>ITEM 7:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Omitted Information</B>
</FONT>
<P><FONT size="2">None.
</FONT>
<P><FONT size="2"><B>ITEM 8:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Senior Officer</B>
</FONT>
<P><FONT size="2">For further information, contact:
</FONT>
<P><FONT size="2">Chris Cook<BR>
Director, Investor Relations<BR>
(604)&nbsp;661-2600
</FONT>
<P><FONT size="2"><B>ITEM 9:</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>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 2nd day of December, 2003.
</FONT>
<P><FONT size="2"><B>METHANEX CORPORATION</B>
</FONT>
<P><FONT size="2">/s/ Randy Milner
<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">2</FONT>



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