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<SEC-DOCUMENT>0000945234-06-000047.txt : 20060126
<SEC-HEADER>0000945234-06-000047.hdr.sgml : 20060126
<ACCEPTANCE-DATETIME>20060126172552
ACCESSION NUMBER:		0000945234-06-000047
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050126
FILED AS OF DATE:		20060126
DATE AS OF CHANGE:		20060126

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:		06554498

	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>o19307e6vk.htm
<DESCRIPTION>PRESS RELEASE DATED JANUARY 25, 2006
<TEXT>
<HTML>
<HEAD>
<TITLE>Press Release dated January 25, 2006</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>


<P align="center" style="font-size: 10pt"><B>REPORT OF FOREIGN PRIVATE ISSUER</B>



<P align="center" style="font-size: 10pt"><B>PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B>



<P align="center" style="font-size: 10pt"><B>FOR THE MONTH OF JANUARY
2006</B>


<P align="center" style="font-size: 24pt"><B>METHANEX CORPORATION</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="55%" align="center" color="#000000">
<I>(Registrant&#146;s name)</I></DIV>



<P align="center" style="font-size: 10pt"><B>SUITE 1800, 200 BURRARD STREET, VANCOUVER, BC V6C 3M1 CANADA</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="60%" align="center" color="#000000">
<I>(Address of principal executive offices)</I></DIV>


<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">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.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">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;</U>.



<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&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.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>METHANEX CORPORATION</B><BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: January 26, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ RANDY MILNER
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Randy Milner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, General Counsel
&#038;&nbsp;Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size:32pt"><B><I>NEWS RELEASE</I></B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="o19307o1930700.gif" alt="(METHANEX LOGO)"></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Methanex Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">1800 &#150; 200 Burrard St.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Vancouver, BC Canada V6C 3M1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Investor Relations: (604) 661-2600</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">http://www.methanex.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><B><I>For immediate release</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>METHANEX ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>January&nbsp;25, 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Methanex Corporation announced today that its Board of Directors has approved an increase in the
Company&#146;s current normal course issuer bid, raising the maximum allowable repurchase from 5,917,629
common shares to 11,790,217 common shares, or 10% of the public float as at May&nbsp;4, 2005. This
increase in the bid remains subject to regulatory approval. As at the close of business on January
20, 2006, the Company had repurchased 5,351,250 common shares under the bid at an average price of
US$16.72 (CDN$19.77) per share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bruce Aitken, President and CEO of Methanex commented, &#147;Our core low cost production facilities
have generated significant excess cash flow from operating activities over the past year. The
extension of our share repurchase program reflects our balanced approach to the utilization of cash
and demonstrates our ongoing commitment to returning excess cash to shareholders.&#148; Mr.&nbsp;Aitken
added, &#147;We have excellent financial strength and flexibility with US$159&nbsp;million in cash at the end
of the fourth quarter of 2005, an undrawn US$250&nbsp;million credit facility and an outlook for
continued strong cash generation.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The normal course issuer bid repurchase program was originally filed and accepted by the Toronto
Stock Exchange (TSX)&nbsp;on May&nbsp;5, 2005. The program is carried out through the facilities of the TSX.
Purchases under the program, which commenced on May&nbsp;17, 2005, will terminate on the earlier of May
16, 2006 and the date upon which the Company has acquired the maximum number of common shares
permitted under the program or otherwise decided not to make further purchases. Purchases will be
made from time to time at the then current market price of the Company&#146;s common shares as traded on
the TSX and the common shares purchased will be cancelled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and
marketing of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in
Canada under the trading symbol &#147;MX&#148; and on the Nasdaq National Market in the United States under
the trading symbol &#147;MEOH.&#148; <U>www.methanex.com</U>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">-end-
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Inquiries:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wendy Bach<BR>
Director, Investor Relations<BR>
Methanex Corporation<BR>
604-661-2600
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px; margin-top: 72pt">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt"><I>Information in this news release may contain forward-looking statements. Certain material
factors or assumptions were applied in drawing the conclusions or making the forecasts or
projections which are included in the forward-looking information. By their nature, forward-looking
statements involve risks and uncertainties that could cause actual results to differ materially
from those contemplated by the forward-looking statements. The risks and uncertainties include
those attendant with producing and marketing methanol and successfully carrying out major capital
expenditure projects in various jurisdictions, the ability to successfully carry out corporate
initiatives and strategies, conditions in the methanol and other industries including the supply
and demand balance for methanol, actions of competitors, world-wide economic conditions and other
risks described in our 2004 Management&#146;s Discussion &#038; Analysis. Undue reliance should not be placed
on forward-looking statements. They are not a substitute for the exercise of one&#146;s own due
diligence and judgment and Methanex does not guarantee that the outcomes anticipated in these
forward-looking statements will occur.</I>
</DIV>
</DIV>

<P align="center" style="font-size: 10pt">
</DIV>


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