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<SEC-DOCUMENT>0000950123-09-028379.txt : 20090928
<SEC-HEADER>0000950123-09-028379.hdr.sgml : 20090928
<ACCEPTANCE-DATETIME>20090731161410
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-028379
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20090731

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Methanex</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1800 Waterfront Centre
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone: 604 661 2600&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">200 Burrard Street
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: 604 661 2676&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vancouver, B.C., Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">V6C 3M1
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">www.methanex.com</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><IMG src="c88659p8865901.gif" alt="(METHANEX LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">July&nbsp;31, 2009
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mr.&nbsp;John Hartz<BR>
Mr.&nbsp;Ernest Greene<BR>
U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
450 Fifth Street, N.W., Stop 4631<BR>
Washington, D.C.<BR>
20549

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dear Mr.&nbsp;Hartz and Mr.&nbsp;Greene:
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>RE:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Methanex Corporation<BR>
Form&nbsp;40-F for Fiscal Year Ended December&nbsp;31, 2008</B><BR>
<B>File No.&nbsp;0-20115</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We have reviewed your comments outlined in your letter of July&nbsp;15, 2009 relating to the captioned
items and offer the following responses.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>FORM 40-F FOR THE YEAR ENDED DECEMBER 31, 2008</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">SEC Comment:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Controls and Procedures, page 2</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note the description of the definition of disclosure controls and procedures.
This description appears to be based on the definition of disclosure controls and
procedures set forth in Rules&nbsp;13a-15(e) and 15d-15(e) under the Exchange Act. As
described, however, this description does not fully conform to the definition set forth in
those rules. In this regard, we note that the description does not indicate that the
disclosure controls and procedures are designed to ensure that information is accumulated
and communicated to management, including the principal executive and financial officers,
as appropriate to allow timely decisions regarding required disclosure. Please confirm
this to us and revise accordingly in future filings. Alternatively, you may simply state
in future filings that your certifying officers concluded on the applicable dates that
your disclosure controls and procedures were effective.</TD>
</TR>

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

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

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">We acknowledge your comment and confirm that the disclosure controls and procedures are
designed to ensure that information accumulated and communicated to management, including
the principal executive and financial officers, is appropriate to allow timely decisions
regarding disclosure. We will revise the &#147;Controls &#038; Procedures&#148; section accordingly in
future Form 40-F filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Management&#146;s Discussion and Analysis</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">SEC Comment:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Critical Accounting Estimates, page 35</U><BR>
<U>Property, Plant and Equipment, page 35</U>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the interest of providing readers with a better insight into management&#146;s
judgments in accounting for property, plant and equipment, please consider disclosing the
following in future filings:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please disclose how you determine when property, plant and equipment should be
tested for impairment, including what types of events and circumstances indicate
impairment, and how frequently you evaluate for these types of events and
circumstances;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>How your group long-lived assets for impairment and your basis for that
determination;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sufficient information to enable a reader to understand how you apply your
discounted expected future cash flow model in estimating the fair value of your asset
groups and why management selected this method as being the most meaningful in
preparing your property, plant, and equipment impairment analyses;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>How do you determine the appropriate discount rates to apply in your asset
impairment analysis;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please expand your discussion of the significant estimates and assumptions used to
determine future undiscounted cash flows and fair value. You should discuss how
sensitive the fair value estimates are to each of these significant estimates and
assumptions and whether certain estimates and assumptions are more subjective than
others;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If applicable, how the assumptions and methodologies used for valuing property,
plant, and equipment in the current year have changed since the prior year,
highlighting the impact of any changes; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For any asset groups for which the carrying value was close to the fair value,
please disclose the carrying value of the asset groups.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">We caution you that, to the extent you gather and analyze information regarding the risks
of recoverability of your assets, such information may be required to be disclosed if it
would be material and useful to investors. We believe that it is important to provide
investors with information to help them evaluate the current assumptions underlying your
impairment assessment relative to your current market conditions and your peers to enable
them to attempt to assess the likelihood of potential future impairments. We believe that
detailed rather than general disclosures regarding these risks and exposures would provide
investors with the appropriate information to make this evaluation. In this regard, we urge you to
consider what additional quantitative disclosures can be provided to convey the risk that additional impairment or restructuring charges may be recorded.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Under Canadian GAAP, Section&nbsp;3063, <I>Impairment of Long-Lived Assets, </I>an impairment loss
should be recognized when the carrying amount of a long-lived asset is not recoverable and
exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it
exceeds the sum of the undiscounted cash flows expected to result from the use and eventual
disposition. This assessment is based on the carrying amount of the asset at the date it is
tested for recoverability. An impairment loss should be measured as the amount by which
the carrying amount of a long-lived asset exceeds its fair value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">A long-lived asset should be tested for recoverability whenever events or changes in
circumstances indicate that its carrying amount may not be recoverable. Examples of such
events or changes in circumstances related to a long-lived asset include, but are not
restricted to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A significant decrease in its market price;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A significant adverse change in the extent or manner in which it is
being used or in its physical condition;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A significant adverse change in legal factors or in the business
climate that could affect its value, including an adverse action or assessment by
a regulator;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An accumulation of costs significantly in excess of the amount
originally expected for the acquisition or construction;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A current-period operating or cash flow loss combined with a history
of operating or cash flow losses or a projection or forecast that demonstrates
continuing losses associated with its use;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A current expectation that, more likely than not, it will be sold or
otherwise disposed of significantly before the end of its previously estimated
useful life (&#147;more likely than not&#148; means a level of likelihood that is more than
50&nbsp;percent).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">These accounting standards are aligned with United States Generally Accepted Accounting
Standards under FASB Statement 144, which has subsequently been codified in FASB ASC 360 &#151;
Property, Plant and Equipment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">For the year ended December&nbsp;31, 2008, we performed a test for recoverability for our
Chilean assets as we believed that there was a triggering event relating to these assets.
The results of this test indicated that the sum of estimated undiscounted cash flows for
these assets exceeded their carrying value. Accordingly, an impairment loss analysis,
which would include an estimation of fair value, was not required. In the event that we
are required to record an impairment loss in a future period, we would provide disclosures
to provide investors with information to help them evaluate the estimated fair value
included in the impairment assessment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Regardless of whether we have future impairment or not, we will, in future filings, provide
the following disclosures as part of the critical accounting estimates for property, plant
and equipment:
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 10%">Our business is capital intensive and has required, and will continue to require,
significant investments in property, plant and equipment. At December <B>&#149;</B>, the net book
value of our property, plant and equipment was $<B>&#149;</B> million. We estimate the useful lives
of property, plant and equipment and this is used as the basis for recording
depreciation and amortization. Recoverability of property, plant and equipment is
measured by comparing the net book value of an asset to the undiscounted future net
cash flows expected to be generated from the asset over its estimated useful life. An
impairment charge is recognized in cases where the undiscounted expected future cash
flows from an asset are less than the net book value of the asset. The impairment
charge is equal to the amount by which the net book value of the asset exceeds its fair
value. Fair value is based on quoted market values, if available, or alternatively
using discounted expected future cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 10%">We test our long-lived assets for recoverability whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. Examples of
such events or changes in circumstances related to our long-lived assets include, but
are not restricted to: a significant adverse change in the extent or manner in which it
is being used or in its physical condition; a significant change in the price or
availability of natural gas feedstock required to manufacture methanol; a significant
adverse change in legal factors or in the business climate that could affect its value,
including an adverse action or assessment by a foreign government that impacts the use
of the asset; or a current-period operating or cash flow loss combined with a history
of operating or cash flow losses, or a projection or forecast that demonstrates
continuing losses associated with its use. For purposes of recognition and measurement
of an impairment loss, we group our long-lived assets with other assets and liabilities
to form an &#147;asset group&#148;, at the lowest level for which identifiable cash flows are
largely independent of the cash flows of other assets and liabilities. To the extent
that our methanol facilities in a particular location are interdependent as a result of
common infrastructure and/or feedstock from shared sources that can be moved within a
facility location, we group our assets based on site locations for the purpose of
determining impairment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 10%">There are two key variables that impact our estimate of future cash flows: (1)&nbsp;the
methanol price and (2)&nbsp;the price and availability of natural gas feedstock. Short-term
methanol price estimates are based on current supply and demand fundamentals and
current methanol prices. Long-term methanol price estimates are based on our view of
long-term supply and demand and consideration is given to many factors including but
not limited to estimates of global industrial production rates, energy prices, changes
in general economic conditions, future global methanol production capacity, industry
operating rates and the global industry cost structure. Our estimate of the price and
availability of natural gas takes into consideration the current contracted terms, as
well as factors which we believe are relevant to supply under these contracts and
supplemental natural gas sources. Other assumptions included in our estimate of future
cash flows include the estimated cost incurred to maintain the facilities, estimates of
transportation costs and other variable costs incurred in producing methanol each
period. Changes in these assumptions will impact our estimates of future cash flows and
could impact our estimates of the useful lives of property, plant and equipment.
Consequently, it is possible that our future operating results could be adversely affected by asset impairment charges or by changes in depreciation and
amortization rates related to property, plant and equipment.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">SEC Comment:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Financial Statements</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>7. Long-term Debt, page 58</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Some of your debt may include covenants that are restrictive, and/or require that you
satisfy certain financial ratios. In future filings, if it is reasonably likely that you
may not comply with any material covenant, please provide comprehensive disclosures about
the requirements, including disclosing the ratios/actual amounts versus minimum/maximum
ratio amounts permitted under any and all material borrowings. It may also be necessary
to show specific computations used to arrive at the actual measures, if they include
non-GAAP measures.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your disclosures about this should be straightforward, comprehensive and timely. Discuss
the consequences of not being able to comply with the covenants, and what you will do if
you are unable to amend them.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">We acknowledge your comment. In future filings we will provide the recommended
disclosures, if applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Methanex Corporation (the Company) acknowledges that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company is responsible for the adequacy and accuracy of the disclosure in their
filings;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company may not assert staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United
States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Yours truly,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">METHANEX CORPORATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c88659p8865902.gif" alt="-s- Ian P. Cameron">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Ian P. Cameron<BR>
Senior Vice President and Chief Financial Officer
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>KPMG<br>
McCarthy Tetrault LLP</TD>
</TR>
</TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>




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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
