<SEC-DOCUMENT>0001193125-14-014338.txt : 20140313
<SEC-HEADER>0001193125-14-014338.hdr.sgml : 20140313
<ACCEPTANCE-DATETIME>20140117141305
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-014338
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140117

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>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Methanex</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Corporation</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1800 Waterfront Centre</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200 Burrard Street</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vancouver, BC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Telephone:</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Facsimile:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">604-661-2600</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">604-661-2676</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">V6C 3M1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">www.methanex.com</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;17, 2014</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Via Edgar </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Cash
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Methanex Corporation </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 40-F for the year ended December&nbsp;31, 2012 </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed March&nbsp;14, 2013 </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>File No. 0-20115 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Cash: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have reviewed your comments outlined in your letter of December&nbsp;17, 2013 relating to the captioned items and offer the following responses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 40-F for the Year Ended December&nbsp;31, 2012 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.2 &#150; Management&#146;s Discussion&nbsp;&amp; Analysis </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Critical Accounting Estimates, page 32 </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Recoverability
of Asset Carrying Values, page 33 </U></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SEC Comment: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">You disclose on page 34 that the post-impairment carrying value of your Chile cash-generating unit, which included a second facility that management was considering for relocation from Chile to Geismar, Louisiana, was
$245 million as of December&nbsp;31, 2012. Your form 6-K filed on April&nbsp;26, 2013 indicates that you reached a final investment decision to proceed with the relocation of this second methanol plant. Please tell us how you considered if this
decision was an impairment indicator which would trigger the need for a recoverability test on the long-lived assets of your Chile cash-generating unit during the year ended December&nbsp;31, 2013. If so, please describe for us the outcome of this
recoverability test. Please refer to paragraphs 12-14 of IAS 36. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Response: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We performed the recoverability test at December&nbsp;31, 2012 in accordance with IAS 36, <I>Impairment of Assets</I>, which measures the
recoverable amount of a cash-generating unit as the higher of its estimated fair value less costs to sell or alternatively its value in use. Under paragraph 31 of IAS 36, value in use considers both the present value of the future cash flows
expected to be generated from the continuing use of the assets and any fair value expected to be realized upon their completion of use in the cash-generating unit. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2012, the Chile cash-generating unit consisted primarily of three individual
but interdependent methanol plants (including the second facility referenced in your comment) on a single site. Our estimate of the present value of the future cash flows expected to be generated from the production of methanol in Chile included an
assumption that there would be insufficient natural gas available in future periods to allow us to utilize all three methanol plants at the same time. As a result, our value in use estimate also considered the alternate use of one of the plants. Of
the $245 million recoverable value of the Chile cash generating unit at December&nbsp;31, 2012, $170 million was our estimate of the present value of future cash flows expected to be generated from the production of methanol in Chile and $75 million
related to the methanol plant that management believed was likely to be relocated in the near term. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The final investment decision made in
April 2013 to relocate a second plant to Louisiana did not represent an impairment indicator of the Chile cash-generating unit since our estimate of the future cash flows was based on the assumption that methanol production in Chile would be limited
to the operation of one methanol plant at any time and there had been no significant changes in other assumptions. In April 2013, the carrying value of the methanol facility to be relocated to Louisiana was removed from the Chile cash-generating
unit and included in the Louisiana cash-generating unit. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SEC Comment: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">In light of your decision to relocate a second plant to Geismar, Louisiana, please quantify for us the percentage by which the estimated pre-tax fair value of your Chile cash-generating unit exceeded its carrying value
as of the most recent date available. If the fair value did not substantially exceed the carrying value, please show us how you will enhance your disclosure in future filings by providing the following additional disclosures for your Chile
cash-generating unit: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Disclose the percentage by which the estimated pre-tax fair value exceeds the carrying value; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Provide a description of the key assumptions that drive the estimated pre-tax fair value; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Provide a discussion of the uncertainty associated with the key assumptions, including a discussion if the assumptions used in the cash flow model materially deviate from your historical results. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please note that you previously agreed to provide these disclosures in your response letter dated January&nbsp;11, 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Response: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As noted in response to comment
1, we concluded that the final investment decision to relocate a second methanol plant from Chile to Geismar, Louisiana did not represent an impairment indicator of the cash-generating unit since the recoverability test performed at
December&nbsp;31, 2012 assumed that methanol production in Chile would be limited to the operation of one methanol plant at any time and there had been no significant changes in other assumptions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 of 5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2013, our Chile cash-generating unit consists primarily of the two remaining
methanol plants in Chile. As a consequence of the continued uncertain outlook for the future supply of natural gas feedstock to our Chile operations, we concluded that it was prudent to perform a recoverability test of the Chile cash-generating unit
at December&nbsp;31, 2013. Based on the preliminary results, we believe that the recoverable amount is neither less than nor substantially in excess of the assets current carrying value. As a result, in the Management&#146;s Discussion and Analysis
of our Form 40-F for the year ending December&nbsp;31, 2013, we anticipate including the following disclosures in our critical accounting estimates: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;Long-lived assets are tested 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 the asset is being used or in its physical condition;
a significant adverse change in our long-term methanol price assumption or 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 the asset&#146;s 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 the asset&#146;s use. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As a consequence of the uncertain outlook
for the future supply of natural gas feedstock to our Chile operations, we recorded an impairment charge at December&nbsp;31, 2012 to reduce the carrying value of our Chile assets to their estimated recoverable amount. The post-impairment carrying
value at December&nbsp;31, 2012 of $245 million included the second methanol plant that management was considering relocating to Geismar, Louisiana. During 2013, we made a final investment decision to relocate the second facility from Chile to
Geismar, Louisiana and, as a result, the $75 million carrying value of this methanol plant (adjusted for 2013 year-to-date depreciation) was removed from the Chile cash-generating unit. At December&nbsp;31, 2013, our Chile cash-generating unit
consists primarily of the remaining two methanol plants in Chile with a carrying value of approximately $xxx million. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As a result of
insufficient natural gas feedstock during the southern hemisphere winter, we temporarily idled our Chile operations in April 2013. We restarted one methanol plant in September 2013 and have operated the plant at approximately 50% of capacity since
that time supported by natural gas supplies from both Chile and Argentina. The idling of our operations and the restart were both anticipated in our December&nbsp;31, 2012 recoverability test. While we continue to work with our natural gas suppliers
to sustain our operations over the medium term, there is no assurance that we will be able to maintain operations through the upcoming southern hemisphere winter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As a consequence of the continued uncertain outlook for the future supply of natural gas feedstock to our Chile operations, the carrying value
of our Chile assets was tested for recoverability at December&nbsp;31, 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 3 of 5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Recoverability of long-lived assets is measured by comparing the carrying value of an asset or
cash-generating unit to the estimated recoverable amount, which is the higher of its estimated fair value less costs to sell or its value in use. Value in use was determined by measuring the pre-tax cash flows expected to be generated from the
cash-generating unit over its estimated useful life discounted by a pre-tax discount rate. The pre-tax discount rate used of xx% was derived from the Company&#146;s estimated cost of capital. An impairment writedown is recorded if the carrying value
exceeds the recoverable amount. An impairment writedown recognized in prior periods for an asset or cash-generating unit is reversed if there has been a subsequent recovery in the value of the asset or cash-generating unit due to changes in events
and circumstances. For the purposes of recognition and measurement of an impairment writedown or reversal, we group our long-lived assets with other assets and liabilities to form a &#147;cash-generating unit&#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 shared within a facility location, we group our assets based on site locations for the purpose of determining impairment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">There are two key variables that impact our estimate of future cash flows from producing assets: (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.&nbsp;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 that we believe are relevant to supply under these contracts
and supplemental natural gas sources.&nbsp;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 in 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 further asset impairment charges or by changes in depreciation and amortization rates related to property, plant and equipment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Based on the test performed at December&nbsp;31, 2013, the estimated recoverable amount of our Chile cash-generating unit is neither less than
nor substantially in excess of its $xxx million carrying value. Our estimate of the recoverable amount was based on a long term methanol price assumption that is materially consistent with our historical results. A 10% decrease in our long term
methanol price assumption would result in a reduction in the estimated recoverable amount by approximately $xx million. Our estimate of the recoverable amount was also based on natural gas prices which are materially consistent with those currently
being incurred in the region and our best estimate of future natural gas availability, considering current contracted terms as well as factors that we believe are relevant to supply under these contracts and supplemental natural gas sources. A 10%
increase in the natural gas price would result in a reduction in the estimated recoverable amount by approximately $xx million and a 10% decrease in the natural gas availability would result in a reduction in the estimated recoverable amount by
approximately $xx million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 4 of 5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We believe the estimated recoverable amount of all long-lived assets except our Chile
cash-generating unit substantially exceeded their carrying value at December&nbsp;31, 2013.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Methanex Corporation (the Company) acknowledges that:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
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<TD VALIGN="top">METHANEX CORPORATION</TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g661817image-2.jpg" ALT="LOGO">
</P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ian P. Cameron</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior&nbsp;Vice&nbsp;President,&nbsp;Finance&nbsp;and&nbsp;Chief&nbsp;Financial&nbsp;Officer</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">KPMG </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">McCarthy Tetrault LLP </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 5 of 5 </P>

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