Edgar Filing: CHEMICAL & MINING CO OF CHILE INC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2014.

Commission File Number 33-65728

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Translation of registrant’s name into English)

El Trovador 4285, Santiago, Chile (562) 2425-2000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F: x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Santiago, Chile, October 22, 2014.- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-A, SQM-B.

SQM is subject to the obligations of the Chilean Income Tax Law (Ley sobre Impuesto a la Renta) and, when applicable, the payment of the corporate income taxes (Impuestos de Primera Categoria) or “First Category Tax” established by such law.

On October 15, 2014, by means of an Essential Fact and a 6-K, SQM announced the effects that Law N° 20,780 would have on its consolidated statements of income due to deferred tax liabilities as a result of the increase in the First Category Tax. SQM estimated that the effect, under the Semi-Integrated System would be between US$55 million and US$60 million. Notwithstanding the foregoing, once the final amount was determined, it would be recognized and charged to profit in SQM S.A.’s interim consolidated financial statements for the third quarter 2014.

On October 17, 2014, by means of Bulletin N° 856, the Chilean Securities and Insurance Commission (Superintendencia de Valores y Seguros, or “SVS”) informed that these effects should be accounted for against equity. Thus, the application of Law N° 20,780 will not impact the consolidated statement of income or the determination of the distributable net income of SQM. According to Bulletin N°856, SQM would generate, then, a direct charge against equity for an amount ranging between US$55 and US$60 million that will be finally accounted for in the Interim Consolidated Financial Statements of SQM for the third quarter of 2014, of which the Company shall inform its shareholders and the relevant authorities in November.

About SQM

SQM is an integrated producer and distributor of specialty plant nutrients, iodine, lithium, potassium-related fertilizers and industrial chemicals. Its products are based on the development of high quality natural resources that allow the Company to be a leader in costs, supported by a specialized international network with sales in over 115 countries. SQM’s development strategy aims to maintain and strengthen the Company’s position in each of its businesses.

The leadership strategy is based on the Company’s competitive advantages and on the sustainable growth of the different markets in which it participates. SQM’s main competitive advantages in its different businesses include:

Low production costs based on vast and high quality natural resources;

Know-how and its own technological developments in its various production processes;

Logistics infrastructure and high production levels that allow SQM to have low distribution costs;

High market share in all its core products;

International sales network with offices in 20 countries and sales in over 115 countries;

Synergies from the production of multiple products that are obtained from the same two natural resources;

Continuous new product development according to the specific needs of its different customers;

Conservative and solid financial position.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “believe,” “estimate,” “expect,” “strategy,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the Company’s business outlook, future economic performance, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, specifically the most recent annual report on Form 20-F, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CHEMICAL AND MINING COMPANY OF CHILE INC.
	(Registrant)
Date: October 23, 2014
	By: Ricardo Ramos
	CFO & Vice-President of Development

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