SANTIAGO, Chile, Oct. 30 /PRNewswire-FirstCall/ -- Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) announced that its Board of Directors, at its meeting held October 28, 2008, approved the registration of a bond program. The Board approved a maximum issuance amount under the program of UF 5 million (1) (approximately US$160 million).

The bond program will consist of two lines, with each line having a maximum issuance amount of UF 5 million. The first line will have a maturity of up to 10 years, and the second line will have a maturity of up to 30 years. The aggregate combined issuance amount under these two lines may not exceed UF 5 million (or the equivalent amount in U.S. dollars).

(1) The UF (Unidad de Fomento) is an inflation-indexed, Chilean peso-denominated monetary unit. The UF rate is set daily in advance, based on the change in the Consumer Price Index of the previous month. As of October 30, 2008, UF 1 = approx. US$31.88.

SQM is an integrated producer and distributor of specialty plant nutrients, iodine and lithium. Its products are based on the development of high quality natural resources that allow the Company to be leader in costs, supported by a specialized international network with sales in over 100 countries. SQM's development strategy aims to maintain and strengthen the Company's world leadership in its three core businesses: Specialty Plant Nutrition, Iodine and Lithium.

    For further information, contact:
    Patricio Vargas, 56-2-4252485 / patricio.vargas@sqm.com
    Carolyn McKenzie, 56-2-4252074 / carolyn.mckenzie@sqm.com
    Carolina Rojas, 56-2-4252250 / carolina.rojas@sqm.com

Statements in this press release concerning the Company's business outlook, future economic performances, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth, together with other statements that are not historical facts, are 'forward-looking statements' as that term is defined under Federal Securities Laws.

Any forward-looking statements are estimates, reflecting the best judgment of SQM based on currently available information and involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Risks, uncertainties, and factors that could affect the accuracy of such forward-looking statements are identified in the public filing made with the Securities and Exchange Commission, and forward-looking statements should be considered in light of those factors.

SOURCE SQM