UNITED STATES OF AMERICA
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                            REPORT OF FOREIGN ISSUER
                        PURSUANT TO RULE 13A-16 OR 15D-16
                   OF THE SECURITIES AND EXCHANGE ACT OF 1934

  Includes the free translation of a material event sent by Sociedad Quimica y
 Minera de Chile S.A. to the Superintendencia de Valores y Seguros de Chile on
                               November 21, 2003.

                     SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.
                     ---------------------------------------
             (Exact name of registrant as specified in its charter)

                    CHEMICAL AND MINING COMPANY OF CHILE INC.
                    -----------------------------------------
                 (Translation of registrant's name into English)

                El Trovador 4285, Santiago, Chile (562) 425-2000
                ------------------------------------------------
           (Address and phone number of principal executive offices)

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 whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

       Yes                           No    x
          -----                          -----

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82___________



                                       SQM
                     SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.

                                                     Santiago, November 21, 2003

Mr.
Alejandro Ferreiro Y.
Superintendent
Securities and Insurance Superintendence
Avda. Libertador Bernardo O'Higgins 1449
Santiago
- --------
                                                                Essential Issue
                                                                ---------------
Dear Mr. Superintendent.

         We hereby inform you that Sociedad Quimica y Minera de Chile S.A. (SQM)
and its affiliate, SQM Nitratos S.A., on one side, and Inversiones PCS Chile
Limitada and 628550 Saskatchewan Ltd. -both companies affiliates of Potash
Corporation of Saskatchewan Inc., an important shareholder at SQM-, on the other
side, subscribed on November 20, 2003, a Promise Agreement pursuant to which the
formers will acquire from the latter all of the shares of PCS Yumbes S.C.M.

         We inform you the above to update what was exposed in our previous
letters sent to you on August 27 and October 24, 2003 and as an essential issue
in compliance with articles 9 and 10 of Law Number 18.045, and article 44 of Law
Number 18.046. Additionally, also in compliance with the indications set forth
in the Rule of General Character Number 30 that was issued on November 10, 1989.

         We remain at your disposal to clarify any additional aspects that you
may deem relevant in relation to the above.

         Yours truly,

                     Sociedad Quimica y Minera de Chile S.A.


                         Conf: /s/ Patricio Contesse G.
                              -------------------------
                                 Patricio Contesse G.
                               Chief Executive Officer


Cc:      Santiago Stock Exchange
         Brokers Stock Exchange
         Electronic Stock Exchange
         New York Stock Exchange
         Securities and Exchange Commission
         The Bank of New York






                                   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.


                     SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.



                           Conf: /s/ Ricardo Ramos R.
                                --------------------------
                                     Ricardo Ramos R.
                                Chief Financial Officer




                             Date: November 21, 2003