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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

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 MAY 2005

METHANEX CORPORATION

SUITE 1800, 200 BURRARD STREET, VANCOUVER, BC V6C 3M1 CANADA

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

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

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SIGNATURES

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

	METHANEX CORPORATION
Date: May 19, 2005	By:	/s/ RANDY MILNER
		Name:	Randy Milner
		Title:	Senior Vice President, General Counsel & Corporate Secretary

 

METHANEX CORPORATION

MATERIAL CHANGE REPORT

FORM 51-102F3

1.	NAME AND ADDRESS OF COMPANY
	Methanex Corporation (“Methanex”) 1800 Waterfront Centre 200 Burrard Street Vancouver, British Columbia V6C 3M1
2.	DATE OF MATERIAL CHANGE
	May 5, 2005
3.	NEWS RELEASE
	The press release announcing this material change was issued on May 5, 2005 in Canada and the United States.
4.	SUMMARY OF MATERIAL CHANGE
	Methanex Corporation announced on May 5, 2005 that its Board of Directors had approved a normal course issuer bid under which the Company could repurchase up to 5% of the total common shares issued and outstanding.
5.	FULL DESCRIPTION OF MATERIAL CHANGE
	Methanex Corporation announced that its Board of Directors had approved a normal course issuer bid under which it may repurchase up to 5,917,629 common shares of the Company representing not more than 5% of the total shares issued and outstanding. At the time of the announcement, there were 118,352,592 Methanex common shares issued and outstanding.
	The normal course issuer bid repurchase program was filed and accepted by the Toronto Stock Exchange (TSX) on May 5, 2005. The program will be carried out through the facilities of the TSX. Purchases under the program may commence on May 17, 2005 and will terminate on the earlier of May 16, 2006 and the date upon which the Company has acquired the maximum number of common shares permitted under the purchase program or otherwise decided not to make further purchases. Purchases under the purchase program or otherwise decided not to make further purchases. Purchases will be made from time to time at the then current market price of the Company’s common shares as traded on the TSX and the common shares purchased will be cancelled.

 

	Methanex believes that purchasing its shares under the normal course issuer bid is in the best interests of its shareholders and represents an effective use of the company’s financial resources. The planned share repurchase is consistent with Methanex’s balanced approach to the utilization of cash and reflects the Company’s ongoing commitment to returning excess cash to shareholders. At the closing price of Methanex’s common shares on the TSX on May 5, 2005, the planned share repurchase represents a financial commitment of approximately US $132 million. Methanex currently has over US $150 million in cash, an undrawn US $250 million credit facility and continued strong cash generation capability. Methanex intends to finance the purchase of common shares under the bid with cash on hand.
6.	RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
	Not applicable.
7.	OMITTED INFORMATION
	Not applicable.
8.	EXECUTIVE OFFICER — FOR FURTHER INFORMATION CONTACT:
	For further information, contact:
	Randy Milner Senior Vice President, General Counsel & Corporate Secretary (604) 661 2600
	DATED at Vancouver, British Columbia, this 19th day of May, 2005.

	METHANEX CORPORATION
	Per:	“Randy Milner”
		Name:	Randy Milner
		Title:	Senior Vice President, General Counsel and Corporate Secretary