SQM Reports Earnings for the First Half of 2011

SANTIAGO, Chile, August 31, 2011 -

Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the first half of 2011 of US$243.6 million (US$0.93 per ADR), an increase of 34.2% with respect to the same period of 2010, when earnings totaled US$181.5 million (US$0.69 per ADR) . Gross Margin reached US$397.2 million (38.5% of revenues), 31.0% higher than the US$303.2 million (35.0% of revenues) recorded during the first half of 2010. Revenues totaled US$1,031.7 million for the first six months, representing an increase of 19.2% over the US$865.3 million reported in the same period of 2010.

Patricio Contesse, SQM’s Chief Executive Officer, stated, “The second quarter of the year continued the positive trend observed during the first months of 2011, and as a result we posted strong second quarter numbers.  Fertilizer, iodine and lithium demand growth remained healthy during the quarter which positively influenced the results of our business lines. The consistent demand growth and tight market conditions in three of our business lines helped boost results during the second quarter, and we expect these market circumstances should continue in the second half of the year.”

Mr. Contesse continued, “Although there continues to be global uncertainty in financial markets, the underlying fundamentals in all of our businesses remain strong, and we are optimistic about the remaining months of the year. Our solid financial position and current expansion plans will allow us to better position ourselves to capitalize on the growth opportunities in all of our businesses.”

For the complete version of this press release, please visit our Web site: www.sqm.com.

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 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 position in each of its businesses.

    For further
     information,
     contact:     Mary Laverty, +56-2-4252074 / mary.laverty@sqm.com
                  Isabel Bendeck, +56-2-4252058 / isabel.bendeck@sqm.com
                  Mark Fones, +56-2-4252485 / mark.fones@sqm.com

    For media
     inquiries,
     contact:     Fabiola Scianca, +56-2-4252027 / fabiola.scianca@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.

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