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METHANEX CORP. ANNOUNCES THE COMPLETION OF SEVERAL MAJOR CORPORATE DEVELOPMENTS AND ITS THIRD QUARTER RESULTS

 VANCOUVER, British Columbia, Nov. 23 ~PRNewswire~ - Methanex (NASDAQ-NMS: MEOHF) closed its Canadian $62,400,000 equity issue for 7,800,000 common shares on Nov. 12, 1992. The net proceeds will be added to working capital and used in part to assist in financing the company's future capital expenditure obligations. Methanex has also concluded the acquisition from Metallgesellschaft Corp. and its affiliates ("MG") of MG's methanol marketing and trading operations located in Frankfurt, Germany, with a current volume of approximately 600,000 tons per year, and MG's 70 percent interest in a joint venture with a subsidiary of American Cyanamid. This joint venture, as previously announced, will redesign and convert American Cyanamid's idle ammonia plant to produce methanol. This venture will add approximately 133 million U.S. gallons to Methanex's annual production capacity. Methanex is also expected to market two-thirds of American Cyanamid's 30 percent share.
 Methanex recorded a loss of $6.0 million ($0.15 per share) for the nine months ended Sept. 30, 1992, compared to earnings of $3.5 million ($0.21 per share) for the same period in 1991. The 1991 results included a loss from discontinued operations of $0.3 million ($0.01 per share).
 Total revenues for the company's two business segments, methanol operations and ammonia operations, for the nine months ended Sept. 30, 1992, amounted to $72.3 million, up $17.8 million from 1991 revenues of $54.5 million. The company recorded a loss from operations of $4.7 million in the nine months ended Sept. 30, 1992, compared to earnings from operations of $11.8 million in 1991.
 The methanol segment recorded revenues of $62.5 million for the nine months ended Sept. 30, 1992, up $8.0 million from 1991 revenues of $54.5 million. The company significantly increased its sales volumes for 1991 levels by 51.3 million U.S. gallons to 167.0 million U.S. gallons for the nine months ended Sept. 30, 1992. Gains from these increases in sales volumes were, however, offset by low prevailing methanol prices during 1992 as compared to the similar period in 1991. This reduction in methanol price was the primary cause of the company recording a loss from methanol operations of $5.8 million in 1992 compared to 1991 earnings from methanol operations of $11.8 million.
 Revenues for the ammonia segment amounted to $9.8 million and generated earnings from operations of $1.1 million for the nine months ended Sept. 30, 1992.
 Methanex is a publicly traded company engaged primarily in the worldwide production and marketing of methanol. Methanex's shares are listed for trading on the Toronto and Montreal Stock Exchanges in Canada under the trading symbol "MX" and on the NASDAQ-NMS in the United States under the trading symbol "MEOHF."
 -0- 11~23~92
 ~CONTACT: Brooke N. Wade or Ronald J. Russell of Methanex, 604-684-7500~
 (MEOHF)


CO: Methanex Corp.; American Cynamid ST: British Columbia IN: CHM SU: ERN JVN

JB-JL -- LA043 -- 0822 11~23~92 20:16 EST
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Date:Nov 23, 1992
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