UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 3)

Sociedad Quimica y Minera de Chile SA

Chemical and Mining Company of Chile Inc.

Series A Common Stock

833636103

Odd Ivar Biller, Senior Vice President and General Counsel
Norsk Hydro ASA
Bygdøy Allé 2
N-0240 Oslo
Norway
Phone: (47) 22-53-81-00

March 29, 2004

     This Amendment No. 3 amends and supplements the statements on Schedule 13D (the “Original Schedule 13D”) filed with the Securities and Exchange Commission on June 22, 2001 by Norsk Hydro ASA, a public limited liability company organized under the laws of Norway (“Hydro”), as previously amended by Amendment No. 1 and Amendment No. 2 to the Original Schedule 13D filed with the SEC on December 5, 2001 and April 19, 2002, respectively.

     The Items of the Original Schedule 13D, as amended by Amendments No. 1 and No. 2, are amended and supplemented as follows:

Table of Contents

Item 1. Security and Issuer

     The name of the issuer is Sociedad Quimica y Minera de Chile S.A. (“SQM”), a Chilean corporation with its principal executive offices located at El Trovador 4285, PISO 6, Santiago, Republic of Chile. This statement relates to SQM’s Series A shares, without nominal (par) value.

Item 5. Interest in Securities of the Issuer

     (e) On March 29, 2004, Hydro ceased to be the beneficial owner, directly or indirectly, of more than five percent of the Series A shares of SQM. See Item 6 below.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

     Prior to March 24, 2004, Hydro, through its affiliate, Norsk Hydro Holland B.V., a Netherlands corporation (“Hydro Holland”), owned a 49% indirect equity interest in Inversiones SQNH S.A., a Chilean closed corporation (“SQNH”). SQNH indirectly owns approximately 37.5% of the Series A shares of SQM.

     On March 24, 2004, Hydro effected a demerger (the “Demerger”) whereby it transferred part of its assets, rights, and liabilities to Yara International ASA, a public limited liability company organized under the laws of Norway (“Yara”), in exchange for consideration primarily in the form of shares of Yara, with a par value of Norwegian kroner 1.70 per share (“Yara Shares”), issued to Hydro shareholders. The assets so transferred to Yara included all of Hydro’s equity interest in SQNH. Until the Demerger was consummated, Yara was a wholly-owned subsidiary of Hydro.

     Upon consummation of the Demerger, 80% of the Yara Shares were issued to holders of Hydro’s issued and outstanding shares, including Hydro shares held in the form of American depositary receipts or ADRs. Following the Demerger, Hydro commenced a global offering of 31,944,256 Yara Shares (the “Firm Shares”), representing 10% of the total number of Yara Shares issued and outstanding upon consummation of the Demerger. Hydro also granted to UBS Investment Bank (“UBS”), on behalf of UBS and the other managers of the global offering, an option (the “Over-Allotment Option”) to purchase up to an additional 31,944,256 Yara Shares (the “Additional Shares”), representing Hydro’s remaining interest in the Yara Shares, to cover over-allotments, if any, made in connection with the global offering. The Over-Allotment Option was exercisable for a 30-day period beginning on the opening of trading in the Yara Shares on the Oslo Stock Exchange, which occurred on March 25, 2004. UBS, on behalf of itself and the other managers of the global offering, exercised in full the Over-Allotment Option on March 29, 2004. Accordingly, Hydro no longer has any beneficial interest, directly or indirectly, in the Series A shares of SQM.

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Item 7. Material to be Filed as Exhibits

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SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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EXHIBIT INDEX