SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549
                              
                          FORM 10-K
                              
                        ANNUAL REPORT
               PURSUANT TO SECTION 13 OR 15(d)
           OF THE SECURITIES EXCHANGE ACT OF 1934
                              
         FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996
                              
                Commission file number 1-228
                              
                      ZEMEX CORPORATION
   (Exact name of registrant as specified in its charter)
                              
     Delaware               1031              13-5496920
  (State or other    (Primary standard     (I.R.S. employer
  jurisdiction of        industrial         identification
 incorporation or   classification code         number)
   organization)          number)
                              
                              
  Canada Trust Tower, BCE Place, 161 Bay Street, Suite 3750
              Toronto, Ontario, Canada M5J 2S1
                        (416) 365-8080
     (Address, including zip code, and telephone number,
  including area code, of registrant's principal executive
                          offices)
                              
 Securities registered pursuant to Section 12(b) of the Act

New York Stock Exchange          Common Stock, $1.00 par value


Indicate  by check mark whether the registrant (1) has  filed
all  reports required to be filed by Section 13 or  15(d)  of
the  Securities  Exchange Act of 1934  during  the  preceding
twelve months (or for such shorter period that the registrant
was  required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
                              

Indicate  by  check  mark if disclosure of delinquent  filers
pursuant  to  Item  405 of Regulation S-K  is  not  contained
herein,  and  will  not be contained,  to  the  best  of  the
registrant's  knowledge, in definitive proxy  or  information
statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.

The  aggregate market value of the registrant's voting  stock
(Common Stock, $1.00 par value) held by non-affiliates as  of
March  7, 1997 (based on the closing sale price of $7.125  on
the New York Stock Exchange) was $27,646,140.

As  of  March  7, 1997, 9,041,946 shares of the  registrant's
Common Stock, $1.00 par value, were outstanding.
                              

             DOCUMENTS INCORPORATED BY REFERENCE

Annual Report to Shareholders for the Year Ended December 31,
1996                                                Part II

Definitive Proxy Statement filed with the Commission pursuant
to Regulation 14A with respect to the Annual Meeting of
Shareholders                                      Part III
                              
                          FORM 10-K
                        ANNUAL REPORT
                              
                      TABLE OF CONTENTS
                             AND
                    CROSS-REFERENCE SHEET
                              
                              
                           PART I

                                                           Page
Item 1.   Business                                           1
Item 2.   Properties                                         7
Item 3.   Legal Proceedings                                  7
Item 4.   Submission of Matters to a Vote of Security
          Holders                                            8
Item 10. Executive and Other Officers of the Registrant(A)   8

                           PART II
                              
Item 5.   Market for Registrant's Common Equity and Related
          Stockholder Matters(B)                             9
Item 6.   Selected Financial Data(C)                         9
Item 7.   Management's Discussion and Analysis of Financial
          Condition and Results of Operation(D)              9
Item 8.   Financial Statements and Supplementary Data(E)    10
Item 9.   Changes in and Disagreements with Accountants 
          on Accounting and Financial Disclosure            10


                          PART III
                              
Item 10.  Directors of the Registrant(F)                     *
Item 11.  Executive Compensation(F)                          *
Item 12.  Security Ownership of Certain Beneficial 
          Owners and Management(F)                           *
Item 13.  Certain Relationships and Related Transactions(F)  *

                           PART IV
                              
Item 14.  Exhibits, Financial Statement Schedules, and 
          Reports on Form 8-K                               11                 
_________________________

(A)
  Included  in Part I pursuant to Instruction 3  of  Item
  401(b) of Regulation S-K.

(B)   
  Information responsive to this Item is set forth on
  page   16   of  the  registrant's  Annual   Report   to
  Shareholders for the year ended December 31, 1996  (the
  "Annual  Report  to Shareholders") and is  incorporated
  herein   by   reference.    The   Annual   Report    to
  Shareholders is included as Exhibit 13 to this Form 10-
  K  Annual  Report.  The Annual Report to  Shareholders,
  except  for those portions thereof which are  expressly
  incorporated by reference herein, is furnished for  the
  information of the Commission and is not to  be  deemed
  "filed" as part of this Form 10-K report.

(C)     
  Information responsive to this Item is set  forth
  on  page 41 of the Annual Report to Shareholders and is
  incorporated herein by reference.

(D)     
  Information responsive to this Item is set  forth
  on  pages  10  through  16  of  the  Annual  Report  to
  Shareholders and is incorporated herein by reference.

(E)     
  Financial statements responsive to this Item  are
  set  forth on pages 17 through 40 of the Annual  Report
  to   Shareholders  and  are  incorporated   herein   by
  reference.   The  Supplementary  Schedule  required  by
  this  Item  is set forth on page S-1 of this Form  10-K
  Annual Report.

(F)     
  Information responsive to this Item is set  forth
  in  the registrant's definitive proxy statement  to  be
  filed  with  the Commission pursuant to Regulation  14A
  and  in  the Annual Report to Shareholders on  Page  39
  (Note 15) and is incorporated herein by reference.
                           
                           
<PAGE 1>                           

                      
                           PART I
                              

ITEM 1.  BUSINESS

General

Zemex Corporation (the "Corporation" or "Zemex"), a Delaware
corporation,  was incorporated in 1985 as the  successor  to
Pacific  Tin  Corporation.  Zemex is  a  niche  producer  of
industrial  minerals  and  metal  products.   Its  principal
businesses  are  industrial  minerals,  metal  powders,  and
aluminum  waste  recycling.   Its  major  products   include
feldspar,  feldspathic minerals, kaolin, sand,  mica,  talc,
ferrous   and  non  ferrous  powders,  and  aluminum   dross
derivatives.

Industrial Minerals

The  Corporation's industrial minerals segment  consists  of
three  wholly-owned  subsidiaries: The Feldspar  Corporation
("TFC"),  Suzorite  Mica  Products  Inc.  ("Suzorite")   and
Suzorite  Mineral  Products, Inc.  ("SMP").   The  group  is
collectively referred to as Zemex Industrial Minerals, Inc.,
a company which was incorporated under the laws of the State
of Delaware in December 1996.

TFC  has mining and processing facilities in Edgar, Florida;
Monticello, Georgia; and Spruce Pine, North Carolina.  Using
classical  methods,  TFC  mines  sodium  feldspar  from  two
different  ore  deposits in the Spruce Pine area;  potassium
feldspar  is mined from two deposits close to the Monticello
plant.   TFC's  kaolin  and sand products  are  produced  by
dredging and wet separation at the Edgar property.

TFC   produces  numerous  products,  including  sodium   and
potassium  feldspar, silica, low iron sand,  muscovite  mica
and kaolin clay, at its operating plants in TFC supplies its
products  primarily  to the glass and  ceramics  industries.
Feldspathic  minerals and certain grades of industrial  sand
are  used  to  manufacture bottles, jars,  and  other  glass
containers, fiberglass, paints and plastics, and  television
picture  tubes.  Feldspar and kaolin are major raw materials
for  the  ceramic  industry, and are incorporated  into  the
production  of  ceramic  floor and wall  tiles,  dinnerware,
plumbing   fixtures,   glazes  and  electrical   insulators.
Industrial sand is used for filter, filler, beach,  blasting
and concrete applications. TFC also produces a low iron sand
product for use in specialized glass applications.

Suzorite  mines  phlogopite  mica  in  an  open  pit  mining
operation  in  Suzor Township, Quebec, Canada, approximately
200  miles north of Montreal, Quebec.  The ore is  mined  by
standard,  open pit methods and delivered to  a  siding  for
ultimate  transportation by rail to  the  processing  plant,
which  is  located  in  Boucherville, Quebec,  a  suburb  of
Montreal.  Suzorite's  phlogopite  mica  is  processed  into
products of various particle sizes.  Because of its distinct
thermal  stability  advantage  over  competitive  materials,
phlogopite  mica is used in technological plastic  and  high
temperature plastic applications; Suzorite's phlogopite mica
is  used as a partial or complete substitute for asbestos in
fire  retardation,  friction materials,  oil  well  drilling
needs,  caulking  and molding compounds, coatings,  plasters
and  plastics.  The principal markets served by Suzorite are
the  automobile,  construction and oil drilling  industries.
These  products are marketed under the trade names  Suzorite
Mica and Suzorex.


<PAGE 2>

SMP, which was acquired by the Corporation in late 1994, has
talc  operations in Natural Bridge, New York; Murphy,  North
Carolina; Van Horn, Texas; and Benwood, West Virginia.   SMP
purchases raw materials for conversion and processing at its
plant   in  Natural  Bridge;  these  products  are  directed
primarily  into the cosmetic and pharmaceutical  industries.
The production facility in Van Horn processes mined ores for
sale  into  the coatings, plastics and ceramics  industries.
The Benwood operation imports raw materials and processes  a
variety  of  calcium carbonates as well as a wide  range  of
talc products for ultimate use in the plastics industry.

In  late  1996, SMP substantially completed the construction
of  a  new mill at its facility in West Virginia.  This  new
fine  grind  milling capacity is part of SMP's  strategy  to
develop  a  niche in the talc marketplace by  offering  very
finely  divided  high  purity talc  products  to  industrial
markets.   SMP  believes that it is  one  of  the  few  talc
producers  in  North  America to produce  products  of  this
purity   and  fineness.   The  products,  which   will   see
application in performance plastic parts, high end  coatings
and  other  niche  markets, are currently being  tested  and
appraised by a select group of customers.  With the addition
of  these  new  fine grind products, Benwood will  have  the
ability  to  produce  a broad spectrum of high  purity  talc
products.

Demand  for the Corporation's industrial minerals is related
to the pace of the general economy and, particularly, to the
automotive   industry,   and  residential   and   commercial
construction   industries.   The  Corporation's   industrial
minerals  sales  were $40.5 million in 1996,  compared  with
$37.1  million  in  1995 and $30.4 million  in  1994.   This
business   segment   reported   operating   income,   before
reorganization and/or restructuring charges of  $3.1 million
in 1996, $4.6 million in 1995 and $3.9 million in 1994.

During  1996,  considerable efforts were  put  into  product
development,  marketing,  capital  expansion  projects   and
product quality improvement.  The Corporation expects  these
efforts will bear fruit in the future.

Capital expenditures were $11.9 million in 1996 compared  to
$9.7  million  in  1995  and $2.1 million  in  1994.   Major
capital spending in 1996 included construction of a low iron
sand plant in Spruce Pine, North Carolina, completion of  an
expansion at TFC's sodium feldspar operation also in  Spruce
Pine, and installation of a new fine grind mill at its plant
in Benwood, West Virginia.

Metal Products

The metal products segment consists of Pyron Corporation and
Pyron Metal Powders, Inc. (together, "Pyron") and Alumitech,
Inc., Aluminum Waste Technology, Inc. and Engineered Thermal
Systems, Inc. (collectively, "Alumitech"), all of which  are
wholly-owned subsidiaries of Zemex.

Pyron  operates plants located in Niagara Falls,  New  York;
St.  Marys, Pennsylvania; and Greenback, Tennessee. In 1994,
Pyron  purchased  the assets of Greenback Industries,  Inc.,
giving  it  the  ability to produce a  wide  range  of  high
quality  copper  and  copper alloy powders.  These  products
complement  Pyron's iron and steel powder products  and  are
sold  through  Pyron's  marketing  and  sales  organization.
Until  1996, Pyron also operated a metal powder facility  in
Maryville,   Tennessee.   However,  in  order  to   optimize
production  efficiencies  and  lower  operating  costs,  the
Maryville  process was amalgamated with the one at Greenback
in  early  1996.   In addition, a new water atomized  copper
powder   process  was  successfully  commissioned   at   the
Greenback location in late 1996.


<PAGE 3>

Pyron's  major products include iron, steel, copper,  copper
alloy   powders   and   manganese  sulfide.    The   primary
application  of  metal  powders is  in  the  fabrication  of
precision  metal  parts  using  powder  metallurgy.   Powder
metallurgy  is  an  efficient, economical  process  for  the
production  of  complex components used in  the  automotive,
farm,  garden  and  lawn  equipment,  and  business  machine
industries.   Key  features of powder metallurgy  technology
are  low scrap ratios and lower production costs than  other
conventional  metal  working processes  such  as  machining,
casting  and  forging.  In addition, in recent years,  metal
powder use in automotive and rail braking systems has  grown
rapidly  as  a  replacement for asbestos,  achieving  better
performance   and   improved   environmental   and    health
conditions.   Metal powders are also used in the  production
of  welding  rods, for cutting and scarfing of steel  ingots
and  billets,  for  the inspection of  oil  field  pipe  and
tubing, and in food supplements.

In 1995, Pyron completed construction of a blending plant in
St.  Marys,  Pennsylvania.  Through its new blending  plant,
Pyron  is  able to provide warehousing, custom  pre-packaged
powders and just-in-time service to its customers.

In  1996,  Pyron  completed  construction  of  a  designated
facility  for  the production of manganese  sulfide  at  its
Greenback,   Tennessee  location.   Pyron's   new   product,
Manganese  Sulfide  Plus (MnS+TM), was developed  in  Pyron's
laboratory  and  is  used  as  an  additive  by  the  powder
metallurgical  industry to enhance  tool  life  and  aid  in
machinability.   Manganese Sulfide Plus is now  commercially
available   and  response  from  customers  has  been   very
positive.    Although  not  a  significant  contributor   to
earnings,  manganese  sulfide is  a  natural  complement  to
Pyron's core ferrous and non-ferrous businesses.  It further
broadens  Pyron's product line, serving to enhance  customer
relationships

The  Corporation acquired its initial interest in  Alumitech
in  1994 and increased its ownership to 100 percent in 1995.
Alumitech  has  two  processing plants:  an  aluminum  dross
reprocessing  plant in Cleveland, Ohio and a  ceramic  fiber
production  plant  in Streetsboro, Ohio.   Alumitech  is  an
aluminum dross reprocessor that has developed, patented  and
is   in  the  process  of  commercializing  its  proprietary
aluminum  dross  recycling technology.  Using  its  patented
process,  Alumitech  has the ability to transform  chloride-
based  drosses  received from secondary  aluminum  producers
into   a   number  of  commercial  applications,   including
refractory  ceramic fiber and other metallurgical  products.
Currently, competitive processes landfill anywhere  from  40
percent-75 percent of the volume of dross received,  whereas
Alumitech's  recycling process will virtually eliminate  the
need for landfill.

Aluminum dross is a waste by-product produced by primary and
secondary aluminum smelters.  Secondary dross, which is high
in   chloride  content,  forms  the  primary  feedstock  for
Alumitech's Cleveland plant.  Conventional dross  processors
extract  the  contained metallic aluminum and  landfill  the
balance.  Using its proprietary process, Alumitech  has  the
ability to extract the metallic aluminum and residual  fines
as  exothermics,  crystallize  the  sodium,  potassium,  and
magnesium  chlorides,  and convert  the  balance  into  non-
metallic  products ("NMP") to be used in the  production  of
commercial products.  The result is the elimination  of  the
need  for  landfill.  With its ability to convert  NMP  into
commercially saleable products, Alumitech is considered  the
industry  leader in the development of alternative uses  for
NMP.   Alumitech's patents on its technology to process  NMP
have a remaining life of about fourteen years.


<PAGE 4>


Alumitech   also   operates  a  ceramic   fiber   plant   in
Streetsboro, Ohio.  At this facility, NMP can be  melted  in
an  electric  arc  furnace  and  converted  into  refractory
ceramic fiber.  The fiber is blown into a blanket and cut to
dimension.  The final product is an insulation material with
a temperature degradation of as high as 2000 degrees F.

In  November 1996, the Corporation signed a letter of intent
to  form  a  joint  venture with IMCO  Recycling  Inc.,  the
world's  largest aluminum recycler.  Assuming that  a  joint
venture  agreement  is signed in the  first  half  of  1997,
management  expects  that  construction  of  a   new   dross
reprocessing facility will begin in late 1997 or early 1998.

Sales  for  the  metal  products group  decreased  to  $46.0
million in 1996 from $48.0 million in 1995. Sales were $24.9
million in 1994.  The decrease from 1995 to 1996 was due  to
lower  volumes of ferrous and non ferrous metal powders  and
lower  aluminum prices.  During the same interval, operating
income  before  reorganization and/or restructuring  charges
decreased from $3.7 million in 1995 to $1.9 million in 1996.
Operating  income before reorganization and/or restructuring
charges  was  $3.9 million in 1994.   Management anticipates
improved  margins in this segment in 1997  as  a  result  of
higher  metal  powder  production, new products,  continuing
cost reductions, efficiency improvement programs, and higher
aluminum prices.

Capital expenditures for the metal products group were  $6.0
million in 1996 as compared to $5.8 million in 1995 and $0.9
million  in 1994.  The expenditures were primarily  incurred
to  construct a manganese sulfide operation at the plant  in
Greenback, Tennessee and to improve the dross processing and
ceramic  production facilities at the Cleveland  plant.   In
1997, capital expenditures are anticipated to be higher  due
to  the retrofitting of the Cleveland facility from a  pilot
plant   to  a  full-scale  commercial  operation   and   the
construction  of a new dross processing facility  with  IMCO
Recycling  Inc.  ("IMCO").  The latter  is  subject  to  the
signing of a joint venture agreement with IMCO in the  first
half of 1997.

Raw Materials and Other Requirements

In  recent  years, the Corporation has not  experienced  any
substantial  difficulty  in  satisfying  the  raw  materials
requirements for its metal products operations, which is the
segment  that consumes, rather than supplies, raw materials.
However,  no  assurance can be given that any  shortages  of
these  or  other necessary materials or equipment  will  not
develop  or that increased prices will not adversely  affect
the Corporation's business in the future.

Seasonality

The   efficiency  and  productivity  of  the   Corporation's
operations  can  be  affected by  unusually  severe  weather
conditions.   During the winter of 1996,  there  were  minor
production outages at the Corporation's operating facilities
in  North  Carolina  and New York States  due  to  inclement
weather,  but they were not significant enough to materially
affect 1996 operating results.

Competition

All  of  the  Corporation's  products  are  sold  in  highly
competitive  markets which are influenced by price,  product
performance,    customer    location,    service,    foreign
competition,  material  substitution  and  general  economic
conditions.   The Corporation competes with other  companies
active  in  industrial  minerals  and  metal  products.   No
material  part  of the Corporation's business  is  dependent
upon  any  single customer, or upon very few customers,  the
loss  of  any  one  of which could have a  material  adverse
impact on the Corporation.


<PAGE 5>

Industrial mineral prices, generally, are not subject to the
price fluctuations typical of commodity metals.  Demand  for
industrial minerals is primarily related to general economic
conditions,  particularly  in the  automotive,  housing  and
construction  industries.  In the United States,  there  are
three  major  feldspathic mineral producers,  including  the
Corporation.   The  Corporation is the only  North  American
producer  of phlogopite mica and one of many talc producers.
Markets  for  industrial mineral products are sensitive  not
only to service, product performance, and price, but also to
competitive pressures and  transportation costs.

The  Corporation is one of five North American producers  of
metal  powders.   The market for metal powders  is  affected
primarily  by  product performance, consistency  of  product
quality and price.  To some extent, competition in the metal
powders  industry is affected by imports of  finished  metal
powder  parts.   Product prices over the last several  years
have  been strongly influenced by costs of powder production
and  available  capacity.  Demand for  metal  powders  is  a
function of general economic conditions, particularly in the
automotive market.

There  are numerous aluminum dross processors in the  United
States,  however,  only  Alumitech has  patented  technology
which  enables  it  to process aluminum  dross  without  the
necessity  for landfill. While the Corporation competes  for
the  supply  of  aluminum  dross  with  a  number  of  other
operations, the major factor affecting the supply  of  dross
is  the level of activity of the secondary aluminum smelting
industry.   In addition, as aluminum is one of the  products
of aluminum dross reprocessing, commodity price fluctuations
of  aluminum  may have a negative impact on the earnings  of
the Corporation.

Research and Development

The  Corporation  carries on an active  program  of  product
development   and  improvement.   Research  and  development
expense  was $0.6 million in 1996, $0.3 million in 1995  and
$0.3 million in 1994.

Financial  information about industry segments is set  forth
on  pages 39 and 40 of the Annual Report to Shareholders and
is incorporated herein by reference.

Environmental Considerations

Laws  and  regulations currently in force which  do  or  may
affect  the  Corporation's domestic operations  include  the
Federal  Clean  Air Act of 1970, the National  Environmental
Policy  Act of 1969, the Solid Waste Disposal Act (including
the  Resource  Conservation and Recovery Act of  1976),  the
Toxic   Substances  Control  Act,  CERCLA  (superfund)   and
regulations  under these Acts, the environmental  protection
regulations  of  various  governmental  agencies  (e.g.  the
Bureau  of  Land Management Surface Management  Regulations,
Forest Service Regulations, and Department of Transportation
Regulations),   laws  and  regulations   with   respect   to
permitting  of  land use, various state and local  laws  and
regulations   concerned  with  zoning,  mining   techniques,
reclamation  of  mined lands, air and  water  pollution  and
solid  waste  disposal.  Currently, the Corporation  is  not
aware  of  any materially adverse environmental problems  or
issues.

<PAGE 6>


Employees

The  approximate  number  of  Corporation  employees  as  of
December 31, 1996 is set forth below:

            Industrial Minerals      275
            Metal Products           235
            Corporate                  6
                                     ----
            Total                    516
                                     ----
Approximately 59 employees at the Corporation's metal powder
operations  in  Niagara Falls, New York, are  covered  by  a
collective  bargaining  agreement.  The  current  three-year
agreement  expires  April 15, 1998.  At  the  ferrous  metal
powder  facility  in Greenback, Tennessee, approximately  39
employees  are  covered  by  a  three-year  agreement  which
expires  February 28, 1998.  Approximately 22  employees  at
Suzorite  are covered by a three-year collective  bargaining
agreement that expires December 12, 1999.  The agreement  is
for  three  years and should be signed by the end  of  March
1997.  At Alumitech, approximately 42 employees are  covered
by  two  collective  bargaining  agreements,  one  agreement
expiring  April 30, 1998 and one agreement expiring December
31, 1998.  The Corporation considers its labor relations  to
be good.

Foreign Operations

The  Corporation's international operations are  located  in
Canada  whose  institutions  and governmental  policies  are
similar  to those of the United States.  Although there  can
be no assurance as to future conditions, the Corporation has
experienced  no  political  activities,  social   upheavals,
currency restrictions or similar factors which have had  any
material  adverse  effect to date  on  the  results  of  its
operations or financial condition.

Export Sales

The  Corporation's  industrial minerals and  metal  products
operations  sell their products internationally  to  a  wide
variety  of  customers  including the  ceramics,  glass  and
powder  metallurgy industries.  Export sales  in  these  two
segments were less than 7 percent of total sales.

Cautionary "Safe Harbor" Statement Under the
United  States Private Securities Litigation Reform  Act  of
1995

With  the  exception  of  historical  matters,  the  matters
discussed in this report are forward looking statements that
involve  risks  and  uncertainties that could  cause  actual
results  to  differ  materially from targeted  or  projected
results.  Factors that could cause actual results to  differ
materially  include, among others, fluctuations in  aluminum
prices,   problems   regarding  unanticipated   competition,
processing,   access   and   transportation   of   supplies,
availability  of  materials  and  equipment,  force  majeure
events,  the  failure  of plant equipment  or  processes  to
operate  in  accordance with specifications or expectations,
accidents,  labor  relations,  delays  in  start-up   dates,
environmental  costs and risks, the outcome  of  acquisition
negotiations and general domestic and international economic
and political conditions, as well as other factors described
herein  or in the Corporation's filings with the Commission.
Many  of  these factors are beyond the Corporation's ability
to  predict  or control.  Readers are cautioned not  to  put
undue reliance on forward looking statements.


<PAGE 7>

ITEM 2.  PROPERTIES

The industrial minerals segment has operations and mines  in
Edgar,  Florida; Monticello, Georgia;  Boucherville, Quebec;
Suzor  Township, Quebec; Natural Bridge, New  York;  Murphy,
North  Carolina;  Spruce  Pine, North  Carolina;  Van  Horn,
Texas;  and  Benwood,  West  Virginia.   This  segment  owns
approximately 391,500 square feet of office and plant  floor
space.   As  well, the processing facility in Benwood,  West
Virginia  has approximately twelve acres of land.  In  1996,
The  Feldspar Corporation purchased 655 acres with 20  years
additional ore reserves for its Spruce Pine, North  Carolina
facility.   The  mineral  deposits at  the  mines  currently
operated by the industrial minerals segment are estimated by
the  Corporation to be at least 25 years, except in the case
of  the  mica  mine  in Suzor Township  where  reserves  are
estimated  to  be  in  excess of  100  years.   All  of  the
Corporation's mining properties are either owned or  leased,
with the leases expiring from 1998 to 2018.

The  metal  products group has operations in Niagara  Falls,
New  York;  St.  Marys, Pennsylvania; Greenback,  Tennessee;
Cleveland, Ohio; and Streetsboro, Ohio.  At its facility  in
Niagara  Falls,  Pyron  Corporation  utilizes  approximately
79,000 square feet of office and plant floor space which  it
leases   from  the  Niagara  County  Industrial  Development
Agency.  The lease was established as part of the Industrial
Development Revenue Bond issued in November 1989 to  finance
the  construction of an atomized steel powder plant.   Lease
payments are to be sufficient to pay the debt service on the
Industrial  Development Revenue Bond.   The  atomized  plant
utilizes approximately 16,000 square feet of floor space and
is adjacent to the existing facility.  The blending plant in
St. Marys, Pennsylvania, which was built in 1995, has 32,000
square  feet  of  plant, office and  storage  space  and  is
situated  on  3.4 acres of land.  The Greenback facility  is
situated  on 27.5 acres of land of which 6 acres is actively
used  in  the  operations.  General office  space  comprises
approximately  6,300  square feet;  there  is  approximately
87,000    square   feet   of   production,    storage    and
shipping/receiving  space.   The aluminum  dross  processing
plant  in  Cleveland, Ohio owns 6.1 acres and has  buildings
totaling   51,000   square  feet.   The  Streetsboro,   Ohio
operation  owns 6.0 acres on which there is a 36,000  square
foot building of plant and office space.

All facilities are maintained in good operating condition.


ITEM 3.  LEGAL PROCEEDINGS

On February 11, 1993, The Feldspar Corporation and other non-
affiliated  companies were named as defendants  in  a  civil
action  brought  by Dryvit Systems, Inc. ("Dryvit")  in  the
State of Rhode Island captioned Dryvit Systems, Inc. v.  The
Feldspar  Corporation, Taggart Sand Products Corp.,  Surface
Systems,  Inc.,  The Morie Company, Inc.,  Eriez  Magnetics,
Inc.,  and Law Engineering, Inc., C.A. No. KC 93-108,  State
of   Rhode  Island,  Kent.   Dryvit  alleges  that   between
approximately  1985 and 1990, sand purchased  from  TFC  and
other  suppliers utilized by Dryvit to manufacture  exterior
insulation finishes for the exterior of buildings  developed
rust  stains because the sand contained pyrite and  magnetic
materials.   Dryvit seeks unspecified monetary  damages  and
costs, including the costs associated with the repair of the
damaged structures.

TFC  denies  such allegations and claims and the Corporation
believes that it is remote that this litigation will  result
in   any   material  adverse  effect  to  the  Corporation's
financial   condition  or  results   of   operations.    The
Corporation  strongly believes that this action  is  without
merit,  however, no assurance can be made as to the  outcome
of  this  litigation.  Although  the  Corporation's  primary
insurer has attempted to limit its coverage, the Corporation
believes that its primary and excess liability insurance  is
sufficient to cover any potentially unfavorable outcome.


<PAGE 8>


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.


ITEM 10.  EXECUTIVE AND OTHER OFFICERS OF THE REGISTRANT

                                                                  Served in
Officer                 Position                   Age         Position Since

Peter Lawson-Johnston  Chairman of the 
                       Board of Directors           70               1975

Richard L. Lister      President and 
                       Chief Executive Officer      58               1993

Allen  J. Palmiere     Vice President, 
                       Chief Financial Officer      44                1993
                       and Assistant Secretary

Peter J. Goodwin       Vice President, 
                       Zemex Corporation            46                1994
                       President, Industrial Minerals

Terrance J. Hogan      President, Alumitech, Inc.   41                1995

G. Russell Lewis       President, Metal Powders     67                1986

Patricia K. Moran      Assistant 
                       Secretary-Treasurer          31                1995


There  are  no  family  relationships between  the  officers
listed  above.  The term of office of each executive officer
is  until  his/her respective successor is elected  and  has
qualified,  or until his/her death, resignation or  removal.
Officers  are elected or appointed by the board of directors
annually  at its first meeting following the annual  meeting
of  shareholders.  The following are the current officers of
the   Corporation  and  a  description  of  their   business
activities  if  less  than  five  years  in  their   present
position.

Mr. Lister, who was elected to the board of directors on May
30,  1991, assumed his duties as Vice Chairman of the  Board
of  Directors  on July 23, 1991 and as President  and  Chief
Executive  Officer  on June 1, 1993.  Mr.  Lister  was  Vice
Chairman  of  Dundee Bancorp Inc. from October 1991  to  May
1993.


<PAGE 9>


Mr. Palmiere assumed the duties of Chief Financial Officer
in  October 1993.  From April 1992 to October 1993 he was  a
self-employed consultant.  From October 1990 to  April  1991
he  was  the  Chief Financial Officer and Vice President  of
Breakwater  Resources Ltd. and from May 1991 to  April  1992
was the Chief Executive Officer of Breakwater Resources Ltd.

Mr.  Goodwin  became a Vice President of the Corporation  in
August 1994.  From May 1993 to August 1994, Mr. Goodwin  was
a  self-employed consultant.  Mr. Goodwin was President  and
Chief  Executive Officer of Miller and Co. from August  1990
to May 1993.

Mr.  Hogan became President of Alumitech, Inc. in May  1995.
Prior  to  becoming President, Mr. Hogan was Chief Operating
Officer   of   Alumitech's   subsidiary,   Aluminum    Waste
Technology, Inc., from December 1992 to May 1995.  Prior  to
December  1992, Mr. Hogan was the Vice President  and  Chief
Financial  Officer of American Recovery Technology  Systems,
Inc.

Ms.   Moran  assumed  the  duties  of  Assistant  Secretary-
Treasurer  in  February  1995  and  has  served  in  various
capacities with the Corporation since 1993.
                              
                              
                           PART II


ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON
         EQUITY AND RELATED STOCKHOLDER MATTERS

Information responsive to this Item is set forth on page  16
of  registrant's Annual Report to Shareholders for the  year
ended  December  31,  1996  and is  incorporated  herein  by
reference.  The Annual Report to Shareholders is included as
Exhibit  13  to  this Form 10-K Annual Report.   The  Annual
Report  to  Shareholders, except for those portions  thereof
which  are  expressly incorporated by reference  herein,  is
furnished for the information of the Commission and  is  not
to be deemed "filed" as part of this Form 10-K report.


ITEM 6.  SELECTED FINANCIAL DATA

Information responsive to this item is set forth on page  41
of  the  Annual  Report to Shareholders and is  incorporated
herein by reference.


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATION

Information responsive to this Item is set forth on pages 10
through  16  of  the  Annual Report to Shareholders  and  is
incorporated herein by reference.

In  addition  to  the  information  incorporated  herein  by
reference,  on  March  12, 1997, the Corporation  signed  an
amendment to its credit agreement with NationsBank  and  The
Chase  Manhattan  Bank  (see Exhibit 4(q)).   The  amendment
provides  for an incremental $20 million increase in  credit
available  for  acquisitions, capital programs  and  general
corporate purposes.


<PAGE 10>


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial  statements responsive to this Item are set  forth
on  pages 17 through 40 of the Annual Report to Shareholders
and are incorporated herein by reference.  The Supplementary
Schedule required by this Item is set forth on page  S-1  of
this Form 10-K Annual Report.  See Item 14.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
        ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.


                           PART IV
                              
                              
ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
          AND REPORTS ON FORM 8-K

1.  Financial statements and independent auditor's report
    filed as part of this report:

          (a)   Consolidated Balance Sheets at December  31,
          1996  and  1995, which information is incorporated
          by reference under Item 8 of this report;

          (b)    Consolidated  Statements  of  Shareholders'
          Equity  for  the  three years ended  December  31,
          1996,   which   information  is  incorporated   by
          reference under Item 8 of this report;

          (c)   Consolidated Statements of  Income  for  the
          three   years  ended  December  31,  1996,   which
          information  is  incorporated by  reference  under
          Item 8 of this report;

          (d)  Consolidated Statements of Cash Flows for the
          three   years  ended  December  31,  1996,   which
          information  is  incorporated by  reference  under
          item 8 of this report;

          (e)    Notes   to   the   Consolidated   Financial
          Statements,  which information is incorporated  by
          reference under Item 8 of this report; and

          (f)     Independent   Auditors'   Report,    which
          information  is  incorporated by  reference  under
          Item 8 of this report.


<PAGE 11>


2.   Financial statement schedules and independent auditors'
     report filed as part of this report:

          Schedule
          Number              Description

                  -                Report   of   Independent
Accountants

           Schedule IX              Valuation and Qualifying
Accounts
                              and Reserves (page S-1)

All other financial statements and schedules not listed have
been  omitted since the required information is included  in
the  consolidated financial statements or the related  notes
thereto, or is not applicable or required.


3.  EXHIBITS

(3)(a) Certificate   of   Incorporation   (Incorporated   by
       reference  from  Exhibit 4(a)  of  the  Corporation's
       Registration Statement on Form S-2, Registration  No.
       33-7774, filed on August 5, 1986)

(3)(b) By-Laws (Incorporated by reference from Exhibit 3  of
       the  Corporation's  Quarterly  Report  on  Form  10-Q
       filed on May 13, 1988)

(3)(c) Amended  and  Restated Certificate  of  Incorporation
       (Incorporated  by  reference from Exhibit  A  of  the
       Corporation's  Definitive Proxy Statement,  filed  on
       March 29, 1995)

(4)(a) Indenture  of  Trust  dated as of  November  1,  1989
       between Niagara County Industrial Development  Agency
       and  The  Bank  of  New  York as  trustee  for  Pyron
       Corporation  (Incorporated by reference from  Exhibit
       (4)(a) of the Corporation's Annual Report on Form 10-
       K filed March 31, 1990)

(4)(b) Agency  Mortgage and Security Agreement dated  as  of
       November  1, 1989 from Pyron Corporation and  Niagara
       County  Industrial Development Agency to The Bank  of
       New  York   (Incorporated by reference  from  Exhibit
       (4)(b) of the Corporation's Annual Report on Form 10-
       K filed March 31, 1990)

(4)(c) Letter of Credit Reimbursement Agreement dated as  of
       November  1,  1989  between  Pyron  Corporation   and
       Chemical   Bank   (Incorporated  by  reference   from
       Exhibit (4)(c) of the Corporation's Annual Report  on
       Form 10-K filed March 31, 1990)

(4)(d) First  Amendment  to  Letter of Credit  Reimbursement
       Agreement dated as of November 1, 1989 between  Pyron
       Corporation  and  Chemical  Bank   (Incorporated   by
       reference  from  Exhibit (4)(d) of the  Corporation's
       Annual Report on Form 10-K filed March 31, 1990)

(4)(e) Second  Amendment  to Letter of Credit  Reimbursement
       Agreement  dated as of March 15, 1995  between  Pyron
       Corporation   and  Chemical  Bank  (Incorporated   by
       reference  from  Exhibit (4)(e) of the  Corporation's
       Annual Report on Form 10-K filed March 30, 1995)


<PAGE 12>


(4)(f) Bank  Mortgage  and Security Agreement  dated  as  of
       November  1, 1989 from Pyron Corporation and  Niagara
       County  Industrial  Development  Agency  to  Chemical
       Bank   (Incorporated by reference from Exhibit (4)(e)
       of  the  Corporation's Annual  Report  on  Form  10-K
       filed March 31, 1990)

(4)(g) Building Loan Agreement dated as of November 1,  1989
       between   Chemical   Bank   and   Pyron   Corporation
       (Incorporated  by  reference from Exhibit  (4)(f)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1990)

(4)(h) Security  Agreement  dated as  of  November  1,  1989
       between   Pyron   Corporation   and   Chemical   Bank
       (Incorporated  by  reference from Exhibit  (4)(g)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1990)

(4)(i) Corporate Guaranty dated as of November 1, 1989  from
       Zemex Corporation to Chemical Bank  (Incorporated  by
       reference  from  Exhibit (4)(h) of the  Corporation's
       Annual Report on Form 10-K filed March 31, 1990)

(4)(j) First  Amendment to Corporate Guaranty  dated  as  of
       November  1,  1989 of Zemex Corporation  to  Chemical
       Bank   (Incorporated by reference from Exhibit (4)(i)
       of  the  Corporation's Annual  Report  on  Form  10-K
       filed March 31, 1990)

(4)(k) Second  Amendment to Corporate Guaranty dated  as  of
       March 14, 1991 of Zemex Corporation to Chemical  Bank
       (Incorporated  by  reference from Exhibit  (4)(j)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1991)

(4)(l) Third  Amendment to Corporate Guaranty  dated  as  of
       February  25, 1992 of Zemex Corporation  to  Chemical
       Bank   (Incorporated by reference from Exhibit (4)(m)
       of  the  Corporation's Annual  Report  on  Form  10-K
       filed March 31, 1993)

(4)(m) Fourth  Amendment to Corporate Guaranty dated  as  of
       March  8, 1993 of Zemex Corporation to Chemical  Bank
       (Incorporated  by  reference from Exhibit  (4)(o)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1993)

(4)(n) Fifth  Amendment to Corporate Guaranty  dated  as  of
       March 15, 1995 of Zemex Corporation to Chemical  Bank
       (Incorporated  by  reference from Exhibit  (4)(n)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 30, 1995)

(4)(o) Irrevocable Standby Letter of Credit between  Florida
       Gas   Utility  and  The  Feldspar  Corporation  dated
       December  16,  1992  (Incorporated by reference  from
       Exhibit (4)(q) of the Corporation's Annual Report  on
       Form 10-K filed March 31, 1993)

(4)(p) Loan  and  Security Agreement dated as of  March  15,
       1995   among  Zemex  Corporation  and  The   Feldspar
       Corporation  and NationsBank of Tennessee,  N.A.  and
       Chemical Bank and NationsBank of Tennessee, N.A.,  as
       Agent  (Incorporated by reference from Exhibit (4)(p)
       of  the  Corporation's Annual  Report  on  Form  10-K
       filed March 30, 1995)


<PAGE 13>


(4)(q) Amendment  No. 1 dated as of March 12,  1997  to  the
       Loan  and  Security Agreement dated as of  March  15,
       1995   among  Zemex  Corporation  and  The   Feldspar
       Corporation  and NationsBank of Tennessee,  N.A.  and
       Chemical Bank and NationsBank of Tennessee, N.A.,  as
       Agent

*(10)(a)      Key  Executive  Common  Stock  Purchase   Plan
       (Incorporated  by reference from Exhibit  (10)(b)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1991)

(10)(b)Consent  to  Assignment  of Lease  and  to  Agreement
       Sublease,  and  permission  to  Make  Payments  dated
       November 7, 1978 each from Joberta Enterprises,  Inc.
       to  NL  Industries, Inc. and The Feldspar Corporation
       (Incorporated  by  reference from Exhibit  10(pp)  to
       the  Corporation's Registration Statement on Form  S-
       2,  Registration  No. 33-7774,  filed  on  August  5,
       1986)

(10)(c)Additional  Lease Agreement dated as of  November  1,
       1989  between  Niagara County Industrial  Development
       Agency   and  Pyron  Corporation   (Incorporated   by
       reference  from Exhibit (10)(ll) of the Corporation's
       Annual Report on Form 10-K filed March 31, 1990)

*(10)(d)     Employment  Agreement dated  February  5,  1991
       between  Zemex  Corporation  and  Robert  W.   Morris
       (Incorporated by reference from Exhibit  (10)(ll)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1992)

*(10)(e)      Option  Agreement  with  Paul  Carroll   dated
       September  17, 1991  (Incorporated by reference  from
       Exhibit  (10)(ll) of the Corporation's Annual  Report
       on Form 10-K filed March 31, 1992)

*(10)(f)     Option  Agreement  with  Peter  Lawson-Johnston
       dated  September 17, 1991  (Incorporated by reference
       from  Exhibit  (10)(ll) of the  Corporation's  Annual
       Report on Form 10-K filed March 31, 1992)

*(10)(g)      Option  Agreement  with  John  Donovan   dated
       September  17, 1991  (Incorporated by reference  from
       Exhibit  (10)(ll) of the Corporation's Annual  Report
       on Form 10-K filed March 31, 1992)

*(10)(h)     Subscription Agreement with Richard  L.  Lister
       dated  November 26, 1991  (Incorporated by  reference
       from  Exhibit  (5)(a)  of  the  Corporation's  Annual
       Report on Form 10-K filed March 31, 1992)

(10)(i)Ligonier  Purchase  Agreement  and  Second  Plan   of
       Reorganization dated March 2, 1992 among Pyron  Metal
       Powders,  Inc.,  a wholly-owned subsidiary  of  Zemex
       Corporation,  Purchaser, and Ligonier Powders,  Inc.,
       Seller   (Incorporated  by  reference  from   Exhibit
       (5)(a) of the Corporation's Annual Report on Form 10-
       K filed March 31, 1993)

(10)(j)1995  Stock  Option Plan (Incorporated  by  reference
       from  Exhibit B of the Corporation's 1995  Definitive
       Proxy Statement, filed on March 29, 1995)


<PAGE 14>


(10)(k)Stock  Purchase  Agreement  dated  August  10,   1993
       between  Zemex  Corporation, Zemex  Canada  Inc.,  an
       Ontario   corporation   and  a  direct   wholly-owned
       subsidiary  of  Zemex  Corporation,  Dundee   Bancorp
       Inc.,  an  Ontario  corporation, and  Dundee  Bancorp
       International  Inc., a Delaware  corporation,  and  a
       direct  wholly-owned  subsidiary  of  Dundee  Bancorp
       Inc.,  with  respect to the acquisition  of  Suzorite
       Mica  Products  Inc. (Incorporated by reference  from
       Exhibit  2  of  the Corporation's Current  Report  on
       Form 8-K filed September 7, 1993)

(10)(l)Capital  Stock  Purchase Warrant dated September  14,
       1993  issued  to  Dundee Bancorp  International  Inc.
       pursuant to the Stock Purchase Agreement referred  to
       in  10(m).   (Incorporated by reference from  Exhibit
       4(a) of the Corporation's Current Report on Form  8-K
       filed September 7, 1993)

(10)(m)Registration  Rights  Agreement dated  September  14,
       1993  between  Zemex Corporation and  Dundee  Bancorp
       International  Inc.  (Incorporated by reference  from
       Exhibit  4(b) of the Corporation's Current Report  on
       Form 8-K filed September 7, 1993)

(10)(n)Asset  Purchase  Agreement dated  September  3,  1993
       between    U.S.   Silica   Company,   The    Feldspar
       Corporation  and  Zemex Corporation with  respect  to
       the    sale   of   the   Virginia   aplite   facility
       (Incorporated  by  reference from Exhibit  10(at)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1994)

(10)(o)Stock  Purchase  Agreement dated  November  15,  1993
       between  Americo  Malay  Mineral  Company  and  Zemex
       Corporation  with  respect to the sale  of  2,500,002
       common   shares   of  Perangsang  Pasifik   Senderian
       Berhad,  a  corporation organized and existing  under
       the   laws   of  the  Federal  Republic  of  Malaysia
       (Incorporated  by  reference from Exhibit  10(au)  of
       the  Corporation's Annual Report on Form  10-K  filed
       March 31, 1994)

(10)(p)Suzorite  Mica  Product  Inc.'s  Mining  Lease  dated
       August  25,  1975 between the Province of Quebec  and
       Marietta  Resources International Ltd.  (Incorporated
       by    reference   from   Exhibit   10(av)   of    the
       Corporation's Annual Report on Form 10-K filed  March
       31, 1994)

(10)(q)Employee   Stock   Purchase  Plan  (Incorporated   by
       reference  as  Exhibit A to the  Corporation's  Proxy
       Statement filed May 6, 1994)

(10)(r)Stockholders  Agreement dated  June  10,  1994  among
       Alumitech,  Inc.,  Clarion Capital  Corporation,  DCC
       Equities  Limited  and  Moshe  Dan  Yerushalmi,  John
       Hocevar  and  Terrance  Hogan and  Zemex  Corporation
       (Incorporated by reference as Exhibit 10(ax)  to  the
       Corporation's  Registration Statement  on  Form  S-1,
       Registration No. 33-82638, filed on August 22, 1994)

(10)(s)Asset  Purchase  Agreement  dated  December  7,  1994
       between  Whittaker,  Clark  &  Daniels,  Inc.,  Clark
       Minerals,  Inc., Cherokee Minerals, Inc. and  Pioneer
       Talc Company and Suzorite Mineral Products, Inc.  and
       Zemex  Corporation  (Incorporated by  reference  from
       Exhibit  10(u) of the Corporation's Annual Report  on
       Form 10-K filed March 30, 1995)

(13)   1996 Annual Report to Shareholders

(22)   Subsidiaries of the Registrant

(24)(a)Consent of Deloitte & Touche

The  Corporation will furnish copies of these  documents  to
requesting shareholders upon payment of $10.80 per document.





*   Management contract or compensatory plan or arrangement.
                         
                         
<PAGE 16>
                         
                         
                         SIGNATURES
                              

Pursuant to the requirements of Section 13 or 15(d)  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.

                                     ZEMEX CORPORATION



                            By:/s/RICHARD L. LISTER
                            ---------------------------------
Dated:   March  27, 1997          Richard  L. Lister
                                  President and Chief Executive Officer


Pursuant to the requirements of the Securities Exchange  Act
of  1934,  this  report  is signed below  by  the  following
persons  on  behalf of the registrant and in the  capacities
and on the date indicated:

Signature                       Title                      Date

/s/ PETER LAWSON-JOHNSTON       Chairman of the Board      March 27, 1997
Peter Lawson-Johnston           and Director



/s/ RICHARD L. LISTER           President and Chief 
Richard L. Lister               Executive                  March 27, 1997
                                Officer and Director
                               (Principal Executive 
                                Officer)


/s/ PAUL A. CARROLL             Director                   March 27,1997
Paul A. Carroll



/s/ MORTON A. COHEN             Director                   March 27,1997
Morton A. Cohen



/s/ JOHN M. DONOVAN             Director                   March 27,1997
John M. Donovan



/s/ THOMAS B. EVANS, JR.        Director                   March 27, 1997
Thomas B. Evans, Jr.
                           
                           
<PAGE 17>                           
                           
                           
                           Title



/s/ NED GOODMAN                 Director                    March 27, 1997
Ned Goodman



/s/ PATRICK H. O'NEILL          Director                    March 27, 1997
Patrick H. O'Neill



/s/ WILLIAM J. VANDEN HEUVEL    Director                    March 27, 1997
William J. vanden Heuvel



/s/ ALLEN J. PALMIERE           Vice President, 
Allen J. Palmiere               Chief Financial             March 27, 1997
                                Officer and 
                                Assistant Secretary
                                (Principal Financial and
                                Accounting Officer)
                      
                      
                      


                      
                      LIST OF EXHIBITS




Exhibit (4)(q) Amendment No. 1 dated as of March 12, 1997 to
               the  Loan and Security Agreement among  Zemex
               Corporation and The Feldspar Corporation  and
               NationsBank of Tennessee, N.A., and  Chemical
               Bank  and NationsBank of Tennessee, N.A.,  as
               Agent

Exhibit 13     1996 Annual Report to Shareholders
                              
                              
                         
                         
                         
                         
                         
                         
                         Exhibit 22
                              
               SUBSIDIARIES OF THE REGISTRANT
                              
                              
The  subsidiaries listed below are wholly-owned and all  are
consolidated in the financial statements.


                                  State or Country
       in Which
          Subsidiary Name    Incorporated or Organized

          Alumitech, Inc.             Delaware

          The Feldspar Corporation North Carolina

          Pyron Corporation           New York

          Pyron Metal Powders, Inc.   Delaware

          Suzorite Mica Products Inc.Ontario, Canada
                              
           Suzorite Mineral Products, Inc.Delaware

           Zemex Industrial Minerals, Inc.Delaware


                        Exhibit 24(a)
                              
              REPORT OF INDEPENDENT ACCOUNTANTS
                              
                              
                              
To the Shareholders and
Board of Directors of Zemex Corporation

       We have audited the consolidated financial statements of
Zemex  Corporation and its Subsidiaries as of  December  31,
1996 and for the year then ended, and have issued our report
thereon  dated January 31, 1997; such consolidated financial
statements  and  report are included  in  your  1996  Annual
Report  to  Shareholders  and  are  incorporated  herein  by
reference.    Our  audit  also  included  the   consolidated
financial statement schedule of Zemex Corporation, listed in
Item 14.  This consolidated financial statement schedule  is
the  responsibility  of the Corporation's  management.   Our
responsibility is to express an opinion based on our  audit.
In   our  opinion,  such  consolidated  financial  statement
schedule,   when  considered  in  relation  to   the   basic
consolidated financial statements taken as a whole, presents
fairly  in  all material respects the information set  forth
therein.




DELOITTE & TOUCHE


Toronto, Ontario
March  31, 1997



                      ZEMEX CORPORATION
                      And Subsidiaries
                              
           SCHEDULE IX - VALUATION AND QUALIFYING
                    ACCOUNTS AND RESERVES
                              
               For the Year Ended December 31,

Column A         Column    Column    Column   Column    Column
                      B         C         D        E         F
                                                              
                          Additio                             
                Balance        ns                      Balance
                     at   Charged     Other             At End
Description     Beginni        to   Additio  Deducti        of
                     ng     Costs        ns      ons    Period
                     of       and
                 Period   Expense
                                s
1996                                                          
Reserves                                                      
   Other        $605,00   $100,00         _  $106,00   $599,00
                      0         0                  0         0
Allowance for                                                 
                                     $5,000                   
Uncollectable   386,000   148,000             87,000   452,000
Accounts
1995                                                          
Reserves                                                      
   Other        $549,00   $154,00         _        $   $605,00
                      0         0             98,000         0
Allowance for                                                 
                                     $2,000                   
Uncollectable   414,000    77,000            107,000   386,000
Accounts
1994                                                          
Reserves                                                      
Employee              _         _         _        $         _
Severance             $   $255,00         _   80,000   $549,00
   Other         80,000         0            188,000         0
                482,000                                       
Allowance for                             _                   
                           85,000             42,000   414,000
Uncollectable   371,000                                       
Accounts
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                             S-1