CONFORMED
                                
                                
                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                      Washington D.C. 20549
                            FORM 10-Q
                                
                        QUARTERLY REPORT
                 PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934
                                
        For the quarterly period ended September 30, 1996
                  Commission file number 1-228
                                
                                
                        ZEMEX CORPORATION
     (Exact name of registrant as specified in its charter)
                                
                                
     DELAWARE                                     13-5496920
(State or other jurisdiction         (I.R.S. Employer Identification Number)
of incorporation or organization)


                  Canada Trust Tower, BCE Place
                   161 Bay Street, Suite 3750
                Toronto, Ontario, Canada, M5J 2S1
            (Address of principal executive offices)
                                
                         (416) 365-8080
      (Registrant's telephone number, including area code)
                                
                                
                                
                                
   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.
                         
                         YES     NO
                         X


As of November 11, 1996, there was 8,098,864 shares of capital
stock outstanding.
                        
<Page 2>
                        
                        ZEMEX CORPORATION
                   CONSOLIDATED BALANCE SHEETS


                                      September 30, 1996  December 31, 1995
                                             (unaudited)

ASSETS
Current assets
Cash and cash equivalents                 $    1,490,000       $  1,653,000
Accounts receivable                           15,696,000         13,165,000
Inventories                                   20,091,000         20,176,000
Prepaid expenses                               1,368,000            841,000

Total current assets                          38,645,000         35,835,000

Property, plant and equipment                 58,869,000         50,271,000
Other assets                                  10,498,000         10,575,000

Total assets                                $108,012,000        $96,681,000

LIABILITIES
Current liabilities
Bank indebtedness                         $    6,274,000       $  3,220,000
Accounts payable and accrued liabilities      10,861,000         10,259,000
Accrued income taxes                             528,000            269,000
Current portion of long term debt              1,828,000          2,378,000

Total current liabilities                     19,491,000         16,126,000

Long term debt                                16,492,000          7,485,000
Other non-current liabilities                    647,000            605,000
Deferred income taxes                          1,502,000          1,565,000
Total liabilities                             38,132,000         25,781,000

SHAREHOLDERS' EQUITY
Common stock                                   8,860,000          8,785,000
Paid-in capital                               50,836,000         50,436,000
Retained earnings                             20,287,000         18,683,000
Note receivable from shareholder              (1,749,000)        (1,749,000)
Cumulative translation adjustment             (1,239,000)        (1,218,000)
Treasury stock at cost                        (7,115,000)        (4,037,000)

Total shareholders' equity                    69,880,000         70,900,000

Total liabilities and shareholders' equity  $108,012,000        $96,681,000


<Page 3>
                        ZEMEX CORPORATION
                CONSOLIDATED STATEMENTS OF INCOME
                                

                    3 Months Ended September 30,  9 Months Ended September 30,
                                1996        1995           1996          1995
                                             (unaudited)


Net sales                $21,601,000 $21,748,000    $65,362,000   $64,292,000

Costs and expenses
Cost of goods sold        16,250,000  16,183,000     49,228,000    48,319,000
Selling, general and 
   administrative          2,746,000   2,719,000      7,886,000     6,861,000
Depreciation, depletion 
   and amortization        1,161,000   1,024,000      3,370,000     2,702,000

                          20,157,000  19,926,000     60,484,000    57,882,000

Operating income before
reorganizations costs      1,444,000   1,822,000      4,878,000     6,410,000
Reorganization costs                                  1,752,000

Operating income           1,444,000   1,822,000      3,126,000     6,410,000

Interest expense, net        239,000     137,000        639,000       290,000
Other, net                    (6,000)     78,000        (14,000)       33,000

                             233,000     215,000        625,000       323,000

Income before provision
for income taxes           1,211,000   1,607,000      2,501,000     6,087,000
Provision for income taxes   432,000      45,000        897,000       823,000


Net income              $    779,000 $ 1,562,000    $ 1,604,000   $ 5,264,000


Net income per share           $0.10       $0.18          $0.20         $0.67


Average common shares 
   outstanding             7,860,429    8,460,576     7,966,422     7,886,071


<Page 4>

                        ZEMEX CORPORATION
          CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
             FOR THE NINE MONTHS ENDED SEPTEMBER 30,


                                                     1996           1995
                                             (unaudited)


Retained earnings, beginning of period        $18,683,000     $11,668,000
Net income for the period                       1,604,000       5,264,000

RETAINED EARNINGS, END OF PERIOD              $20,287,000     $16,932,000


<Page 5>


                        ZEMEX CORPORATION
              CONSOLIDATED STATEMENTS OF CASH FLOWS
             FOR THE NINE MONTHS ENDED SEPTEMBER 30,

                                                          1996           1995

CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                                    $  1,604,000  $   5,264,000
    Adjustments to reconcile net income to 
       net cash flows
     Depreciation, depletion and amortization        3,370,000      2,702,000
     Decrease in deferred income taxes                 (63,000)       (67,000)
     Share of net income of investees                    _            (87,000)
     Increase  in other assets excluding assets 
        held  for  sale                                105,000              _
     Increase in non-current liabilities                42,000         40,000
      Changes  in  non-cash  working capital items  (2,111,000)    (3,628,000)
      Employer's  portion of employee stock 
      purchase  plan                                         _        177,000

Net cash provided by operating activities            2,947,000      4,401,000

CASH FLOWS FROM INVESTING ACTIVITIES
    Additions  to  property,  plant and equipment  (11,953,000)   (15,528,000)
    Disposals of property, plant and equipment               _          2,000
    Proceeds from sale of assets                             _        134,000
    Cash acquired in acquisition                             _        688,000
    Insurance recovery                                       _        450,000
    Additions to other assets                                _     (1,232,000)

Net cash used in investing activities              (11,953,000)   (15,486,000)

CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from long term debt                     8,456,000      1,223,000
     Proceeds  (payments),  net, on bank  
        indebtedness                                 3,054,000       (180,000)
    Issuance of common stock                           598,000      4,460,000
    Purchased of common stock for treasury          (3,076,000)             _
    Purchase of options                                (98,000)             _
    Tax payments for exercised stock options                 _         22,000
    Withholding tax on employee stock purchase plan    (35,000)             _

Net cash provided by financing activities            8,899,000      5,525,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH                (56,000)        38,000

NET DECREASE IN CASH                                  (163,000)    (5,522,000)
CASH  AND  CASH  EQUIVALENTS AT BEGINNING OF  PERIOD 1,653,000      8,343,000

CASH AND CASH EQUIVALENTS AT END OF PERIOD         $ 1,490,000    $ 2,821,000


<Page 6>


Notes to the Consolidated Financial Statements

The  consolidated financial statements include  the  accounts  of
Zemex   Corporation  and  its  wholly  owned  subsidiaries   (the
"Corporation").  The financial data for the  three  months  ended
September  30, 1996 and 1995 and the nine months ended  September
30,  1996  and  1995  are unaudited but, in the  opinion  of  the
management   of   the  Corporation,  reflect   all   adjustments,
consisting  only  of  normal  recurring  adjustments,  considered
necessary  for  a  fair  presentation of financial  position  and
results  of  operations.  All material intercompany  transactions
have been eliminated.

1.    The  Corporation recognized reorganization  costs  of  $1.8
million  in  the  first quarter of 1996 in  connection  with  the
writedown  of  its inventory in Brazil and the reorganization  of
its industrial minerals segment.

2.    Effective  February 15, 1995, the operations of  Alumitech,
Inc.  ("Alumitech") were consolidated with the  accounts  of  the
Corporation.   Prior  to  February 15,  1995,  the  Corporation's
investment in Alumitech was accounted for under the equity method
and contributed $87,000 in equity income.

3.    On  May 15, 1995, the Corporation, through its wholly owned
subsidiary, Suzorite Mineral Products, Inc., purchased the  fixed
assets   and   inventory  of  Benwood  Limestone  Company,   Inc.
("Benwood") for approximately $3.5 million.


<Page 7>


Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations

The  following  is  a discussion and analysis  of  the  financial
condition  and results of operations of the Corporation  for  the
three months ended September 30, 1996 and September 30, 1995, and
for  the  nine months ended September 30, 1996 and September  30,
1995,  and  certain  factors that may  affect  the  Corporation's
prospective  financial condition and results of operations.   The
following  should  be read in conjunction with  the  Consolidated
Financial Statements and related notes thereto included elsewhere
herein.

Results of Operations

Three  Months  Ended September 30, 1996 Compared to Three  Months
Ended September 30, 1995

Net Sales

The  Corporation's net sales for the three months ended September
30, 1996 were $21.6 million, a decrease of $0.1 million, or 0.7%,
from the comparable period in 1995.

Net  sales in the industrial minerals segment for the three month
period  ended September 30, 1996 increased to $10.5  million,  an
increase  of $0.8 million, or 8.2%, compared to the 1995  period.
The increase was due mainly to increased sales of sodium feldspar
and  phlogopite mica and the incremental sales associated with  a
new low iron sand product.

Net  sales  in  the metal products segment for the  three  months
ended  September 30, 1996 were $11.1 million, a decrease of  7.8%
from  the  comparable period in 1995.  The $0.9 million  decrease
was  primarily  due  to  both a decline  in  the  aluminum  price
realized of approximately $0.15 per pound in 1996 as compared  to
1995  and  a  significant decline in the price  of  copper  which
impacted   the  revenues  of  the  copper  powder  operation   in
Tennessee.

Cost of Goods Sold

Cost  of goods sold for the three months ended September 30, 1996
was $16.3 million, an increase of $0.1 million, or 0.4%, from the
comparable period in 1995.  As a percentage of net sales, cost of
goods  sold  increased  to  75.2%  for  the  three  months  ended
September 30, 1996 from 74.4% for the same period in 1995.

Selling, General and Administrative Expense

Selling, general, and administrative expense ("SG&A expense") for
the  three months ended September 30, 1996 increased by  $27,000,
virtually unchanged from the comparable period of 1995.

Depreciation, Depletion and Amortization

Depreciation,  depletion and amortization for  the  three  months
ended  September 30, 1996 was $1.2 million, an increase of  13.4%
over  the comparable period in 1995.  The increase was due to  an
increase in assets during the last quarter of 1995 and the  first
nine  months  of 1996, namely those purchased in connection  with
the  expansion  and  modernization of  the  Corporation's  sodium
feldspar facility in Spruce Pine, North Carolina.


<Page 8>


Operating Income

Operating  income for the three month period ended September  30,
1996  was  $1.4 million, a decrease of $0.4 million,  or   20.7%,
from the comparable period in 1995.  The decrease was due in part
to the reasons discussed above.

Interest Expense, Net

Interest  expense for the three months ended September  30,  1996
was $0.2 million, an increase of $0.1 million from the comparable
period  in  1995, as the result of an $11.5 million  increase  in
total bank indebtedness.

Provision for Income Taxes

The Corporation's provision for income taxes for the three months
ended  September 30, 1996 increased to $0.4 million from  $45,000
in  the comparable period in 1995.  The increase is partially due
to  an  increase in the provision for foreign taxes and partially
due  to  the Corporation's tax loss carryforwards.  In 1995,  the
Corporation  had  sufficient loss carryforwards  to  shelter  its
income  and, therefore, the amount included in income  taxes  was
for   foreign   taxes   only.   As  most  of  the   Corporation's
unrestricted loss carryforwards have been utilized, the effective
income tax rate going forward is 35%.

Net Income

As  a  result of the factors discussed above, net income for  the
three  months  ended  September 30,  1996  was  $0.8  million,  a
decrease of 50.1% from the comparable period in 1995.

Nine  Months  Ended September 30, 1996 Compared  to  Nine  Months
Ended September 30, 1995

Net Sales

The  Corporation's net sales for the nine months ended  September
30,  1996  were  $65.4 million, an increase of $1.1  million,  or
1.7%, from the comparable period in 1995.

Net sales in the industrial minerals segment for the period ended
September  30,  1996  were $30.6 million,  an  increase  of  $2.6
million,  or  9.1%, compared to the 1995 period.  The  favourable
change was due to increased sales of sodium feldspar and mica and
the additional sales associated with a new low iron sand product.

Net sales in the metal products segment for the nine months ended
September  30,  1996  were  $34.7 million,  a  decrease  of  $1.5
million, or 4.1%, from the comparable period in 1995.  The reason
for  the  decrease  is twofold:  lower revenue  from  the  copper
powder group and decreased sales of atomized ferrous powders.  In
the case of copper powders, the dramatic decline in copper prices
has resulted in lower revenue since the product is priced off  of
the  COMEX spot price.  In the case of atomized ferrous products,
recent  plant  expansions  by  competitors  have  resulted  in  a
significant  level  of excess capacity in  the  industry.   As  a
result, the market has become very price competitive.

Cost of Goods Sold

Cost  of goods sold for the nine months ended September 30,  1996
was $49.2 million, an increase of $0.9 million, or 1.9%, from the
comparable  period in 1995.  As a percent of net sales,  cost  of
goods  sold  increased marginally to 75.3% for  the  nine  months
ended September 30, 1996 from 75.2% for the same period in 1995.


<Page 9>


Selling, General and Administrative Expense

SG&A  expense  for  the  nine months  ended  September  30,  1996
increased  by  $1.0 million, or 14.9%, from the  comparable  1995
period to $7.9 million.  Of the increase, $0.6 million was due to
operations  acquired  subsequent  to  the  1995  period.   As   a
percentage of net sales, SG&A expense increased from 10.7% in the
1995 period to 12.1% in the 1996 period,.

Depreciation, Depletion and Amortization

Depreciation,  depletion and amortization  for  the  nine  months
ended  September 30, 1996 was $3.4 million, an increase of  24.7%
over  the  comparable period in 1995.  The increase  was  due  to
assets  acquired during the last quarter of 1995  and  the  first
nine  months of 1996, specifically those purchased in  connection
with  the expansion of the Corporation's sodium feldspar facility
in Spruce Pine, North Carolina.

Operating Income

Operating  income for the nine month period ended  September  30,
1996 was $3.1 million, a decrease of $3.3 million, or 51.2%, from
the  comparable  period in 1995.  The decrease  was  due  to  the
reasons  discussed  above and to the $1.8 million  reorganization
provision taken during the first quarter of 1996 (see Note  1  to
the Consolidated Financial Statements).

Interest Expense, Net

Interest expense for the nine months ended September 30, 1996 was
$0.6  million, up from $0.3 million for the comparable period  in
1995  as  the  result of a $4.5 million increase  in  total  bank
indebtedness.

Provision for Income Taxes

The  Corporation's provision for income taxes for the nine months
ended  September  30, 1996 increased to $0.9  million  from  $0.8
million  in  the  comparable period  in  1995.  The  increase  is
partially  due to an increase in the provision for foreign  taxes
and   partially   related   to   the   Corporation's   tax   loss
carryforwards.   In  1995, the Corporation  had  sufficient  loss
carryforwards  to shelter its income and, therefore,  the  amount
included in income taxes was for foreign taxes only.  As most  of
the  Corporation's  unrestricted  loss  carryforwards  have  been
utilized, the effective income tax rate going forward is 35%.

Net Income

As  a  result of the factors discussed above, net income for  the
nine months ended September 30, 1996 was $1.6 million, a decrease
of 69.5% from the comparable period in 1995.


<Page 10>


Liquidity and Capital Resources

Cash Flow from Operations

During first nine months of 1996, the Corporation generated  cash
flow  from operations of $2.9 million as compared to $4.4 million
for the first nine months of 1995.  The decrease of  $1.5 million
is  primarily  due to lower net income in the  1996  period.   In
1996,  non-cash  working capital items used $2.1 million  of  the
cash  otherwise  generated from operations as  compared  to  $3.6
million  for  the corresponding period of 1995, as  a  result  of
increases in accounts receivable and inventories.

The Corporation had $19.2 million of working capital at September
30, 1996, compared to $19.7 million at December 31, 1995.

It is the opinion of management that there are sufficient sources
of funds available to meet its anticipated cash requirements.

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

Dated this 13th day of November, 1996.


                              ZEMEX CORPORATION
                              (Registrant)



                             By: /s/Allen J. Palmiere
                             ______________________________________________
                                 Allen J. Palmiere
                                 Vice President and Chief Financial Officer