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 June 30, 1997
                  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           Capital 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  X   NO   


As of August 1, 1997, there were 8,304,252 shares of capital
stock outstanding.
                 
<Page 2>

                 Part I - FINANCIAL INFORMATION

Item 1 - Financial Statements
                        ZEMEX CORPORATION
                   CONSOLIDATED BALANCE SHEETS

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                                June 30, 1997    December 31, 1996
-----------------------------------------------------------------------------
ASSETS                            (unaudited)
Current Assets
Cash and cash equivalents     $     2,439,000        $   2,279,000
Accounts receivable                15,570,000           15,003,000
Inventories                        17,291,000           18,171,000
Prepaid expenses                    1,138,000            1,388,000
Deferred income taxes               1,025,000            1,013,000
-----------------------------------------------------------------------------
                                   37,463,000           37,854,000
-----------------------------------------------------------------------------
Property, Plant and Equipment      65,417,000           62,084,000
Other Assets                        9,249,000            9,438,000
-----------------------------------------------------------------------------
Total Assets                     $112,129,000         $109,376,000
---------------------------------------------------------------------------
LIABILITIES
Current Liabilities
Bank indebtedness              $    3,000,000         $  6,590,000
Accounts payable                    6,525,000            7,091,000
Accrued liabilities                 4,531,000            2,983,000
Accrued income taxes                  598,000              301,000
Current portion of long term debt   1,810,000            2,201,000
-----------------------------------------------------------------------------
                                   16,464,000           19,166,000

Long Term Debt                     21,133,000           17,797,000
Other Non-Current Liabilities         785,000              599,000
Deferred Income Taxes                 750,000              817,000
-----------------------------------------------------------------------------
                                   39,132,000           38,379,000
-----------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Common stock                        8,995,000            8,950,000
Paid-in capital                    51,416,000           51,304,000
Retained earnings                  21,966,000           20,040,000
Note receivable from shareholder   (1,749,000)          (1,749,000)
Cumulative translation adjustment  (1,151,000)          (1,175,000)
Treasury stock at cost             (6,480,000)          (6,373,000)
----------------------------------------------------------------------------
                                   72,997,000           70,997,000
----------------------------------------------------------------------------
Total Liabilities and
Shareholders' Equity             $112,129,000         $109,376,000
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<Page 3>

                        ZEMEX CORPORATION
                CONSOLIDATED STATEMENTS OF INCOME
                                
----------------------------------------------------------------------------
                       Three Months Ended June 30    Six Months Ended June 30
                                 1997        1996           1997         1996
----------------------------------------------------------------------------
                                        (unaudited)
NET SALES                 $25,199,000  $21,356,000   $48,899,000  $43,761,000
----------------------------------------------------------------------------
COSTS AND EXPENSES
Cost of goods sold         18,161,000   15,960,000    35,648,000   32,978,000
Selling, general and 
   administrative           3,380,000    2,732,000     6,381,000    5,140,000
Depreciation, depletion 
   and amortization         1,403,000    1,152,000     2,850,000    2,209,000
-----------------------------------------------------------------------------
                           22,944,000   19,844,000    44,879,000   40,327,000
-----------------------------------------------------------------------------
OPERATING INCOME BEFORE
REORGANIZATION COSTS        2,255,000    1,512,000     4,020,000    3,434,000
Reorganization costs                _            _             _    1,752,000
-----------------------------------------------------------------------------
OPERATING INCOME            2,255,000    1,512,000     4,020,000    1,682,000
-----------------------------------------------------------------------------
Interest expense, net         562,000      206,000     1,009,000      400,000
Other, net                     39,000       26,000        24,000       (8,000)
-----------------------------------------------------------------------------
                              601,000      232,000     1,033,000      392,000
-----------------------------------------------------------------------------
INCOME BEFORE PROVISION
FOR INCOME TAXES            1,654,000    1,280,000     2,987,000    1,290,000
Provision for income taxes    590,000      461,000     1,061,000      465,000
-----------------------------------------------------------------------------
NET INCOME                $ 1,064,000  $   819,000    $1,926,000  $   825,000
-----------------------------------------------------------------------------
NET INCOME PER SHARE            $0.13        $0.10         $0.24        $0.10
-----------------------------------------------------------------------------
AVERAGE COMMON SHARES
AND COMMON SHARE
EQUIVALENTS OUTSTANDING     8,063,034    7,997,064     8,038,448    8,107,326
-----------------------------------------------------------------------------

<Page 4>                        
                        
                       ZEMEX CORPORATION
              CONSOLIDATED STATEMENT OF CASH FLOWS
                FOR THE SIX MONTHS ENDED JUNE 30,
                                
-----------------------------------------------------------------------------
                                                            1997         1996
-----------------------------------------------------------------------------
                                                              (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                                          $ 1,926,000  $   825,000
  Adjustments to reconcile net income to net cash flows
  Depreciation, depletion and amortization             2,850,000    2,209,000
  Amortization of deferred financing costs                65,000            _
  (Decrease) increase in deferred income taxes           (80,000)      50,000
  Increase in other assets                               (59,000)    (168,000)
  Increase in other non-current liabilities              186,000       34,000
  Changes  in  non-cash  working capital items         1,843,000   (2,519,000)
  Gain on sale of property, plant and equipment          (70,000)           _
-----------------------------------------------------------------------------
Net cash provided by operating activities              6,661,000      431,000
-----------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
  Additions  to  property, plant and equipment        (6,081,000)  (6,724,000)
  Proceeds from sale of assets                           151,000            _
-----------------------------------------------------------------------------
Net cash used in investing activities                 (5,930,000)  (6,724,000)
-----------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
  Net increase in long term debt                       2,945,000    6,330,000
  Net (decrease) increase in bank indebtedness        (3,589,000)   2,230,000
  Issuance of common stock                               323,000      314,000
  Purchase of common stock                              (274,000)  (3,011,000)
-----------------------------------------------------------------------------
Net cash (used in) provided by financing activities     (595,000)   5,863,000
-----------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH                   24,000       (7,000)
-----------------------------------------------------------------------------

NET INCREASE (DECREASE) IN CASH                          160,000     (437,000)

CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD                                 2,279,000    1,653,000
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CASH AND CASH EQUIVALENTS AT END OF PERIOD            $2,439,000   $1,216,000
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<Page 5>
        
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
June 30, 1997 and 1996 and for the six months ended June 30, 1997
and  1996 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.

During  the  first  quarter of 1996, the  Corporation  recognized
reorganization  costs  of $1.8 million  in  connection  with  the
reorganization of its industrial minerals division, a  write-down
to  market of inventory held in Brazil and the recognition  of  a
provision  for  anticipated  costs associated  with  storing  and
selling  the material.  The Brazilian enterprise was unsuccessful
primarily  due to rapidly deteriorating market prices which  made
market penetration extremely difficult.


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

The  following  is  a discussion and analysis  of  the  financial
condition  and results of operations of the Corporation  for  the
three months ended June 30, 1997 and the three months ended  June
30,  1996, and for the six months ended June 30, 1997 and the six
months  ended June 30, 1996, 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.

Results of Operations

Three  Months Ended June 30, 1997 Compared to Three Months  Ended
June 30, 1996

Net Sales

The  Corporation's net sales for the three months ended June  30,
1997  were $25.2 million compared to $21.4 million for the three
months ended June 30, 1996, reflecting an 11.3% increase in sales
of industrial minerals and a 24.2% increase in the sales of metal
products.

Net  sales in the industrial minerals segment for the three month
period  ended  June 30, 1997 increased by $1.2 million  to  $11.4
million  from $10.3 million in the corresponding period of  1996.
The  growth is a result of increased sales of feldspar, talc  and
mica netted against a decrease in sales of low iron sand.

Net  sales of the Corporation's metal products were $13.8 million
for  the  three months ended June 30, 1997, an increase  of  $2.7
million from the comparable period in 1996.  The increase was due
primarily to an increase in the price of aluminum and to an
increase  in  sales of atomized products, partially offset  by  a
decrease in sales of sponge iron products.

Cost of Goods Sold

Cost  of goods sold for the three months ended June 30, 1997  was
$18.2  million, compared to $16.0 million for the second  quarter
of  1996.   As a percentage of net sales, gross margin  increased


<Page 6>

from  25.3% in 1996 to 27.9% for the three months ended June  30,
1997,  reflecting improved cost efficiencies and an  increase  in
the price of aluminum.

Selling, General and Administrative Expense

Selling,  general, and administrative ("SG&A")  expense  for  the
three  months  ended June 30, 1997 increased  by  23.7%  to  $3.4
million  from  $2.7 million in the like period  of  1996.   As  a
percentage of net sales, SG&A expense increased to 13.4%  in  the
second  quarter  of 1997 from 12.8% in the same period  in  1996.
The increase is attributable primarily to increased staffing.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization ("DD&A") for  the  three
months ended June 30, 1997 was $1.4 million, an increase of  $0.2
million,  or 21.8%, over the corresponding period in 1996.   This
increase  is  primarily  due to the depreciation  of  the  recent
capital   expenditures  at  the  Corporation's  sodium   feldspar
facility  in  Spruce Pine, North Carolina which, prior  to  1996,
were being capitalized.

Operating Income

Operating income for the three month period ended June  30,  1997
was $2.3 million, an increase of $0.8 million, or 49.2%, from the
comparable  period in 1996.  The increase was due to the  reasons
discussed above.

Interest Expense, Net

Interest  expense for the three months ended June  30,  1997  was
$0.6  million,  up from $0.2 million for the three  months  ended
June  30, 1996 as the result of a $7.9 million increase  in  long
term  debt  partially offset by a $2.4 million decrease  in  bank
indebtedness.    The  increase  is  also  attributable   to   the
completion of the Spruce Pine expansion and the interest  expense
related thereto.  Prior to 1997 during the period of construction
interest expense was being capitalized.

Provision for Income Taxes

The Corporation's provision for income taxes for the three months
ended  June 30, 1997 increased to $0.6 million from $0.5  million
in  the second quarter of 1996 due to a 29.2% increase in pre-tax
income.

Net Income

As  a  result of the factors discussed above, net income for  the
three months ended June 30, 1997 was $1.1 million, an increase of
$0.3 million, or 30.0%, from the comparable period in 1996.


Six  Months Ended June 30, 1997 Compared to Six Months Ended June
30, 1996

Net Sales

The  Corporation's net sales for the six months  ended  June  30,
1997  were $48.9 million, an increase of $5.1 million, or  11.7%,
from  1996.   The increase is due to an 11.2% volume increase  in
sales  of  industrial  minerals, an  increase  in  the  price  of
aluminum,  and  a  16.9% increase in the sales  volume  of  metal
products.


<Page 7>

Net  sales  in the industrial minerals segment for the six  month
period  ended June 30, 1997 increased by $2.0 million,  or  9.8%,
compared to the 1996 period.  The increase is due to higher sales
volume of feldspar and talc, offset in part by decreased sales of
low iron sand.

Net  sales in the metal products segment for the six months ended
June 30, 1997 were $26.7 million, an increase of $3.1 million, or
13.4%,  from the comparable period in 1996.  Sales increased  due
to a recovery in aluminum prices and increased throughput.

Cost of Goods Sold

Cost  of  goods sold for the six months ended June 30,  1997  was
$35.6  million,  an increase of $2.6 million, or 8.1%,  from  the
comparable  period  in 1996.  As a percent of  net  sales,  gross
margin increased to 27.1% for the six months ended June 30,  1997
from  24.6%  for  the  same  period in  1996.   The  increase  is
primarily  due  to  improved operating  efficiencies  and  higher
aluminum prices.

Selling, General and Administrative Expense

SG&A expense for the six months ended June 30, 1997 increased  to
$6.4  million  from  $5.1 million in 1996, an  increase  of  $1.3
million,  or  24.1%.  As a percentage of net sales, SG&A  expense
increased  from  11.7% in the 1996 period to 13.0%  in  the  1997
period,  reflecting an increase in staffing and the  purchase  of
certain of the assets and liabilities of a small manufacturer  of
heat containment systems utilizing ceramic fiber.

Depreciation, Depletion and Amortization

DD&A for the six months ended June  30, 1997 was $2.8 million, an
increase of $0.6 million,  or 29.0%,  over  the  comparable period
in 1996.   The  increase  is attributable  to  the  depreciation
expense associated  with  the Spruce  Pine  expansion;  prior to
1997,  the  project  was  not complete and therefore was not being
depreciated.

Operating Income

Operating income for the six month period ended June 30, 1997 was
$4.0  million, an increase of $2.3 million, or 139.0%,  from  the
comparable  period in 1996.  In the first quarter  of  1996,  the
Corporation  recognized a $1.8 million charge in connection  with
the  reorganization of its industrial minerals segment, a  write-
down to market of its Brazilian inventory, and the recognition of
a  provision for storage costs and selling expenses in connection
thereto.

Interest Expense, Net

Interest expense for the six months ended June 30, 1997 was  $1.0
million, up from $0.4 million for the comparable period  in  1996
as  the  result of an increase in long term debt, slightly higher
interest  rates and the completion of the Spruce Pine  expansion.
Interest  expense  related  thereto was  capitalized  during  the
construction period.


<Page 8>

Provision for Income Taxes

The  Corporation's provision for income taxes for the six  months
ended  June 30, 1997 increased to $1.1 million from $0.5  million
in  the  comparable period in 1996. The increase is due to higher
pre-tax income in the first six months of 1997.

Net Income

As  a  result of the factors discussed above, net income for  the
six  months ended June 30, 1997 was $1.9 million, an increase  of
$1.1 million, or 133.5%, from the comparable period in 1996.

Liquidity and Capital Resources

Cash Flow from Operations

During  first half of 1997, the Corporation generated  cash  flow
from  operations of $6.7 million as compared to $0.4 million  for
the  first  six months of 1996.  The increase of $6.3 million  is
primarily due to higher net income in the 1997 period.  In  1997,
non-cash working capital items generated $1.8 million of the cash
otherwise generated from operations as compared to a use of  $2.5
million  for  the corresponding period of 1996 as a result  of  a
decrease in inventories and an increase in accrued liabilities.

The  Corporation had $21.0 million of working capital at June 30,
1997, compared to $18.7 million at December 31, 1996.

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


PART II - OTHER INFORMATION

Item 4 - Submission of Matters To A Vote of Security Holders

At  the Corporation's 1997 Annual Meeting of Shareholders held on
May  12,  1997,  the  following  actions  were  taken  and  votes
tabulated:

1.  Nine directors were elected for the ensuing year.

     Name                       Votes For          Votes Withheld
     ---------------            ---------          --------------
     Paul A. Carroll            7,322,028              10,954
     Morton A. Cohen            7,322,028              10,954
     John M. Donovan            7,322,028              10,954
     Thomas B.Evans, Jr.        7,322,028              10,954
     Ned Goodman                7,322,027              10,955
     Peter Lawson-Johnston      7,322,026              10,956
     Richard L. Lister          7,322,027              10,955
     Patrick H. O'Neill         7,322,026              10,956
     William J. vanden Heuvel   7,322,028              10,954


<Page 9>

2.           The  appointment of Deloitte & Touche as independent
auditors  of the accounts of the Corporation and its subsidiaries
for the fiscal year ending December 31, 1997 was ratified.

                                             Abstentions
    Votes For         Votes Against       (Including Broker
                                              Non-Votes)
    ---------         -------------       -----------------

    7,301,833             19,896                11,253


3.      The  proposal to increase the number of authorized shares
available to be purchased pursuant to the Corporation's  Employee
Stock  Purchase  Plan from 250,000 shares to 500,000  shares  was
approved.

                                             Abstentions
    Votes For         Votes Against       (Including Broker
                                              Non-Votes)
    ---------         -------------       -----------------
                                                   
    7,164,579            157,585                10,818


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 14th day of August, 1997.



                              ZEMEX CORPORATION
                              (Registrant)


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