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, 1995
                  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

Indicate the number of shares of each of the issuer's classes  of
common stock, as of the latest practicable date.

8,551,590 shares of capital stock outstanding as of November 8,
1995.
                 Part I - FINANCIAL INFORMATION

Item 1 - Financial Statements
                                
                        ZEMEX CORPORATION
                   CONSOLIDATED BALANCE SHEETS


                           September 30, 1995December 31, 1994
                                  (unaudited)

ASSETS
Current Assets
Cash and Cash Equivalents          $2,821,000     $8,343,000
Accounts Receivable                13,925,000     10,678,000
Inventories                        17,692,000     16,490,000
Prepaid Expenses                    1,071,000        660,000

Total Current Assets               35,509,000     36,171,000

Investments                                 _      2,286,000
Property, Plant and Equipment      47,410,000     29,020,000
Other Assets                       10,157,000      3,387,000

Total Assets                      $93,076,000    $70,864,000

LIABILITIES
Current Liabilities
Bank Indebtedness            $              _    $   180,000
Accounts Payable 
  and Accrued Liabilities           9,698,000      8,474,000
Accrued Income Taxes                  792,000        397,000
Current Portion of Long Term Debt   2,710,000      1,074,000
Deferred Revenue                      277,000              _

Total Current Liabilities          13,477,000     10,125,000

Long Term Debt                      7,499,000      5,461,000
Other Non-Current Liabilities         588,000        549,000
Deferred Income Taxes                 610,000        677,000

Total Liabilities                  22,174,000     16,812,000

SHAREHOLDERS' EQUITY
Common Stock                        8,494,000      7,168,000
Paid-In Capital                    48,202,000     38,291,000
Retained Earnings                  16,932,000     11,668,000
Note Receivable from Shareholder  (1,749,000)    (1,749,000)
Cumulative Translation Adjustment   (977,000)    (1,326,000)

Total Shareholders' Equity         70,902,000     54,052,000

Total Liabilities 
  and Shareholders' Equity        $93,076,000    $70,864,000
                        
                        
                        ZEMEX CORPORATION
                CONSOLIDATED STATEMENT OF INCOME
                                

                 3 Months Ended September 30,9 Months Ended September 30,
                               1995      1994        1995      1994

                                        (unaudited)
NET SALES               $21,748,000$13,333,000$64,292,000$39,120,000

COSTS AND EXPENSES
Cost of Goods Sold       16,183,000 9,587,000  48,319,00028,610,000
Selling, General
  and Administrative      2,719,000 1,477,000   6,861,000 4,516,000
Depreciation, Depletion
  and Amortization        1,024,000   633,000   2,702,000 1,867,000

                         19,926,00011,697,000  57,882,00034,993,000


OPERATING INCOME          1,822,000 1,636,000   6,410,000 4,127,000

Interest Expense, net       137,000   129,000     290,000  457,000
Other, net                   78,000    (8,000)     33,000 (163,000)

                            215,000   121,000     323,000  294,000

INCOME  BEFORE
PROVISION FOR INCOME TAXES1,607,000 1,515,000   6,087,000 3,833,000
Provision for Income Taxes   45,000   201,000     823,000   627,000

NET INCOME               $1,562,000$1,314,000  $5,264,000$3,206,000


NET INCOME PER SHARE          $0.18     $0.24       $0.67     $0.67




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


                                             1995      1994

                                           (unaudited)

Retained Earnings, Beginning of Period$11,668,000$  6,738,000
Net Income for the Period               5,264,000 3,206,000

                                       16,932,000 9,944,000

Dividends Declared                              _         _

RETAINED EARNINGS, END OF PERIOD      $16,932,000$9,944,000

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

                                              1995      1994

CASH FLOWS FROM OPERATING ACTIVITIES
 Net Income                             $5,264,000$3,206,000
 Adjustments to reconcile income to net cash flows from operating
 Depreciation, depletion 
   and amortization                      2,702,000 1,867,000
 Increase (decrease) in deferred 
   income taxes                            (67,000)  152,000
 Share of net income of investees          (87,000) (114,000)
 Increase (decrease) in 
   non-current liabilities                  40,000   184,000
 Changes in non-cash working 
   capital items                        (3,628,000)(3,744,000)
 Employer's portion of employee 
    stock purchase  plan                   177,000       _
 Gain on sale of property, plant 
    and  equipment                            _       (74,000)
 Increase in other assets including excluding assets
   held for sale                              _       (74,000)

Net cash provided by operating activities4,401,000  1,403,000

CASH FLOWS FROM INVESTING ACTIVITIES
  Additions  to  property, plant 
    and equipment                      (15,528,000)(1,861,000)
 Disposals of property, plant and equipment  2,000         _
 Retirement of property, plant and equipment     _    78,000
 Proceeds from sale of asset               134,000
 Cash acquired in acquisition              688,000
 Insurance recovery                        450,000         _
 Additions to other assets             (1,232,000)
 Investments                                     _(2,019,000)
 Greenback net asset purchase                    _ (559,000)

Net  cash  provided by (used in) 
  investing activities                 (15,486,000)(4,361,000)

CASH FLOWS FROM FINANCING ACTIVITIES
 Net increase in long term debt          1,223,000         _
 Net decrease in bank indebtedness       (180,000)   (595,000)
 Repayment of long term debt                     _   (159,000)
 Issuance of common stock                4,460,000 20,963,000
 Tax payments for exercised stock options   22,000         _

Net  cash  provided  by  (used in) financing  
  activities                             5,525,000 20,209,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH     38,000  (30,000)

NET INCREASE (DECREASE) IN CASH        (5,522,000)17,221,000
CASH AND CASH EQUIVALENTS AT BEGINNING
   OF PERIOD                             8,343,000 3,796,000

CASH AND CASH EQUIVALENTS AT
END OF PERIOD                           $2,821,000$21,017,000



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  nine  months  ended
September 30, 1995 and 1994 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.    On May 5, 1995, the Corporation increased its investment in
Alumitech, Inc. ("Alumitech") from 73% to 100% by issuing 343,126
common  shares.   The  Corporation had previously  increased  its
investment in Alumitech from 42% to 73% on February 15,  1995  by
issuing  412,500  common shares of Zemex Corporation.   Prior  to
February 15, 1995, the investment in Alumitech was accounted  for
under  the equity method and the equity income recognized  during
this period was $87,000.


2.    On May 1, 1995, at its Annual Meeting of Shareholders,  the
Corporation  received approval to increase its  authorized  share
capital  to  25,000,000 shares, consisting of  20,000,000  common
shares and 5,000,000 preferred shares.

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.  for
approximately $3.5 million.


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, 1995 and  September  30,  1994,
and  for  the nine months ended September 30, 1995 and  September
30,  1994,  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, 1995 Compared to Three  Months
Ended September 30, 1994

Net Sales

The  Corporation's net sales for the three months ended September
30,  1995  were  $21.7 million, an increase of $8.4  million,  or
63.1%, from the comparable period in 1994.  The increase in sales
was  primarily the result of the acquisitions of a metal  powders
producer  in  September 1994, a talc operation in December  1994,
and  an  aluminum  dross reprocessor by way of  a  step  purchase
completed May 5, 1995.

Net  sales in the industrial minerals segment for the three month
period  ended  September 30, 1995 increased by $2.0  million,  or
26.8  %, compared to the 1994 period. This increase was primarily
due  to  strong  demand  for  the Corporation's  sodium  feldspar
products  and to the acquisition of a talc operation in  December
1994, offset in part by softer sales of high end mica products.

Net  sales  in  the metal powders and recycling segment  for  the
three  months  ended September 30, 1995 were  $12.1  million,  an
increase  of $6.4 million, or 111.6%, from the comparable  period
in  1994.   The increase was attributable primarily to  increased
sales  of  sponge products, the September 1994 acquisition  of  a
copper   powder   producer  in  Greenback,  Tennessee   and   the
consolidation  of Alumitech.  The  rate of growth,  however,  was
adversely  affected by both the long term effects of an explosion
at the Niagara atomized powder plant in March and weakness in the
market for atomized steel powders.

Cost of Goods Sold

Cost  of goods sold for the three months ended September 30, 1995
was  $16.2  million, an increase of $6.6 million, or 68.8%,  from
the  comparable period in 1994.  As a percent of net sales,  cost
of  goods  sold  increased to 74.4% for the  three  months  ended
September 30, 1995 from 71.9% for the same period in 1994 period.
The  decrease in gross margin was primarily due to lower  margins
on  incremental  revenue  from recent  acquisitions  and  reduced
contributions from the powdered metal operations.



Selling, General and Administrative Expense

Selling, general, and administrative expense ("SG&A expense") for
the three months ended September 30, 1995 increased by 84.1% from
the comparable 1994 period to $2.7 million.  Of the increase $1.1
million or 90.1% was due to operations acquired subsequent to the
1994  period.   As  a  percentage  of  net  sales,  SG&A  expense
increased  from  11.1% in the 1994 period to 12.5%  in  the  1995
period.

Depreciation, Depletion and Amortization

Depreciation,  depletion and amortization for  the  three  months
ended  September 30, 1995 was $1.0 million, an increase of  61.8%
over  the  comparable period in 1994.  The increase  was  due  to
assets acquired during 1994 and the first nine months of  1995.

Operating Income

Operating  income for the three month period ended September  30,
1995  was  $1.8 million, an increase of $0.2 million,  or  11.4%,
from the comparable period in 1994.  The increase was due in part
to the reasons discussed above.

Interest Expense, Net

Interest  expense for the three months ended September  30,  1995
was  $0.1 million, virtually unchanged from the comparable period
in 1994.

Provision for Income Taxes

The Corporation's provision for income taxes for the three months
ended  September 30, 1995 decreased  to $45,000 from $0.2 million
in  the comparable period in 1994.  The decrease is partially due
to   the  fact  that  the  foreign  tax  provision  has  declined
significantly.

Net Income

As  a  result of the factors discussed above, net income for  the
three  months  ended  September 30, 1995  was  $1.6  million,  an
increase of 18.9% from the comparable period in 1994.

Nine  Months  Ended September 30, 1995 Compared  to  Nine  Months
Ended September 30, 1994

Net Sales

The  Corporation's net sales for the nine months ended  September
30,  1995  were $64.3 million, an increase of $25.2  million,  or
64.3%,  from  the comparable period in 1994.  Sales increased  by
$24.7  million as a result of the acquisitions of a metal powders
producer in September 1994, a talc operation in December 1994 and
an aluminum dross reprocessor by way of a step purchase completed
on  May 5, 1995.  The  increase in sales was also attributable to
higher sales volumes of the Corporation's feldspar.

Net  sales in the industrial minerals segment for the nine  month
period  ended  September 30, 1995 increased by $5.2  million,  or
22.8%,  compared to the 1994 period. This increase was  primarily
due  to  strong  demand  for  the Corporation's  sodium  feldspar
products  and to the acquisition of a talc operation in  December
1994 offset in part by lower mica sales.

Net sales in the metal powders and recycling segment for the nine
months  ended September 30, 1995 were $36.2 million, an  increase
of  $20.0 million, or 122.7%, from the comparable period in 1994.
The  increase  was attributable primarily to the  September  1994
acquisition of a copper powder producer in Greenback,  Tennessee.
As  mentioned  above,  this  segment also  contains  figures  for
Alumitech.   The rate of growth for atomized powder products  has
been curbed somewhat since an explosion occurred on March 8, 1995
in the powdered steel atomizing furnace at the Niagara Falls, New
York facility. Although the plant resumed full operation on April
14,  1995, an inventory adjustment by suppliers to the automotive
industry has hampered recovery.   In addition, the Niagara  Falls
facility  also experienced  a two-week shutdown in  June  as  the
annual  maintenance shutdown was increased from one to two  weeks
because of a disruption in the facility's supply of hydrogen.

Cost of Goods Sold

Cost  of goods sold for the nine months ended September 30,  1995
was  $48.3 million, an increase of $19.7 million, or 68.9%,  from
the  comparable period in 1994.  As a percent of net sales,  cost
of  goods  sold  increased to 75.2% for  the  nine  months  ended
September  30,  1995  from 73.1% for the  same  period  in   1994
period.   The  decrease  in margin was  primarily  due  to  lower
margins  on  incremental  revenue from  recent  acquisitions  and
reduced contributions from the powdered metal operations..

Selling, General and Administrative Expense

SG&A  expense  for  the  nine months  ended  September  30,  1995
increased  by  $2.3  million or 51.9% from  the  comparable  1994
period to $6.9 million.  Of the increase $2.6 million was due  to
operations  acquired  subsequent  to  the  1994  period.   As   a
percentage of net sales, SG&A expense decreased from 11.5% in the
1994  period to 10.7% in the 1995 period, reflecting the  benefit
derived  from  higher  volumes  resulting  in  lower  unit   cost
absorption.

Depreciation, Depletion and Amortization

Depreciation,  depletion and amortization  for  the  nine  months
ended  September 30, 1995 was $2.7 million, an increase of  44.7%
over  the  comparable period in 1994.  The increase  was  due  to
assets acquired during 1994 and the first half of 1995.

Operating Income

Operating  income for the nine month period ended  September  30,
1995  was  $6.4 million, an increase of $2.3 million,  or  55.3%,
from the comparable period in 1994.  The increase was due in part
to the reasons discussed above.

Interest Expense, Net

Interest expense for the nine months ended September 30, 1995 was
$0.3 million, down from $0.5 million for the comparable period in
1994.   This is attributable to the reduction of long  term  debt
achieved  by  the partial use of proceeds of the  September  1994
secondary public offering.

Provision for Income Taxes

The  Corporation's provision for income taxes for the nine months
ended  September  30, 1995 increased to $0.8  million  from  $0.6
million  in  the  comparable period in  1994.   The  increase  is
partially  due  to  a change in the accounting treatment  of  net
operating losses pursuant to the implementation of FAS 109 and as
a  result  of increased profitability.  Accordingly,  since   the
Corporation has enough loss carryforwards to effectively  shelter
income  in  1995,   the provision for income taxes  will  be  for
foreign taxes only.

Net Income

As  a  result of the factors discussed above, net income for  the
nine  months  ended  September 30,  1995  was  $5.3  million,  an
increase of 64.2% from the comparable period in 1994.


Liquidity and Capital Resources

Acquisitions

Benwood

On  May  15, 1995, the Corporation acquired the assets of Benwood
Limestone  Company, Inc. ("Benwood"), a division of  James  River
Limestone  Company,  Inc. ("James River") for approximately  $3.5
million.   Benwood  was purchased through  a  100%  wholly  owned
subsidiary  of  the Corporation, Suzorite Mineral Products,  Inc.
("Suzorite").   The  acquisition of Benwood offers  Suzorite  the
opportunity  to  expand its present talc and  mineral  processing
capability, and serves as a strategic shipping point for all  the
Corporation's business units.  Benwood will continue  to  process
consumer products for its former owner, James River, under a long
term contract.

Alumitech, Inc.

On  May  5, 1995, the Corporation completed its step purchase  of
100%  (fully diluted) of Alumitech, Inc. ("Alumitech") by issuing
343,126  common shares.  The Corporation had previously increased
its  investment in Alumitech from 42% to 73% on February 15, 1995
by  issuing  412,500  common shares of  Zemex  Corporation.   The
Corporation  had first acquired a minority interest in  Alumitech
in May 1994.

Alumitech  has  developed proprietary and patented technology  to
process chloride-based drosses and saltcake materials from  waste
generated  in  recycling aluminum scrap and  beverage  cans  into
usable  and commercial products.  This technology, in  its  newly
developed  form,  is  capable of completely recycling  dross  and
saltcake   thereby   eliminating   all   landfill   requirements.
Alumitech currently processes approximately 60,000 tons per  year
and  reclaims  nearly  80% of the incoming feed  but  anticipates
having the ability to reclaim 100% of this material by late 1995.
With  this technology, Alumitech is considered an industry leader
in  recycling  of  chloride  base  aluminum  dross  and  saltcake
material.   The materials produced from this proprietary  process
include  aluminum  metal,  salts, exothermic  compounds,  ceramic
fiber and abrasive materials.

Cash Flow from Operations

Net  cash  provided by operating activities for the  nine  months
ended  September 30, 1995 was $4.4 million, up $3.0  million,  or
157.4% relative to the nine months ended September 30, 1994.   In
1995,  non-cash  working capital items used $3.3 million  of  the
cash  otherwise  generated from operations as  compared  to  $3.7
million  for  the corresponding period of 1994, as  a  result  of
increases  in  accounts  receivable,  accounts  payable,  accrued
liabilities, accrued income taxes and  inventories and a decrease
in prepaid expenses.

The Corporation had $22.0 million of working capital at September
30,  1995,  compared to $26.0 million at December 31, 1994.   The
decrease  of $4.0 million is attributable to capital expenditures
of  $15.5  million funded by cash on hand, funds from operations,
issuance  of  capital stock and a slight increase  in  long  term
debt.

Financing Agreements

In  July  1995, the Corporation repaid the $3.5 million  loan  it
borrowed  to  finance the acquisition of  an  industrial  mineral
processor.  (See Notes to Consolidated Financial Statements).

The  Corporation  has borrowed $2.7 million to partially  finance
the  expansion project at its sodium feldspar operation at Spruce
Pine, North Carolina.

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 14th day of November, 1995.


                 ZEMEX CORPORATION
                 (Registrant)

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