8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                             ----------------------

                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



       Date of Report (Date of earliest event reported): February 16, 2001



                                ZEMEX CORPORATION
               (Exact Name of Registrant as Specified in Charter)


           CANADA                       1-228                      None
(State or Other Jurisdiction         (Commission              (IRS Employer
      of Incorporation)              File Number)         Identification Number)


                CANADA TRUST TOWER, BCE PLACE
                 161 BAY STREET, SUITE 3750                   M5J 2S1
                  TORONTO, ONTARIO, CANADA
          (Address of Principal Executive Offices)            (Zip Code)


       Registrants' telephone number, including area code: (416) 365-8080


                                 NOT APPLICABLE
          (Former Name or Former Address, if Changed Since Last Report)

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ITEM 5.   OTHER EVENTS.

On November 17, 2000, the Registrant's wholly owned subsidiary, Zemex U.S.
Corporation, a Delaware corporation, entered into a Stock Purchase Agreement
with Hecla Mining Company, a Delaware corporation, pursuant to which, Zemex U.S.
was to purchase (or cause its designees to purchase) all of the issued and
outstanding capital stock of Hecla Mining Company's wholly owned subsidiary,
Kentucky-Tennessee Clay Company, a Delaware corporation, and Hecla de Brasil
Empreendimentos de Participacoes Ltda., a Brazilian sociedade civil por quotas
de responsibilidade limitada.

     On February 16, 2001, Registrant formally terminated the Stock Purchase
Agreement with Hecla Mining Company.

     Attached and incorporated herein by reference as Exhibit 99.1 is a copy of
a press release of Registrant announcing the termination of the Stock Purchase
Agreement.

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                                    SIGNATURE


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.



                                        ZEMEX CORPORATION




Dated:  February 23, 2001               By: /s/ Allen J. Palmiere
                                           ------------------------------------
                                           Allen J. Palmiere
                                           Vice President and Chief Financial
                                           Officer

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                                  EXHIBIT INDEX




Exhibit
Number         Description
- -------        -----------
            
99.1           Press Release, dated February 16, 2001, announcing the
               termination of the Stock Purchase Agreement with Hecla Mining
               Company.

EX-99.1

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                                                                    Exhibit 99.1

                                NEWS RELEASE FOR
                                IMMEDIATE RELEASE

                            ZEMEX TERMINATES CONTRACT
                            WITH HECLA MINING COMPANY

TORONTO, ONTARIO - FEBRUARY 16, 2001 - ZEMEX CORPORATION (NYSE, TSE: ZMX)
announced today that it had formally terminated its contract today with Hecla
Mining Company (NYSE:HL), to purchase of Hecla's Kentucky-Tennessee Clay Company
subsidiary. Zemex had previously notified Hecla that because of a material
adverse change in K-T Clay's business, the conditions to Zemex's obligation to
purchase K-T Clay had not been satisfied.

Richard Lister, president of Zemex Corporation, stated, "We regret that we were
forced to take this action. K-T Clay would be a fine strategic acquisition for
us, but the dramatic deterioration in K-T Clay's operating results after the
time we agreed to purchase it left us no alternative." Mr. Lister further
stated, "As Hecla had not taken steps to formally terminate the contract, we had
hoped to restructure the transaction on a mutually satisfactory basis.
Unfortunately this has not proven possible. As we are now in a position to
terminate the contract we feel that we have no alternative but to do so. If the
opportunity presents itself, we would reconsider the purchase of K-T Clay on a
restructured basis."

Zemex Corporation is a diversified producer of industrial minerals and specialty
products and, through its Alumitech division, reprocesses aluminum drosses with
patented zero discharge technology. Zemex currently operates facilities across
the United States and Canada. Its products are used in a variety of commercial
applications and are sold throughout the United States, Canada and Europe.


For further information, please contact:   Richard Lister
                                           President and Chief Executive Officer
                                           (416) 365-5667

                                           Allen J. Palmiere
                                           Vice President and Chief Financial
                                           Officer
                                           (416) 365-8091

This press release may contain "Forward-Looking Statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward
statements include statements regarding the intent, belief or current
expectation of the Corporation and members of its senior management team,
including, without limitation, expectations regarding prospective performance
and opportunities. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
contemplated by the Corporation.