Exhibit 99.1

[ZEMEX LOGO]


                                NEWS RELEASE FOR
                                IMMEDIATE RELEASE

                       ZEMEX CORPORATION PRESIDENT AND CEO
                            ANNOUNCES RETIREMENT DATE

TORONTO, ONTARIO - AUGUST 8, 2002 - ZEMEX CORPORATION (NYSE, TSX: ZMX) As
previously announced, Richard L. Lister intends to retire as President and Chief
Executive Officer of Zemex. As such, Mr. Lister has decided to retire on January
15, 2003. Zemex and Mr. Lister have entered into various consulting and other
arrangements in connection with his retirement, including the repurchase by
Zemex from Mr. Lister of 340,000 common shares in its capital for cancellation
and the retirement of shareholder loans. In addition, The Dundee Bank has
purchased 100,000 common shares in the capital of Zemex from Mr. Lister.

Mr. Lister announced his intentions at the Annual Meeting of Shareholders in
June 2002. He stated at that time, "We want a seamless transition to ensure a
continuity of the management team for the next cycle". Mr. Lister further stated
today, "A committee of the Board of Directors has been formed to identify
candidates and recommend a successor. The committee will evaluate both internal
and external candidates to ensure that the best qualified successor is selected
and that the transition is as smooth as possible". Mr. Lister went on to say,
"While I am delighted with the success and growth of the business over the past
few years, I am certainly disappointed with our market value and I am hopeful
that we will see a better market appreciation in the future, one that is more
consistent with our underlying value and strong growth."

Zemex Corporation is a diversified producer of industrial minerals and specialty
products and, through its Alumitech division, reprocesses aluminum drosses.
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 L. Lister                           Allen J. Palmiere
     President and Chief                         Vice President and Chief
       Executive Officer                           Financial Officer
     416-365-5667                                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.